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Despite it being the shortest month of the year, Michigan blew past its previous online casino revenue record in February.
Over the 29 days last month, Michigan recorded just over $188 million, setting a new record by over $6 million.
February’s online casino revenue was a 3.4% increase from January’s previous record of $181.9 million. It was a staggering 26.9% increase from last February’s $148.2 million.
February 2024 online casino revenue
Online casinos in Michigan continue to make record monthly gains, setting a new monthly record for the fourth consecutive month. The $188 million in February was an increase of nearly $40 million from last February’s total.
- Online casino revenue: $188 million, up 3.4% from January
- February online casino tax payments: $33.8 million to state and $12.9 million to local entities
- Top online casino app by revenue: BetMGM Michigan with $50.3 million
Three takeaways from February’s online casino report
Michigan just shy of $5 billion in OC revenue
We didn’t think Michigan would be able to hit the $5 billion mark in February with nearly $200 million needed to hit the milestone. However, the state came much closer than we’d expected.
The new record monthly revenue put Michigan at $4.99 billion lifetime through February. It is just $9.8 million shy of hitting that next key mark.
With March already being 19 days in, Michigan has surely ed that milestone already and will have blown past it by the time March’s numbers are released next month.
It will have taken the state just 39 months to reach $5 billion in iGaming revenue.
FanDuel right on BetMGM’s heels
BetMGM crossed over $50 million in monthly revenue in February. That was the first time it had done that since April of last year.
Despite that, FanDuel Casino got the closest it ever has to overtaking BetMGM for the monthly revenue lead.
FanDuel’s $48.4 million in February was a new record for the operator by over $4 million. The previous high was $43.9 million in November.
The difference between the two operators this month was just over $1.8 million. That’s the closest margin we’ve seen between the two yet.
As FanDuel continues to push on BetMGM’s top spot, it is also separating itself further from DraftKings Casino as the No. 2 operator in the state. DraftKings was at $36.8 million in February, but has still failed to ever reach the $40 million mark in its Michigan history.
Fanatics makes small impact in late February debut
It’s hard to make much judgement on the Fanatics Casino launch in Michigan for February.
Fanatics officially took over for PointsBet on Feb. 22 with both its online casino and online sportsbook product.
That left eight days for it to amass iGaming revenue.
For the month, the PointsBet/Fanatics combo came in with $1.86 million in revenue. That was its highest total since November and fourth-highest month ever for Northern Waters Casino.
March will be a better indicator on how much the Fanatics switch will boost online casino revenue.
February 2024 online casino revenue by operator
| Licensee | Online Brand | Revenue | Promos | Taxes |
|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $50,257,368 | $5,025,737 | $13,230,252 |
| MotorCity | FanDuel | $48,441,932 | $4,844,193 | $12,752,339 |
| Bay Mills | DraftKings | $36,884,777 | $3,688,478 | $9,294,964 |
| Little River Band of Ottawa | BetRivers | $12,121,656 | $1,212,166 | $3,021,352 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $10,731,750 | $1,073,175 | $2,632,679 |
| Greektown | Hollywood Casino | $4,869,918 | $486,992 | $1,038,351 |
| Keweenaw Bay | Golden Nugget | $4,624,567 | $462,457 | $966,342 |
| Pokagon Band of Potawatomi | Four Winds | $3,652,624 | $365,262 | $714,143 |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $2,999,806 | $310,258 | $572,187 |
| Little Traverse Bay Bands of Odawa | PokerStars | $2,963,518 | $296,352 | $558,994 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | Play Gun Lake | $2,715,964 | $271,596 | $497,490 |
| Sagniaw Chippewa | Eagle | $2,685,319 | $268,532 | $511,458 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $1,862,070 | $186,207 | $335,173 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,830,762 | $183,076 | $329,537 |
| Hannahville | SI | $1,390,243 | $139,024 | $250,244 |
| Total | $188,032,275 | $18,813,505 | $46,705,503 |
