There’s some great news coming out of both Pennsylvania and Michigan this year, and it seems to be an ongoing and continuous trend: the casino sector is raking in the big bucks, with record revenues coming in for the two states, according to the Pennsylvania Gaming Control Board and the Michigan Gaming Control Board, respectively. In Pennsylvania, the revenue reached a whopping total of $212.2 million last April, and although this is still lower than the $233 million raked in last March, it is still a substantial amount, and from all indications, it looks like Pennsylvania can confidently set the benchmark at $200 million. In fact, it has proven to be a solid benchmark, because it hasn’t gone below $200 million in revenue since February, 2024.

Meanwhile, the stage has been set for Michigan as well, with initial reports showing that the state has reached an amazing growth trajectory of $192.2 million this April. Even though the numbers have declined somewhat compared to March, the casino gaming market is still showing consistent growth in the Wolverine State since April of last year, when it reached a revenue of almost $160 million – this signals a year-over-year increase of 21%.

Pennsylvania: a remarkable growth in April, particularly for online casino games

The online gambling sector in Pennsylvania continues to flourish, with the latest figures revealing a significant surge in revenue. In April 2024, online casino games generated a gross revenue of almost $174 million, marking a substantial 26.39% increase compared to the $137.2 million earned in April 2023. The impressive growth highlights the state's strong position in the online gambling market today.

Aside from this, the total tax revenue collected from internet gaming in April 2024 reached approximately $76 million, providing a considerable boost to Pennsylvania's coffers. This trend indicates that the state is well-positioned to benefit from the expanding online gaming industry for the foreseeable future.

Not surprisingly, slot games continued to be a major source of revenue for online casinos in April, contributing around $126 million to total earnings. Although this figure is slightly lower than the almost $135.6 million generated in March, slots remain the most popular and profitable segment of online gambling in Pennsylvania. The slight dip in revenue does not overshadow the overall robust performance of the sector at all.

It is also worth noting that table games, while generating significantly less revenue than slots, still brought in a notable $45 million in April, representing a decrease from the previous month's total of just over $53 million - yet it remains a vital part of the PA gaming ecosystem. Online poker, however, continues to lag behind other casino offerings, with revenues of a little over $2.4 million in April. But the potential for growth in this segment remains high, particularly if the multi-state poker online agreement materializes. As you may know, the agreement could allow players from different states to participate in games together, potentially boosting player engagement and revenue.

Despite the fluctuations in specific game categories, the overall revenue of $173,425,559 from online casinos in April is a testament to Pennsylvania's thriving online gambling sector.

An encouraging sign: Michigan’s ascent next only to Pennsylvania

The iGaming market in Michigan has experienced significant growth over the past year as well. Although industry analysts had anticipated a new monthly record in April, the actual figures remain impressive. April 2024 stands as the second-best month in the history of Michigan’s iGaming market (which spans 40 months). This continued growth reflects a robust, thriving market, with positive implications not only for operators but also for the state’s financial health. Even the state treasury and municipalities collectively garnered $35.8 million in taxes from iGaming activities in April alone.

What’s interesting is that FanDuel Casino has maintained its dominant position in Michigan’s online casino market. After overtaking BetMGM Casino in March as the top-performing online casino by revenue, FanDuel continued its strong performance into April. As a matter of fact, the company reported $50.7 million in bets, slightly surpassing BetMGM’s $49.8 million.

As of April, FanDuel’s overall revenue in Michigan reached an impressive $1.05 billion since its launch in January 2021. But BetMGM Casino is the only other operator to surpass the billion-dollar threshold, and it holds an impressive lead with a lifetime revenue of $1.80 billion.

On the national stage, Michigan’s iGaming sector secured the second position in April 2024. Leading the pack is Pennsylvania, with $212.2 million in revenue, while New Jersey’s market, generating $187.9 million, ranks third. But analysts predict that Michigan has the potential to challenge Pennsylvania for the top spot by the end of 2024.

The possibility of Michigan emerging as the US’s leading iGaming market is reinforced by its performance metrics. In March, Michigan operators recorded more bets than Pennsylvania did in April, for instance. Moreover, the market's appeal is further enhanced by the preference of most software developers and operators to debut a number of their games in Michigan, further strengthening its status as a key player in the iGaming industry.

There is no doubt that the past year has been transformative for Michigan’s iGaming market, characterized by robust growth and significant milestones. For all intents and purposes, Michigan is poised to become a dominant force in the US iGaming landscape, second only to the leader, Pennsylvania. But as the market continues to expand and the shifting tide may once again change, the economic benefits are undeniable, marking a prosperous future for both the Great Lakes State and the Keystone State in the online gaming arena.