FanDuel has long been the leader in online sports betting in the United States, and it has turned into a great online casino operator as well. Michigan emerged as the industry leader in online casino revenue in 2023, and FanDuel is now the top operator in the state.
Not only is FanDuel leading the way in Michigan, but it’s been taking off throughout the United States as well. The overall revenue growth over the last 12 months in the United States for FanDuel is around $70 million, and that’s also 50% of all growth seen in the country.
Not every state breaks down total revenue by operator, but FanDuel has clearly seen impressive growth in every single market. While it’s unclear just how much growth FanDuel has seen in every state, it’s been an impressive run in Michigan.
A Leader in Michigan
The February online casino revenue report from Michigan still had BetMGM on top, but FanDuel was starting to close the gap quickly. Now that the March report is in, FanDuel has officially taken over the lead in online casino market share.
While things had been trending in this direction for awhile, this is the first time that anyone besides BetMGM has ever led in monthly revenue. FanDuel accounted for 26.8% of the market share during the month of March, and that was slightly ahead of BetMGM at 25.4%.
DraftKings continues to be in third place, but it is no longer in a tight race with FanDuel in this category. It’s nearly impossible for anyone else to keep pace with what FanDuel is doing in this state as it has seen 60% annual growth over the last two years.
FanDuel has seen even more growth in the state of Pennsylvania as well, but it’s unclear if it is the actual market share leader. Not only is FanDuel stealing business from other operators in the sports betting industry, but it’s now doing the same in other forms of iGaming.
A Look at Michigan Numbers
The online casinos in Michigan had another impressive month overall as the total revenue came in at $215.2 million. That represented a growth of over 25% from the March 2023 numbers, and it set a record for annual growth.
Daily and weekly numbers from the state of Michigan are just as impressive, and Michigan now leads the entire industry when it comes to per capita monthly revenue. There were some lofty predictions for the Michigan iGaming revenue, but the state is flying past those projections through three months.
Some of the other top competitors in Michigan have been launching new online slots in this state, and that includes BetMGM. Now that FanDuel has overtaken BetMGM for the market share lead, the extra competition should increase the overall numbers.
The entire US iGaming industry posted $715 million in gross gaming revenue for the month of March as the industry set a new record. Through the first quarter of 2024, the total gaming revenue is nearing $2 billion.
