With March Madness in full swing, Michigan continues to prove why its online gaming market is one of the best in the US.
For February, Michigan online casinos set records in total revenue, daily average revenue, and revenue growth. Collectively, all states where online casinos are legal saw an uptick except for Delaware.
Michigan topples February in revenue online
In February, Michigan online casino revenue hit $122.8 million, breaking the previous record of $121.8 million set in December. Breaking down the numbers even further equates to $4.4 million in revenue per day in February, up from the $3.9 million per day generated in January and December.
Figures released by the state gaming board include:
- State tax revenue: $21.6 million
- Local tax revenue: $8,369,966
- Promos: $12.2 million
In addition to online casinos, the state’s sports betting market also performed well in February. The total handle peaked at $423.8 million translating to $21.6 million in revenue.
- Online handle: $398.3 million
- Retail handle (Detroit casinos): $25.3 million
- State tax revenue: $360,354
- Local tax revenue: $221,194
BetMGM continues to lead pack for Michigan
As far as revenue goes, BetMGM Casino continues to be the leading revenue generator in Michigan. For February, Michigan online poker and casino operator pulled in $46.9 million. BetMGM also increased its market share by two total percentage points to 38.7%.
DraftKings online casino was second with $20.1 million, while FanDuel was a close third with $19.5 million.
The 14 online casino operators collectively saw their daily average revenue increase 12.1% in February. As a whole, this brings Michigan within 0.8% of the No. 2 market holder, Pennsylvania, when you factor in total revenue and daily revenue average.
A brief look across the US
New Jersey online casinos generated $130 million in revenue, a year-over-year increase of 38.6% from the $93.8 million in February 2021.
Pennsylvania’s February saw total revenue down slightly to $124 million. However, its daily revenue average increased 5.4%.
Over in Connecticut, the daily average revenue for the two online casinos increased 6.3%.
In the Mountain State, West Virginia online casinos saw their daily revenue average increase 18.7%.
Lastly, Delaware online casinos saw daily average revenue drop 16.7% in February.