BetMGM Casino Reclaims the Throne in Michigan
The Michigan Gaming Control Board reported that the 15 licensed operators in the Wolverine State generated $198.6 million in combined revenue in May. Another important takeaway from the monthly MGCB report is that BetMGM is returning to the top as the best performing operated according to produced revenue after collecting $51.6 million in May. FanDuel outmaneuvered its rival BetMGM in March and April, forcing BetMGM to lose its leadership position in the Great Lakes State's iGaming market.
However, FanDuel's successful run ended in May after it accumulated $51.5 million in revenue. The 100K revenue margin between these two operators signals that the debate about which Michigan online casino will reign supreme in the Wolverine State is far from over.
The $198.6 million for May represents the second-best revenue month for the iGaming market in Michigan. Compared to the numbers from last year's May, the market experienced a growth of 32%. The rebound in May is positively surprising, considering the market experienced a decline in April, when the market generated $192.9 million after a historic March with $212.2 million.
No Movement Among the Remaining Operators
Despite experiencing its weakest month of the year with $34.9 million, DraftKings is secure as the third-best operator in Michigan, a ranking it has held since it arrived in the Wolverine State three years ago. No other operator seems capable of challenging DraftKings. At the same time, BetRivers is not budging from the fourth position after taking $12.5 million in bets for May. However, Caesars Palace online casino is closing in on BetRivers, collecting $11.8 million in bets last month.
Caesars Entertainment announced that it has completed the takeover of WynnBet in Michigan after purchasing it in February. WynnBet took in $2.5 million in May and will continue to operate under this brand name until the end of the year when Caesars will launch a new casino app under one of its in-house casino brands.
Golden Nugget ranked as the sixth-best operator and made a serious bounce back in May with $8.6 million in revenue after the concerning $2.9 million in April. The remaining 8 online casinos have a very small market share, collecting between $2 million and $4 million in revenue.
Michigan’s iGaming Market Continues to Grow
The Michigan iGaming scene is on an upward trajectory in 2024. At the current tempo, Michigan can beat New Jersey as the second-best online casino market in the U.S. The Garden State took in $192.1 million in May. The data from Pennsylvania is still not out. Still, this state has a considerably larger population than Michigan, making it difficult for the Great Lakes State to topple Pennsylvania from the top.
The Wolverine State iGaming market is projected to surpass the $2 billion revenue milestone in 2024. Although some operators left the market or are considering a sale, the BetMGM, FanDuel, and DraftKings trio accounts for 68.69% market share in May. These three online casinos offer large slot lobbies and competitive Michigan no deposit bonus offers.
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