In its very first year of operations, Michigan’s online casino market generated $1.1 billion in revenue after a record December with $121.8 million. Market leader BetMGM MI continued to dominate the market with $46 million in gross revenue for December 2021, bringing its total 2021 revenue to more than $400 million for the entire year.
BetMGM Casino MI is a giant in Michigan online gaming. It has dominated the market in Michigan ever since the market opened last January, capturing around a third of the $1.1 billion market total in 2021. BetMGM is so dominant in the MI market that the next two competitors — DraftKings Casino MI and FanDuel Casino MI — combined are still less than BetMGM’s 2021 revenue.
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December was another record month, both for BetMGM and for Michigan online casino revenue as a whole. Across the board, operators collected $121.8 million in gross revenue in the final month of 2021, and BetMGM Casino MI accounted for $46 million of that or about 37.8%.
December was the fourth month in a row that saw online casino revenue top $100 million in Michigan, showing a strong appetite for online gaming. While November showed a slight drop in revenue for Michigan compared to October, it was still well above the $100 million mark. The final five months of 2021 were the best months of the year, with four of them posting revenues of more than $100 million.
All numbers are as reported by Michigan Gaming Control Board (MGCB) and it should be noted that Michigan online poker revenue is included in the numbers making it impossible to determine how much online poker contributed to the total revenue.
MI iGaming’s Innaugural Year a Huge Success
By any standard, 2021 was a smashing success for online casinos in Michigan. With $1.1 billion in revenue in its first year of operation, making solid growth as the year progressed, it seems clear there is still room to grow even larger.
That $1.1 billion in revenue for 2021 translates into more than just online casino profits. Part of the state regulatory requirements for MI online casinos is the Internet Gaming State Tax. In its first year of regulated gambling, Michigan casino players generated more than $200 million in additional tax dollars for state coffers.
The standout player in the casino game in Michigan is unquestionably BetMGM Casino MI. From the very beginning, the operator captured the biggest share of the market and has maintained that position without challenge throughout 2021. The two closest competitors, DraftKings Casino MI and Fanduel Casino MI, combined for about $369.1 million in annual revenue between them, nearly $50 million behind BetMGM’s $417.1 million in gross revenue.
That trend of BetMGM outpacing the combined power of its two biggest rivals was reflected in the monthly stats throughout the year. December was an excellent example, with DraftKings and FanDuel combining for about $37.5 million in revenue compared to $46 million for BetMGM.
That means a bit more than $300 million in revenue was shared among the other operators in 2021. Of the middle-tier operators, Rush Street Interactive's casino brand BetRivers Casino MI was the one with the most consistent performance over 2021, leading that middle segment for most of the year. It had nearly $75 million in revenue in its first year of operation.
Golden Nugget MI and WynnBET MI both had solid opening years as well, with about $50 million in revenue each, while Penn National Gaming’s Barstool saw a surge late in the year after a quick start followed by a drop in revenue.
As the Michigan online gambling market turns one year old, things looks solid for online casinos in the Mitten State. With total revenue of $1.1 billion in the first year and* tax revenue in excess of $200 million*, it looks to have been a win-win situation for everyone involved and we look forward to seeing how things progress and continue to grow in 2022.