Michigan Online Casino Industry Stronger Than Ever After Record Revenue In March
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The online gaming revenue numbers for March 2024, which were released earlier this week, indicate that the industry is not losing momentum at all.
The continuous growth of online gaming is evident as online casinos achieve yet another month of record-breaking revenue.
However, it is important to consider a few additional factors regarding the numbers from last month as we anticipate what April might bring.
Smashing previous record
March didn’t just set a new revenue record for online casinos in a month, it did so in an exceptional manner.
March’s release surpassed the previous record set in February 2024, with an increase of almost $9 million. Consequently, the new record now stands at $131.7 million.
Online casino revenue surpassed $120 million for the fourth month in a row, demonstrating steady growth. Moreover, it marked the seventh consecutive month with revenue surpassing $100 million.
Drastic jump from 2021
Online casinos are still experiencing a growth trend that has been ongoing for the past year.
March of 2021 marked a significant milestone for online casinos in Michigan, with the generated revenue amounting to a record-breaking $95.1 million. It is essential to note that this achievement occurred during only the second complete month since the legalization of online casinos in the state.
So far in 2024, here is a comparison of the revenue generated by online casinos compared to 2021.
| Online Casino Revenue Comparison |
2021 | 2024 | Growth |
|---|---|---|---|
| January | $29,354,295 *Started Jan. 22 |
$121,243,501 | 313% |
| February | $79,729,343 | $122,775,924 | 54% |
| March | $95,081,592 | $131,673,653 | 38% |
| YTD Total | $204,165,230 | $375,693,079 | 84% |
Although the growth percentages have been decreasing on a monthly basis, it is important to consider that Michigan online gamers had limited playing options when things started in late January 2021.
In the past year, an increased number of operators have been incorporated, and the selection of gaming options continues to expand.
What impact will 15th operator have
The 15th online casino has been launched in April.
Eagle Casino & Sports was launched by Soaring Eagle Casino on April 14.
Although there is currently no phone app available, it remains an alternative choice for gamers in Michigan.
Eagle Casino & Sports boasts an extensive selection of gaming options in its impressive library.
Soaring Eagle offers a wide variety of gaming options, including over 350 slots, 22 table games, eight video poker choices, and 13 live dealer or first-person games. This impressive selection places Soaring Eagle among the top-ranking casinos in the state when it comes to game variety, surpassing many of its competitors.
Eagle Casino & Sports is guaranteed to attract attention throughout April and the upcoming months, thanks to the enticing sign-up bonuses on offer.
BetMGM still king of the mountain
BetMGM Michigan maintains its dominant position in the ongoing competition for online casinos in the state.
MGM has accumulated a total of $555.7 million in online gambling revenue in the state, with March 2024 contributing nearly $48 million to this sum.
Its closest rivals, DraftKings Casino MI ($245.5 million) and FanDuel Casino MI ($244.3 million), fall significantly short, with less than half of its impressive figure.
BetMGM has consistently recorded online casino revenue of no less than $40 million for the past seven months.
No other competitor has achieved a monthly revenue of $23 million. Only FanDuel and DraftKings have surpassed the $20 million milestone.
