Michigan casinos are performing better than expected in 2023, according to the Michigan Gaming Control Board, which recently released a revenue report.
2023 vs. 2022:
The $1 billion revenue mark planned for 2023 was achieved in the first seven months, and July revenue became a part of history, becoming the fourth on the list of most profitable revenue months.
All 15 online casinos in the state in total generated $153.6 million only in July. July revenue was 1.7% higher than that recorded in June, while compared to the last year, the increase was 21.3% or $126.6 million.
Paul Costanzo, a Lead Analyst at PlayMichigan, said: “Normally, a Michigan summer means a slowdown in online gambling, but that’s not what we saw in July, as online casinos in Michigan had their fourth-best month of all time. The industry crossed the $1 billion mark in revenue for 2023, putting it 2/3s of the way toward 2022’s total already. Again, we see a major jump from a year ago, as it’s more than 20% of the total in July 2022.”
Even bigger success is that last year’s mark was surpassed after only seven months, and the revenue is already $27 million higher than in 2022.
BetMGM Michigan earned the most, with $49 million in revenue in July.
The state’s revenue for the past seven months was $1.09 billion in total, which is 23.2% more than in the first seven months of last year when the revenue was $883.6 million. According to experts, it is expected that the state will earn about $1.87 billion in revenue in 2023. However, it is possible that the revenue would be even higher if the trend of outpacing the last year by 23.2% continues, and in that case, the revenue would be $1.95 billion.
When it comes to the tax revenue, it is likely that once August’s revenue is released, the total lifetime amount will be more than $1 billion. Along with July’s results, the tax revenue is $980.3 currently from online gaming.
What does all of this mean for WynnBet operations in the state? It seems that the company is among the most interested parties since Wynn’s Michigan operations are under review, following closing operations in eight other states.
However, the company wasn’t so successful – with $3.87 million in July, it was the lowest revenue WynnBet achieved since September 2022, even lower than in July last year, when it was $3.92 million.
The future of Wynn’s operations in Michigan will be decided depending on the market growth and worth of its own operations in the state.