There was a time not long ago when BetMGM ruled Michigan’s iGaming landscape but FanDuel has been making great strides and is now poised to become the new online casino leader in the Wolverine State.
FanDuel Closing Fast
Michigan’s February numbers are in and FanDuel is closer to iGaming supremacy in the Wolverine State than ever before, generating $48,441,932 in online casino revenue in February 2024, falling just shy of BetMGM’s $50,257,368. The duo paid the state nearly $26 million of the combined $46,705,503 in taxes collected from all 15 of Michigan’s online casino providers in February alone.
Although FanDuel fell about $1.8 million short of BetMGM’s February revenue, it should be noted it smashed its own iGaming revenue record of $43.9 million set in November by over $4 million. It is clear the nation’s most popular sportsbook is now becoming a force to be reckoned with in Michigan’s iGaming market.
Boston-based DraftKings, FanDuel’s chief rival in the sports betting side of things, came a distant third in Michigan’s iGaming market, posting revenues of $36.8 million in February. The only other two online casino operators generating eight-digit revenues in February were BetRivers at $12,121,656 and the iconic Caesars brand producing $10,731,750.
Overall, the Michigan iGaming market is flourishing as evidenced by the following:
- Online Casino Revenue: The $188 million, up 3.4% from January, set a new record in Michigan.
- The $188 million in revenues the iGaming operators generated in February 2024 was over $40 million more than in February 2023.
- February Online Casino Tax Payments: $33.8 million to the state and $12.9 million to local entities
- Top Online Casino App by Revenue: BetMGM Michigan with $50.3 million.
Rhode Island Becomes Latest iGaming Market
The smallest state in the union became only the seventh market in the nation to host online casino wagering, now joining New Jersey, Connecticut, Delaware, Pennsylvania, Michigan and West Virginia. At high noon on March 5th, 2024, Rhode Island launched iGaming through the Bally’s app, and the new industry is expected to create between 50 and 75 jobs, as well as millions in tax revenue.
Craig Eaton, President of Bally’s Rhode Island Operations, said in a prepared statement, “We are pleased to launch this new gaming product which is borne out of our partnership with the General Assembly, Governor McKee, and our regulators, the RI Department of Revenue, Division of Lottery, Department of Business Regulation and RI State Police to enhance state revenue and better position the State’s casinos in the competitive New England gaming market. As with all gaming operations, the State will retain complete regulatory control of iGaming, with nearly 62 percent of the slot revenue and 15 percent of the table game revenue directed to the State.”
Senate President Dominick Ruggerio was a vocal proponent of bringing iGaming to the Ocean State and said, “I was proud to sponsor the legislation authorizing iGaming in Rhode Island, and I am excited for its implementation. iGaming will ensure that Rhode Island remains at the forefront of the competitive gaming industry, reinforcing a critical revenue stream for the state while providing an alternative form of entertainment.”
