The online casino industry in the US is going from strength to strength as states from all around the country are announcing record revenues. Michigan is no exception, as the state has clocked $1.11 billion in online casino revenue since iGaming became legal in the state. This is an incredible feat, as the industry is still in its youth in the Great Lake State. We are going to dive deeper into the latest news to learn more about the current situation, have a look at who else is benefitting from iGaming, and decide if this is a temporary burst in revenue, or if this is the start of a long and prosperous trend.
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Official Data For 2022 TO Date
The iGaming industry is on its way to becoming one of the industries which generate the most revenue in the USA. The official data released by the Michigan Gaming Control Board highlighted a few key pieces of data, which indicate a strong trend in online gaming action within the state. Online gaming has only been legal since January 2021, but the latest figures released indicate that the state has been hungry for this industry to open up.
As of January 2022 (February 2022 figures are not yet released), the BetMGM online casino brand, operating in conjunction with MGM Grand Detroit, brought in the highest revenue since the iGaming market was legalized in Michigan. It contributed $417,067,741 (GGR) revenue to the total $1,113,999,385 (GGR) in revenue officially reported. FanDuel came second with a total revenue (GGR) $184,704,439, then
Draftkings casino is close with $184,500,184 (GGR) revenue.
Here’s the official revenue list for the lifetime of the Michigan Market to Date:
BetMGM ($417,067,741
FanDuel ($184,704,439
DraftKings ($184,500,184
BetRivers ($74,560,766
Golden Nugget ($50,559,889
WynnBet ($47,757,370
Barstool ($41,772,574
Fox Bet ($40,875,261
Four Winds ($21,702,255
TwinSpires ($16,715,807
Caesars ($12,497,955
Parx ($9,414,067
FireKeepers ($6,754,541
PointsBet ($5,116,535
Benefits to Local Economy
It is not just the online gambling industry that is benefitting from this surge in online gaming activity, but in fact, the whole community is getting a slice of the pie.
Due to the revenue generated, the online casino industry in Michigan contributed $202 million to the state in payments and taxes since the market opened up until January 2022, and February figures will add to this. On top of this, $77.7 million in local have been paid.
The state is now able to use that money to help grow local communities by distributing it to different sectors such as education, and charity. The general population’s wellness has been improved, just as it can be by using the best apps to improve wellness.
The Historic Road to $1 Billion
22nd January marked the birth of Michigan’s online casino industry. Figures from then until January 2022 show that the industry generated $1.11 million.
On top of online casinos, online sports betting in the Wolverine State took an upward trend since it opened under the new Michigan sports betting licensing framework in 2020. To date (January 2022), the total revenue from online betting is $337,799,073. If we combine this with the total online casino revenue, we are looking at a total of $1,451,798,458 (GGR) from both online betting verticals over the lifetime of online gmabling in Michigan.
FanDuel has handled the most sports bets with $108,103,608 recorded from 2020 to 2022, while BetMGM, the top online casino in the state, handled $100,165,211 in revenue thus far. As for tax contributions to the state coming via the online sport betting niche, up until 2022, the state has taken a total of $8,991,639 and local taxes paid come to $6,172,280.
Can the Trend Continue?
The online gaming industry in Michigan has remarkably broken through the $1 billion milestone in its first year. This incredible year will not have gone unnoticed by other iGaming operators and states yet to legalize online gambling.
If there is one thing that online gaming has proven in the past, is that when an upward trend begins, it will continue for some time to come. Of course, predicting the future comes with uncertainties, but with the current level of growth, saying that more operators will enter the market would be a safe assumption.
If more operators enter the market, then revenues will be expected to grow, and many more records will be broken. In addition, technology will advance in the coming months and years, which will only drive the industry further. So when a player buys the best smartphone for gaming, the experience will be even greater.
