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After Pennsylvania’s online casinos reported their first $200 million month for win, the same in Michigan are pushing toward that threshold. Michigan online casinos again broke their record for gross win in a single month in February.
Online sports betting in the state saw a significant year-over-year uptick as well, keeping Michigan’s online gambling industry on pace for what could be a record-breaking fiscal year. That seems a foregone conclusion with just four months left in that period.
Online casinos’ February win hits new record in Michigan
According to the Michigan Gaming Control Board, the state’s online casinos established a new single-month high for themselves in terms of win during February. The month’s total marginally surpasses the previous standard set with January 2024 MI gaming revenue but in this regard, it still counts.
The sum also represented an increase of 21.1% compared to the February 2023 Michigan online casino win.
Although it’s presumptive to assume that Michigan online casinos will continue to escalate their win to the same degree as they have over the past few months, doing so could mean that they will see their first $200 million month for win in 2024.
Meanwhile, online sports betting in Michigan isn’t flirting with $200 million in win for a single month. However, it’s by no means performing poorly within its own context.
Online sports betting achieves annual increase
The figures for Michigan online sports betting from February 2024 weren’t close to any state records for a month. However, they still represented substantial growth in a year-over-year comparison.
For example, the $402.6 million that Michiganders wagered on sports using the state’s licensed online sportsbooks is an 11.3% increase compared to February 2023. Win for the books, which represented 7.6% of that sum, was also up by 25.6% over the same month in 2023.
With both online casino and online sports betting wins combined, the state’s online gambling industry saw a 21.8% year-over-year improvement for February 2024. That continues to push the state’s online gaming industry to a notable threshold.
Fiscal year total could hit $2 billion soon
Through February, the current fiscal year has seen Michigan online sportsbooks win almost $308 million from players, representing a 6.3% increase over the first eight months of FY2022-23. Again, though, that is a mere portion of what online casinos have done.
Their nearly $1.4 billion in win through February 2024 for the fiscal year is up 17.1% over the same figure for the prior period. When combined, online gaming win for the ongoing fiscal year is up 15.1%, nearing $1.7 billion.
With four months left in the period, combined online gaming win would just have to average about $80-$85 million in win per month to close out a $2 billion win fiscal year. It’s been a long time since a monthly total has been that low in Michigan.
It’s entirely possible that Michigan’s online gambling win could surpass that $2 billion mark in April. Either way, $188 million is now the number for Michigan online casinos to beat.
