Michigan Online Casinos Set Monthly Revenue Record

Online casinos in the US state of Michigan reported gross gaming revenues totalling $215.5 million for the month of March 2024, breaking the $200 million mark for the first time and setting a new state record.

The casinos leading the pack in Michigan were FanDuel (taking $57.6m), BetMGM ($54.7m) and DraftKings ($40.4m).

The other major states where online casinos are regulated, New Jersey ($197.2 million) and Pennsylvania ($191.1 million), both posted results that continued a strong growth trend for the last year or so.

 

Igaming revenue growth trend

The chart of monthly revenues shows an unmistakeable acceleration in growth over the last 12 months.

This is contrasted with the 18 months to July 2023 where growth seemed to have flatlined, leading some commentators to suggest the NJ, Michigan and Pennsylvania markets were reaching maturity.

This seems not to be the case.

The smaller states of Connecticut, West Virginia and Delaware also appear to have caught a second wind in late 2023 and into 2024.

Connecticut’s 2 licensed operators DraftKings and FanDuel have held momentum from a strong end to 2023. In Delaware, BetRivers took over from 888 as the states single licensed operator in December 2023 with immediate results that have continues to impress.

Here’s another chart that was flat/negative for the 18 months to mid 2023 before accelerating like a rocket.

Bitcoin Price Chart (USD)

The S&P500 trend for the same 2 year period is similar, although not as extreme.

It does make you wonder how much of the growth in casino revenues over the last 8 to 12 months is attributable to crypto bros and shareholders feeling flush with cash?