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August 2024 looks like it’s going to be an atypically strong month for online casino operators across the United States again. Michigan online casinos outperformed expectations.
Licensed operators in that gaming vertical in Michigan recently reported their strongest August on record and third-best total for any month to date. With that, the current fiscal year continues its strong start.
Michigan online casinos reveal lucrative August
According to a news release from the Michigan Gaming Control Board, regulated online casino play produced almost $196.7 million in gross win during August. That’s a 22.6% increase compared to the previous high for MI gaming revenue in August 2023.
All-time, that total is only short of March and May of 2024. In March 2024, MI casinos won nearly $215.2 million, and $198.6 million in May from players.
After taking allowable deductions, licensees owe the state about $36.5 million in taxes on online casino revenue. Likewise, that’s the third-highest monthly total ever in Michigan online casino tax collections.
Not all of them will contribute to that total equally, though.
Usual suspects lead the way in August
For the month, BetMGM Casino was again the market leader in Michigan. BetMGM accounted for almost 27.7% of adjusted gross revenue during August.
Following them are FanDuel and DraftKings, respectively, as is usually the case. Those are the only three operators whose shares accounted for more than 20% of the whole.
To put August in further context, Michigan online casino win has surpassed $190 million in five of the past six months now. June is the only outlier in that stretch.
As a result, the current fiscal year is on an early but torrid pace to break records in Michigan.
Current fiscal year could blow away expectations
After what was already a record-setting fiscal year for Michigan online casinos in FY23-24, it looks like that standard may easily be surpassed by the current term. However, it’s early.
After July 2024 began the current fiscal year with a 19.8% year-over-year uptick, August has only built on that escalation. Through both months, the running total represents a 21.2% increase.
Sustaining 20% growth through the following 10 months will be a challenge for Michigan online casino operators. For context, the 2023-24 fiscal year total represented an improvement of around 17%.
Should they maintain growth of over 20%, though, the 2024-25 fiscal year would suggest that iGaming in Michigan has not yet come close to its ceiling. That’s good news for both licensees and the state.
