Michigan Posts Impressive July iGaming Revenue Figures
Since online gambling and sports betting became regulated in Michigan in January 2020, it has continued to exceed all expectations. The latest figures have indicated that the state is going to prevail on an upward trajectory for the foreseeable future.
For July, online casinos operating in the state reported combined figures of $148 million in revenue - an impressive number, considering that there were barely any sporting events taking place.
Compared to exactly 12 months earlier, this represented a 41 per cent increase. BetMGM retained its spot as the lead operator in the state, raking in $48 million for both online casino and sports betting, with a 38 per cent share of the market.
Meanwhile, DraftKings followed with $25.2 million and 20 per cent, with FanDuel close behind with $18.6 million (15 per cent), Bet Rivers posting $8.8 million, with Caesars closing the top five with $6.2 million.
Lead States Continue to Be Threatened by Michigan
The likes of New Jersey and latterly Pennsylvania have always been key for the online gambling industry in the US - indeed, two of the biggest markets, mainly due to having legislation passed years prior.
While it was always going to be an arduous task for any new states to catch them up, however, Michigan is making a big effort to do so and, in fact, has been somewhat of a surprise package over the last two years.
Such has been Michigan’s impressive growth record that it has yielded a reverie from OddSeeker Sports Editor, Mark Weber, who stated: “Based on the year-over-year growth trajectory for New Jersey, since inception, it seems clear Michigan will inevitably pass New Jersey in online gambling revenues and become the largest and most important betting and iGaming market in America.”
Obviously, there could well be challengers, especially since New York passed legislation in February to allow online sports betting; however, the real test will come over the next 12 months after full seasons for the four main sports.
Meanwhile, on the opposite coastline, California may ask another interesting question from the west, should lawmakers pass legislation in November to allow online gambling to take place in its state.
On Course to Breach the $1 Billion Threshold?
Based on these encouraging figures, all eyes will be watching over the last quarter of the year to assess whether the state can surpass the $1 billion mark in revenue.
With the significant sports seasons close to starting, breaching this figure represents a serious possibility, with Michigan seemingly having a considerable amount of interest in betting on sports.
It would undoubtedly represent a fantastic coup for the state, which has already started to reap the benefits from the taxes that operators pay, especially from an infrastructure perspective.
All eyes will no doubt be on Michigan over the next 12 months, especially in what could be an arms race between the major markets in the union.
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