At some point, legal real-money online casinos will establish their floors and ceilings for monthly win. That point has not come yet. The various operators in those states which permit such gaming are still building ever higher.
December saw a new single-month gross revenue record for Michigan online casinos, approaching a new landmark for the industry. The month’s returns for Michigan’s gambling industry got even sweeter on a broader scale.
Michigan online casinos set new record again
For the second consecutive month, gross revenue for Michigan online casinos hit a new single-month high in December 2023. It’s also the second December in a row that they’ve outdone themselves.
Furthermore, the marginal increase from November 2023’s $175.3 million in win represents the third time in 2023 that real-money online casino play resulted in a new monthly high. Before November, March 2023’s $171.8 million had been the single-month standard in Michigan.
December 2023’s gross revenue total also comes out to a 15.8% increase from the same figure in December 2022. That rate of growth is higher than the improvement from December 2021 to December 2022 as well.
It’s truly been a December to remember for online casinos across the US, as New Jersey also set a new single-month high in terms of win. Numbers for the remaining state of note for legal online casino play in the US, Pennsylvania, are still forthcoming.
If Pennsylvania online casinos report a new milestone in their December numbers as well, 2023 will end on quite a flourish for the industry. That was the case for Michigan’s legal online sportsbooks.
Online sportsbooks unwrap record numbers, too
Sports bettors in Michigan had some gifts for the state’s online sportsbook licensees in December. Michiganders wagered more money on those apps during December than they have in any single month to date, plopping down over $583 million.
More importantly for the sportsbooks, the licensees in total also reported a new single-month high in gross revenue as well. According to the Michigan Gaming Control Board’s report, online sportsbooks’ win eclipsed what had been the record of $54.1 million from November 2021.
With online sportsbooks’ contributions, December reached record totals for the state’s online gambling industry as a whole. The current fiscal year also continued on its record trajectory for online casino win.
Through the first half of the current fiscal year, online casino win sits at over $989.2 million, 16.6% ahead of what had been a record FY2022-23. December’s total also puts what previously was a lofty ambition more into the realm of reality.
Could December 2024 cross the $200 million threshold?
If Michigan online casino players follow their pattern for December, December 2024 could see a new checkpoint for those licensees; a $200 million month for gross revenue. Naturally, it’s too early to assume that December 2024 will see another 15% growth from December 2023.
That growth rate is what it would take to get to a $200 million month. The market has not yet shown any signs of slowing down, so it’s difficult to say when the demand for online casino play in Michigan will reach its cap.
A $200 million month and a $2 billion fiscal year may be in the cards for Michigan online casinos soon. Even if revenue totals do get there, it might still be too early to slot those figures as the ceiling for the industry.