Michigan’s online casinos saw a slight dip in revenue in April totaling to $192.2 million. This figure tantamount to a 10% decline for the current year’s revenue, which was anticipated by most operators.
Historically, March is the strongest month year-on-year for conventional and online casinos due to higher traffic from their patrons that frequent brick-and-mortar and online casinos. The Michigan Gaming Control Board also noted in their monthly report that April’s $192.2 million marks the state’s second highest total in state history, which equates to an astounding 21% growth in yearly revenue.
Michigan’s Historic Online Casino Numbers
Since Michigan legalized online casinos in their state back in 2021, they have been raking in good numbers; the first time online casinos’ revenue topped $190 million was March of this year. March’s numbers totaled to $215 million, the highest in state’s history, and while April’s numbers did not hit $200 million, experts noted that landing or surpassing that high number for the month of April is a tall order to accomplish.
Michigan’s highest revenue number back in March 2024 was in the running to become the highest iGaming revenue recorded in the US. However, it came short of 100K of besting Pennsylvania’s revenue record of $215.3 million, which still stands as the single best revenue month in the history of the nation’s iGaming scene.
However, surpassing $190 million in what is normally considered a lean month for the casino industry is still an impressive feat. Prior to March 2024’s historic numbers, the highest revenue online casinos in Michigan raked in was in February 2024, which totaled to $188 million.
Experts Projects Michigan’s Online Casino Growth
Comparing the Wolverine State’s two online casino revenue numbers of the highest months, April saw a 10% decline. But while some states might show concern about such a notable decrease, most experts are not worried about it becoming a trend in the following months. April’s $190 million is still a strong month, given that initial projections pointed to a steep decline for the month.
Dating back to December 2023, online casinos have been consistently hitting gross revenue of at least $180 million. This, compared to March 2023 which initially started out strong with $171.8 million, but then declined and hovered around $150 million to $175 million in November 2023, is indicative of a strong demographic of patrons that are keen on enjoying their online casino games since its inception in the state.
In terms of gross revenue, starting in March 2023, Michigan’s online casinos have reaped a total of $2.03 billion in revenue. Gross revenue tumbled around 7.2% from March to April, then another 5.5% from April to May.
Given the current numbers for 2024, experts have projected that online casino revenue and growth is expected to maintain hitting above $180 million this year:
In the short term, experts predict a revenue dip in May before numbers begin to climb back up between July and August. September is on target to usher in the second $200 million month in state history.
It is notable that projected revenue for Michigan’s online casinos are set to hover above $180 million for the rest of the year. Moreover, during the last quarter of 2024, it is expected that revenue will hit above $190 million. This can be attributed to the incoming holiday season.
That said, this projection was made by studying the patterns for the current year’s revenue, and the numbers can still fluctuate or change in the following months.
Which States Have Legalized Online Casinos?
Michigan is one of the US states that have legalized online casinos, along with Pennsylvania, New Jersey, Delaware, West Virginia, Connecticut, and more recently Rhode Island. Online casinos became legal in Michigan back in 2021, and the state has gotten revenue from those who partake in online casino games for real money. This includes playing popular games such as online slot games, card and table games.
Last Updated on by jonathan r
