Michigan Internet Casino Revenue Hits Record $188M In February

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Michigan Internet Casino Revenue Hits Record $188M In February
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for February, fueled by all-time bests from three online gaming platforms for the month.

February’s figure was a stunning 26.9% rise from the same month in 2023. It was the fourth consecutive month Michigan’s online casino platforms had a record revenue haul, a stepladder they began climbing in November with $175.3 million. Operators crossed $180 million for the first time in December at $181.4 million and inched it higher to $181.9 million in January before this month’s 3.4% increase.

The state was eligible to levy taxes on $169.2 million in adjusted gross revenue, resulting in $33.8 million worth of receipts to the state. That inflow into Michigan’s coffers sent the all-time internet casino tax revenue over $900 million.

That was an increase of $3.8 million from January as some platforms reached revenue benchmarks that triggered higher tax rates. The city of Detroit collected $8.9 million in tax revenue, while tribal disbursements for February totaled $3.9 million.

The gross revenue does not include $30.5 million won by mobile sportsbooks in the Wolverine State.

FanDuel makes a charge at BetMGM’s crown

FanDuel‘s all-time high of $48.4 million was a 64.4% increase from February 2023 and easily outpaced its previous record of $43.9 million established last November. It was also a 12.9% improvement from the $42.9 million collected to start 2024.

The $1.8 million difference between FanDuel and the $50.3 million won by BetMGM was the closest margin between the two digital juggernauts since Michigan launched online casino gaming in January 2021. It was the first time since last April that BetMGM topped $50 million as its year-over-year revenue ticked 3.7% higher.

PENN Entertainment’s platform was thwarted in its bid for a third consecutive month of at least $5 million in revenue for the first time, coming up $131,000 short, but the Greektown Casino-tethered operator posted a 46.4% improvement from February 2023.

DraftKings had its second-best month at $36.9 million, trailing only the $37.1 million claimed last September. BetRivers and Caesars were the two tribal-based tethers that set all-time monthly highs in February.

The $12.1 million for BetRivers via the Little River Band of Ottawa Indians topped the $11.5 million set last December and was its fifth straight month with an eight-figure revenue haul. The $10.7 million won by Caesars, tethered to the Grand Traverse Band of Ottawa and Chippewa Indians, was its fourth consecutive monthly all-time high and its second straight above $10 million.

Fanatics Casino, which launched in Michigan on Feb. 22, combined with PointsBet to generate $1.9 million in gross revenue, up $29,300 from January. Fanatics is tethered to the Lac Vieux Desert Resort Casino, where PointsBet originally partnered upon entering the Wolverine State in January 2021.

Detroit’s three platforms generated $93.2 million in gross revenue, up 27.5% from last February. The $84.5 million from the 12 tribal-based operators represented an increase of 26.2%, but it was also down 1.3% from the $85.5 million won in January.

The $19.1 million spread between the Detroit online gaming platforms and the tribal ones was the largest since the Motown trio earned $22.4 million more in December 2022. The gap was a 33.4% increase versus February 2023 and 77% higher compared to January.