Michigan Online Casinos Run Hot During Cold Weather
February is a hot month for online casinos. With March Madness approaching, bettors are more likely to withdraw their balances.
Only Delaware saw revenue tumble, while every other state with legal online casinos enjoyed a significant upswing. Michigan set state records for total revenue, daily average revenue and revenue growth.
Michigan's online casinos saw their daily average revenue jump 12.1% in February. It's the first time the monthly increase crept into double-digit percentages. BetMGM Casino increased its market share by two percentage points to 38.2%. FanDuel Casino and Four Winds did better still, up 22. 2% and 25.5%. Barstool, PointsBet and the soon-to-be-defunct TwinSpires all saw revenue fall by double the percentages in the last month.
New Jersey online gambling sites' February revenue increased 4.4% from January. The total GGR didn't set a record, but it did set the daily average revenue record. Annual growth remained strong, at 38.6%. Most of the major license-holders saw increases in keeping with the market average. Ocean Resort had an abysmal month, plummeting by more than one-third, while Bally's picked up by 24%.
February's total revenue for Pennsylvania casinos was down slightly, to $124 million, but daily average increased 5.4%. The Hollywood omnibus license increased 11.6% and its market share swelled to 41.7%. Parx and Unibet's revenue dropped 6.2% and 13.1% respectively.
Connecticut's monthly total dropped for the first time in state history, but only due to February’s 28 days. The combined revenue for CT online casino operators increased 6.3%. Mohegan's daily average dropped 1.1%, while the DraftKings-Foxwoods partnership picked up 11. 1%. Draft Kings' share has crept up to 63.7% and it may soon hold two-thirds of the market.
West Virginia was the only state other than Michigan to not post an increase in revenue in January. In February, the daily average revenue for WV online casinos rose 18.7%. There were some significant shifts between the license-holders, with Hollywood Casino The Greenbrier seeing its revenue rise 30.1%, while Mountaineer Casino saw its revenues fall 13.8%.
Delaware's online casinos saw daily average revenue plunge 16.7% in February. Dover Downs saw its contributions fall the furthest, by over 30%.
The monthly changes are based on the daily average. Revenue is total iGaming revenue, and includes online poker and casino gaming. Pennsylvania's numbers consist of gross revenue for slots, but include promotional deductions for table games and poker. West Virginia's reporting is weekly, not monthly.
Michigan Online Casinos Run Hot During Cold Weather. All monthly changes are based on the daily average. Revenue is total iGaming revenue, and therefore includes online poker and casino gaming. Pennsylvania's numbers consist of gross revenue for slots, but include promotional deductions for table games and poker.