Michigan online casinos came oh so close to reaching $200 million in May revenue for the second time in three months. The Michigan Gaming Control Board reported on Tuesday that platforms produced $198.6 million last month, which is the second-highest monthly total of all-time.
Michigan online casino revenue reached $212.2 million in March, a new record, but decreased to $192.9 million in April. That wasn’t a total surprise. However, the nearly 3% month-over-month increase from April to May is a little surprising, considering May fell 5.5% from April in 2023.
Overall, May revenue was up 32% year-over-year ($150.6 million in May of 2023).
The Great Lakes State kept its streak alive of generating at least $175 million in monthly revenue. May represents the seventh straight month of the accomplishment.
There are a few key takeaways from the month, including an old-but-new leader among the online casino market.
Takeaway #1: BetMGM narrowly reclaims top spot
BetMGM Casino Michigan had led the Great Lakes State market for 39 straight months ever since online casinos launched in January of 2021. However, that run came to an end in March after FanDuel surpassed it.
FanDuel Casino Michigan enjoyed the online casino crown for two months, but that short-lived run came to an end in May. In one of the closest finishes you’ll see, BetMGM produced revenue of $51.6 million to FanDuel’s $51.5 million.
It’s clear that BetMGM and FanDuel are two of the top Michigan online casinos. The battle for the top spot in the market is far from over.
BetMGM isn’t looking to relinquish it again, as it launched two famous movie and TV show slots earlier this week. The operator offers many recognizable slots from TV shows and movies that could give itself an advantage moving forward.
Takeaway #2: DraftKings slips even more as it closes in $1 billion lifetime revenue
DraftKings Casino Michigan has solidified third place in Michigan behind the two market leaders. While that doesn’t appear to be in jeopardy, the operator reported its worst month of the year. Here’s DraftKings month-by-month results in 2024:
- January: $36.3 million
- February: $36.9 million
- March: $40.4 million
- April: $38.5 million
- May: $34.9 million
In the state’s second-best month ever, it’s surprising to see a prominent operator such as DraftKings to have a down month.
Despite the decrease, DraftKings is only $15.8 million away from the $1 billion club in Michigan. The operator will join BetMGM and FanDuel as the only platforms to reach that feat.
Takeaway #3: Michigan on pace to shatter 2023 revenue total, top $2 billion
Almost half-way through the year, Michigan online casinos are averaging $195.3 million a month and are on pace to generate $2.3 billion in revenue in 2024.
Online casinos produced $1.9 billion in all of 2023, and averaged $156.7 million per month through May.
It’s clear that Michigan is setting a new bars for earnings and has solidly locked down second place nationally. In May, New Jersey had online casino revenue of $192.1 million. Both states are behind perennial US leader Pennsylvania, which has yet to report May numbers.
Takeaway #4: Golden Nugget has best month amid wild 2024
Golden Nugget online casino Michigan has had a rollercoaster of a year in 2024. The operator posted $8.7 million in May revenue, the best out of any month this year so far.
It also jumped from 11th place in revenue in April to sixth in May, leaping over the Hollywood Casino that is part of the ESPN BET app.
Golden Nugget has been incredibly up-and-down, with the following monthly earnings:
- January: $6.8 million
- February: $4.6 million
- March: $7.7 million
- April: $2.9 million
- May: $8.7 million
It’s incredibly rare to see an online casino platform fluctuate in revenue as much as Golden Nugget has. It requires further investigation to figure out why.
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May 2024 online casino revenue by operator
| Licensee | Online Brand | Revenue | Promos | Taxes |
|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $51,625,144 | $5,162,514 | $13,590,319 |
| MotorCity | FanDuel | $51,502,950 | $5,150,295 | $13,558,152 |
| Bay Mills | DraftKings | $34,921,178 | $3,492,118 | $8,800,137 |
| Little River Band of Ottawa | BetRivers | $12,518,670 | $1,251,867 | $2,984,088 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $11,841,619 | $1,184,162 | $2,984,088 |
| Keweenaw Bay | Golden Nugget | $8,664,231 | $866,423 | $2,183,386 |
| Greektown | ESPN Bet | $4,883,424 | $488,342 | $1,285,561 |
| Pokagon Band of Potawatomi | Four Winds | $4,132,280 | $413,228 | $1,041,335 |
| Lac Vieux Desert Band of Lake Superior Chippewa | PointsBet | $3,645,529 | $364,553 | $840,647 |
| Sagniaw Chippewa | Eagle | $3,545,994 | $354,599 | $893,591 |
| Little Traverse Bay Bands of Odawa | Fox Bet | $2,909,653 | $290,965 | $708,399 |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $2,573,666 | $257,367 | $622,467 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $2,387,397 | $238,740 | $506,467 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $2,358,001 | $254,373 | $540,973 |
| Hannahville | SI | $1,088,095 | $108,809 | $215,443 |
| Total | $198,597,831 | $19,878,356 | $50,925,704 |
