The final iGaming revenue numbers for 2023 are finally coming out after delays in receiving December figures. The year 2023 has been an important one for online gambling in Michigan. The state set records in all main categories, such as online casinos, online sports handles, and online sports betting. It has set the bar high for 2024, and seeing how the year progresses will be interesting.
Michigan squeaks into second place
The margin between Michigan and New Jersey was very narrow. Both Michigan and New Jersey had a 29.4% market share. Pennsylvania was first for online casino revenue, with a 32.2% market share. Its large population keeps it firmly in the first place, although New Jersey brings in the most revenue per adult. Michigan is second to New Jersey in the revenue per adult.
The dollar values show that operators in Michigan took in $1,923,857,570 in revenue. Online casinos in New Jersey took in $1,923,742,057 in combined revenue. Michigan online gambling revenue for each month throughout the year showed that Michigan and New Jersey were neck and neck.
Michigan and New Jersey
Most big casino brands in Michigan and New Jersey offer similar games and bonuses. Michigan has 15 online casinos, whereas New Jersey has 29 operators. How does Michigan manage to outperform New Jersey when this is the case? It could be that online casinos contribute over 80% of Michigan’s gambling revenue. In New Jersey, online casinos contribute only 66% of total revenue.
The casinos in both states make sure that patrons can stay safe online. They offer good security measures and safe payment methods. This encourages more people to trust online casinos. They no longer feel it’s unsafe to gamble online.
Michigan online sports betting
In 2023, Michigan was far from the top three spots in the U.S. in terms of its sports betting handle. The story is much the same with its sports betting revenue. It may have broken records in both categories but is not yet in a leading position. New York and New Jersey were on top in sports betting market share.
Can Michigan outperform Pennsylvania in 2024?
Pennsylvania has five million more residents than Michigan. This gives it a big advantage in terms of revenue. Despite this, Michigan is proving to be one of the best markets in the U.S. for online casino gambling.
Michigan tourism data reports show that tourism is continuing to increase across the state. It has fully rebounded from pandemic-related declines. The increase in recreational spending was organic due to more demand for games and activities in Michigan. Operators are constantly updating their apps and offering more compelling promotions and immersive games.
Michigan’s great year in 2023 has prepared it well and created a foundation for good performance in 2024. It may not be able to outperform Pennsylvania, but it is still likely to do very well.
