Michigan iGaming Market Sees Second-Best Revenue Results in April

Article by : Erik Gibbs May 23, 2024

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Michigan’s online casino market continues to demonstrate robust performance and significant growth, as evidenced by the state’s impressive revenue figures for April 2024. Despite a slight dip from the previous month’s record, the sector remains strong.

In April 2024, Michigan’s online casino revenue amounted to $192.9 million, marking it as the second-best month in the state’s history of online gambling.

Although this achievement is a 10.4% decrease from March’s record-setting $215.2 million, it showcases the consistency of high performance in Michigan’s online gambling sector. April’s figures represent the sixth consecutive month with revenues exceeding $175 million.

The revenue increase compared to April 2023 is striking. April 2024’s revenue of $192.9 million is a remarkable 21% increase from the $159.4 million recorded in April 2023.

Michigan has established itself as the second-largest iGaming state in the United States, consistently outperforming New Jersey and trailing only behind Pennsylvania. In April 2024, Pennsylvania led the market with $212.2 million in revenue, while New Jersey followed closely behind Michigan with $187.9 million.

FanDuel Casino Michigan maintained its position as the top online casino operator in the state for the second consecutive month, generating $50.7 million in revenue in April. This slight edge over BetMGM Casino Michigan, which reported $49.8 million, highlights the competitive nature of the market.

FanDuel’s dominance is largely attributed to its aggressive promotional spending, which has been a key factor in its ability to surpass BetMGM and maintain its lead.

The competition between FanDuel and BetMGM is expected to intensify in the coming months. FanDuel’s consistent market leadership suggests it has developed strong brand loyalty and effective marketing strategies. Meanwhile, BetMGM’s close trailing position indicates it remains a formidable competitor, capable of reclaiming the top position.

FanDuel’s achievement of surpassing $1 billion in lifetime revenue in Michigan is a significant milestone. It is only the second operator in the state to reach this benchmark since its launch in January 2021.

With a cumulative revenue of $1.05 billion, FanDuel has demonstrated its long-term viability and strong market presence. BetMGM remains the leader in lifetime earnings with $1.80 billion, setting a high bar for other operators in the market.

DraftKings Casino Michigan is about to join the exclusive $1 billion lifetime revenue club, and it is expected to reach this milestone in June.

Fanatics, a newer entrant in the Michigan online casino market, has shown promising growth by increasing its revenue from $3.1 million in March to $3.3 million in April. As the operator completes its second full month of operations, its upward trajectory suggests it is effectively capturing market share.

Fanatics is nearing the revenue levels of third-tier platforms such as Eagle, Four Winds, and ESPN BET, and surpassing these brands would position it in the second tier alongside more established operators like Caesars and BetRivers.

In contrast, Sports Illustrated Casino has struggled to gain traction, consistently finishing last in market share every month of 2024. April saw its lowest output of the year, with only $1.2 million in revenue. The operator’s inability to secure even 1% of the market share reflects significant challenges in user acquisition and retention.

This poor performance has led to the decision to exit the Michigan market by Q4, following the exit of Barstool last year. Sports Illustrated is now the second media company to withdraw from the state’s online gambling sector.