The MI iGaming market sizzles this July: the Michigan Gaming Control Board has just released its revenue report, which is at $191.4 million. This July revenue is slightly higher than the same month last year, but the sector is still growing slowly but surely, especially when compared to other states. BetMGM is still the number one casino operator, followed by FanDuel and DraftKings.

July of 2024 will be remembered not just as one of the hottest summer months - but also as a red-hot period for Michigan's iGaming market. The Michigan Gaming Control Board recently revealed the state's online casino revenue for July, showcasing a slight surge in the market's growth.

July revenue climbs to $191.4 Million

Michigan's 15 regulated online casinos reported a combined revenue of $191.4 million for July, marking a slim improvement over the $183.2 million generated in June. This slight increase represents a strong 4.5% month-over-month growth, and it shows the steady expansion of the iGaming market in the Wolverine State.

Moreover, when compared to July 2023, the figures demonstrate a significant year-over-year revenue spike of 25%. The impressive growth reflects the increasing popularity of online gambling in Michigan as more players engage with a variety of iGaming platforms. But despite this steady progress, Michigan's online casino market continues to grow at a slow but steady pace, carving out its place in the ever-competitive US iGaming market.

July 2024 now ranks as the fourth highest grossing month in the market's history, following a March that saw a record-breaking $215.2 million in revenue.

BetMGM leads the pack, FanDuel closes the gap

The hierarchy among Michigan's top-performing iGaming operators remained unchanged in July. BetMGM continues to lead the market, securing the top spot with an impressive $50.7 million in revenue. Hot on BetMGM's heels is FanDuel, the operator's main rival in the Great Lakes State. FanDuel took in $46.6 million in wagers for July, maintaining its position as a close second. Although the gap between BetMGM and FanDuel has widened slightly in recent months, the rivalry remains intense as both operators vie for market supremacy.

DraftKings, the third-best casino operator in MI, reported $37.1 million in revenue for July. After experiencing stagnation and even a slight decline in previous months, DraftKings is now showing signs of recovery. The operator is gradually rebuilding its lead over BetRivers Casino, which generated a revenue of $12.7 million.

Caesars Palace Online Casino, despite being a well-known brand, continues to struggle in the Michigan market. The operator recorded a modest $11.4 million in revenue for July, indicating ongoing challenges in gaining a stronger foothold. WynnBet Casino, which was recently acquired by Caesars, also posted modest earnings, with a total of $2 million in revenue.

One of the more concerning trends is the performance of Golden Nugget Online Casino, which has been on a downward path. The operator saw its revenue dip to $7 million in July, a significant drop from the $8.6 million it earned in June. This fluctuation is part of a broader pattern for Golden Nugget, which has struggled to stabilize its position in the market.

On track for a record-breaking year

With seven months of 2024 in the books, Michigan's iGaming market has generated an overall revenue of $1.35 billion. This puts the state on track to potentially reach the $2 billion mark by the end of the year, a milestone that would cement Michigan's standing in the US iGaming market.

July's tax revenue from the iGaming sector amounted to $36 million, pushing the market's lifetime tax contributions over the $1.5 billion mark. Notably, the 'big three' - no less than BetMGM, FanDuel, and DraftKings - are responsible for more than 70% of the tax revenues paid to MI, showcasing their dominant position in the market.

Michigan's iGaming sector is unique in that online casinos are more well-liked and popular compared to sportsbooks, which is a rarity in the US. This popularity, coupled with the continuous introduction of new and exclusive games in MI, suggests that Michigan's online gaming market still has room for growth, with more records likely to be broken in the coming months. As the year progresses, all eyes will be watching Michigan to see how far this rapidly growing market can go.