Recently, Michigan's online gambling market performed exceptionally well in October, setting a new historical revenue high, mainly due to the growth of both mobile casinos and sports betting. Data shows a significant year-over-year increase in overall revenue, with intensifying competition among operators and a notable contribution to tax revenue. Let's take a closer look at the specific data.
Online Gambling Revenue Hits New High
In October, Michigan's total online gambling revenue reached $352.3 million, up 12.7% from the record in August and a 38.9% increase year-over-year. This impressive figure is largely attributed to the stellar performance of iCasinos. Mobile casino gaming revenue was $278.5 million, up 26.2% from last year, while online sports betting revenue also surged by 123.6%, reaching $73.8 million, marking a peak in the market.
Operator Market Share Analysis
Among operators, FanDuel and MotorCity continue to lead the online casino market, with total revenues of $76 million and adjusted revenues of $71.4 million. MGM and BetMGM are in second place, with revenues of $68.8 million and $64.7 million respectively. DraftKings and Bay Mills are tied for third. In sports betting, FanDuel and MotorCity's total revenue was $29.9 million, holding a market share of 12.97%, closely followed by DraftKings and BetMGM. These companies have shown stable performance, with little change in the competitive landscape.
Tax Revenue and Land-based Casino Data
In terms of tax revenue, the state government collected $58 million from online gambling, with casinos contributing $54.6 million and sports betting $3.4 million. Detroit's three commercial casinos paid $15 million to the city government, and tribal taxes exceeded $6.5 million. Meanwhile, Detroit's land-based casinos returned to revenues over $100 million, reaching $107.4 million in October, a 4.4% increase year-over-year. Slot and table game revenues grew slightly by 2.2%, but sports betting saw a decline.
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