Online Casino and Poker Rooms in Michigan Earn $121.2M in January’22

Online Casino and Poker Rooms in Michigan Earn $121.2M in January’22

In January, Michigan’s online casino and poker rooms reported lacklustre performance as revenues failed to match December’s revenue by over $600,000. January’s online earnings in Michigan were a woeful $121.2m.

Reporting the monthly revenue earnings, PlayMichigan posted that Michigan state’s revenue was ‘essentially flat’ since the earnings were $3.9m per day as of January 2022. However, the value reconciled with last month per day earnings of $3.9m.

Michigan’s revenue analysis: Casino highest earners

The state’s revenue generated in January was $19.1 through state taxes and $7.4m from local taxes.

Analyst Eric Ramsey from states that, “With no competition imminent from neighbouring states, online casinos in Michigan will continue to grow and drive millions in tax revenue for the state.”

He highlights that casino gambling continues to be the highest and core earner in sports betting.

For the fifth consecutive month, Michigan’s sports betting handles set records, according to Michigan Gaming Control Board:  Sportsbooks reported $530m in January. Wagers accepted by online sportsbooks were $496.8. This was higher than December’s $484.6m in December by 2.5%.

Michigan‘s online and retail sportsbook posted $532.7 wagers for January when viewed with Detroit-casino retail wagers of $36.6m. The earnings were 3.5% higher than previous months $514.6m.

Ramsey concludes that the growth of sports betting is marked by casino gambling across the online gaming industry in Michigan and other states.

Michigan retains momentum

Lead Analyst, Matt Schoch at PlayMichigan states that the growth momentum for online sports betting as well as casino games remains persistently high. The analyst states that despite the seasonal slowdown in sports betting in Spring, Fall and Winter seasons proved eventful.

The overall analysis during these two seasons shows that gamers were comfortable with the online gaming format as well, says Matt Schoch.

The analyst concludes that the current market share competition is between FanDuel, BetMGM and DraftKings. The investment from each of these players in online format has steadily increased during the digitalization of gambling in the past two years. Michigan remains a prized market in the US, as investments continue.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.