The online gambling industry in Michigan may still be new, but it is not stopping the revenue numbers from flowing in at high numbers. The Michigan Gaming Control Board just released the May totals, showing that operators pull in $94.9 million in earnings. The top earner was BetMGM, bringing in more than $36 million. The majority of the earnings for the brand came from casino gaming, though poker helped a bit.
Breaking Down the Numbers
The May month saw a slight drop from April, but literally just by a couple of hundred dollars. The market seems to be holding steady in the low 90s range when it comes to monthly revenues. For BetMGM, the brand holds a huge market share, of around 38%. Other operators are earning less than half of what BetMGM is bringing in for the state.
Take FanDuel Casino for example. The operator generated just over $16 million for the month. This was more than 50% less than the $36 million earned by BetMGM. FanDuel controls just over 17% of the market share in the state.
DraftKings Casino came in third, bringing in $15.7 million in earnings, with over a 16% share. Coming in fourth was BetRivers, which brought in $6.6 million in earnings. WynnBet was close behind with $4.3 million generated.
PointsBet Casino made its debut in May and was able to secure more than $600,000 in revenues. For Play Gun Lake, May marked the operator's first full month in operation. The brand was only able to bring in a little over $506,000.
Continued Growth
Since launching in January 2021, the state has generated just over $390 million in revenues. More than $71 million has been paid to the state and almost $21 million to Detroit. Tribal governments have received a little over $7 million.
For May, the state earned just over $18 million while Detroit claimed more than $5 million. Tribal governments received just under $2 million. Two more tribal operators are expected to launch online casino gaming products soon which should add to the overall revenue totals.
It will be interesting to watch the iGaming market in Michigan and how it develops moving forward. With the revenues continue to stay in the $94 million range each month? Or will the numbers surpass the $100 million mark?
Michigan is already staying in competition with other states that offer legalized gambling services including Pennsylvania and New Jersey. The Garden State is always at the number one spot, but Michigan is not far behind when it comes to monthly earnings.
For NJ, the state tends to earn over $100 million. New record earnings of $113 million were generated earlier in the year for the state. If Michigan continues to gain momentum, we may see the state get even closer to NJ.
The success of the Michigan iGaming market proves that there is a huge player demand for online casino and poker gaming. Hopefully, lawmakers in other states will see the potential and try to pass legislation in their own areas. The industry needs to grow so that more states can reap the benefits of what iGaming can provide.
