Since launching in January, the online casino market in Michigan continues to see growth. First offering games starting on January 22, the state has seen revenues jump every month since. The March reports are now in and show that the gaming industry earned $95.1 million. This was a solid 19.3% jump from February.
Michigan is a newbie to the iGaming industry but is already closing in on New Jersey and Pennsylvania. Figures were provided and the Wolverine State is not far from surpassing the two more seasoned markets. Pennsylvania is the closest competitor at $97.7 million in March, while the Garden State surpassed the $113 million mark.
As with any industry, there are certain companies that are performing better than others. In Michigan, there are a total of 11 online casinos in operation. It was BetMGM that earned the most last month, generating over $30 million. The company has captured over 32% of the market share.
In second place, was FanDuel. The company generated over $18.9 million. They are quite a way behind BetMGM and will have to pick up the pace if they hope to reach the top of the revenue list. In third is DraftKings, a company that generated just over $16.5 million.
These three companies are the ones to beat. For the remaining eight, the online casino revenues start at $6.7 million and continue downwards to under $1 million. It seems that BetMGM, FanDuel, and DraftKings will stay in competition with each other to see who the top operator is in the state each month.
So Far, So Good
Having been in operation for 69 days when the latest reports came out by the Gaming Control Board, Michigan is faring well. Online gaming has seen $204.2 million in total revenues earned. In March, just over $17 million was provided in state tax revenues, which places more than $35 million in the coffers since the industry launched.
Detroit gets a cut due to its commercial casinos. The city was given $4.9 million in fees and taxes last month. Overall, the city has received just over $10 million since the industry first started.
Sports Betting Update
Sports betting is also doing well in the Wolverine State. Over the past few months, revenues have been pouring in from this sector as well. Back in March, it was announced that February had seen over $301 million wagered on sports. This was a huge accomplishment for the state and showed the desire to wager by players in the region.
In February, the state saw $9.5 million in revenue earnings. While the industry is not pumping out earnings like online gaming, it is still generating solid returns that will help the state in the long run.