DraftKings Approaches Record 20% of Michigan Online Casino Market

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DraftKings Approaches Record 20% of Michigan Online Casino Market

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Michigan’s online casino market has grown over $ 100 million for the second consecutive month in October, with a record $ 109.7 million in total revenue. The biggest piece was captured by BetMGM Casino, while DraftKings Casino MI made a strong performance for second place.

October was another record month for the Michigan online casino market, which includes online poker revenues because the regulator does not break it down into separate numbers.

Michigan October Raw Recipes capped $ 100 million for the second month in a row and hit a record high of nearly $ 110 million in total.

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While BetMGM Casino has the largest share of this market with revenue of around $ 41.4 million in October, DraftKings may have a more attractive revenue show from second place. With just under $ 20 million in total for October, DraftKings is still half the size of the leader, but its $ 19.6 million in revenue pushed him to a clear lead against his rival FanDuel Michigan for second place in the market.

After spending most of the year in a close battle for second place with FanDuel, October was the first month in market history where DraftKings took a clear second place. While the two operators fighting for second place managed to increase their turnover in October, DraftKings’ increase was roughly twice that of FanDuel.

DraktKings move up to second place as BetMGM rise to # 1

Market leader BetMGM MI has seen slow revenue growth in recent months as Michigan, with an almost straight trendline from $ 39.7 million in August to $ 41.4 million in October. With nearly 38% of the market, there is really no one else vying for the moment to eclipse its lead.

The most interesting battle took place for second place. FanDuel quickly rose to second place, but DraftKings quickly found a way to fight it, and from April through July the two posted nearly identical revenue numbers in a close battle for second place.

In August, DraftKings took a hit, falling to $ 12.6 million, its lowest revenue month since the first partial month of January this year. Since then, however, DK has surged, matching FanDuel’s earnings in September and soaring in October to post its biggest month of all time at $ 19.7 million.

While BetMGM, DraftKings, and FanDuel are far from the only players in the Michigan market, they are by far the big three, accounting for over 70% of the market between them. That leaves barely $ 30 million in revenue for the other 11 operators to fight.

Rush Street (BetRivers) was the best of the rest, posting around $ 7.2 million in revenue for October for fourth place overall, while three operators, Golden Nugget, Penn Sports / Barstool and Wynn, battle for the fifth place. Golden Nugget now sits in that spot with $ 5.2 million, but Penn Sports / Barstool has been on the run for the past few months, dropping from eighth place in August to fifth place in October, adding around $ 2 million to its revenue in October. course.

The Michigan online casino market is still fairly fresh, without enough data for year-to-year comparisons. While it seems clear that BetMGM holds the lead at the moment, the battle for second place in Michigan is one to watch.


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