Michigan Reports $222.5 Million In Online Casino Revenue For February, Up 18% Y-o-Y

The Michigan Gaming Control Board reported on Tuesday $222.5 million in gross internet casino revenue for February, furthering the Wolverine State's trend of double-digit, year-over-year growth.

The figure represented an 18.3% increase from the $188 million reported in February 2024. It was the sixth consecutive month Michigan online casino operator winnings topped $200 million and the fourth biggest month all-time for iCasino in the state.

The shorter month did contribute to a 10.3% decline from January's record haul of $248.2 million, but on a per-day basis, the two months were nearly identical.

Adjusted gross revenue totaled $209.1 million as it continues to outpace the growth in gross revenue with a lower percentage of allowable promotional deductions for all but one operator compared to 2024. Adjusted revenue was up 23.6%, and the state collected $42.3 million in tax receipts. The city of Detroit saw an inflow of $11.5 million into its coffers, while tribal jurisdictions with iGaming operators received $4.7 million in disbursements.

FanDuel pips BetMGM for top spot

After a three-month stretch of chasing BetMGM, FanDuel overtook its Detroit-based rival for the top spot among operators with $61.7 million in gross revenue. That was an increase of 27.4% from 12 months prior while the operator surpassed $60 million for the third consecutive month.

BetMGM was a close second with $60.3 million, also its third straight showing above $60 million, and good for a 20% year-over-year bounce. It has a slim lead of $2.1 million in revenue over FanDuel for the first two months of 2025 with $126.7 million.

DraftKings held its customary No. 3 spot and led all tribal-based tethers, but its $27.8 million in winnings was its lowest since accruing $27.2 million in June 2023. The February figure represented a decline of 24.6% compared to last year as its year-to-date total of $65.8 million is practically flat versus the opening two months of 2024.

The reason for the DraftKings dip is a matter of a single slot spin: Late in the month, a lucky player hit for $9.28 million on a progressive slot.

Despite the shorter month, three operators still posted all-time monthly highs. Caesars Palace totaled $16.8 million in winnings, its third consecutive month with a new standard. The figure was $668,500 better than January and 56.3% higher than last February.

Fanatics Casino cracked the $8 million barrier for the first time, landing just shy of $8.2 million. Excluding the final week of February 2024 in its Michigan launch, Fanatics totaled $64.9 million in revenue over the last 12 months.

BetPARX was the last of the record-setters, potting $3.8 million in February winnings. That eclipsed its previous best of $3.3 million established in December and was up 40.7% from last year.

A handle hangover, but sportsbooks again rout public

The Detroit Lions making a quick playoff exit in January put a dent in sportsbook action for February as the $388.1 million total handle was down 6.7% from last year. Despite the downturn, the three retail sportsbooks and 12 mobile counterparts had another strong month with $46.8 million in gross revenue, good for a 12.1% hold.

That was up 54.2% from February 2024, while the $28.1 million in adjusted gross revenue was more than double the $12.8 million claimed last year. FanDuel again led the charge among online sportsbooks, posting a 16.6% win rate to claim $23.7 million in gross winnings from $142.9 million wagered. Its $64.3 million in revenue the first two months of the year is more than 30% of the $206.4 million it won in all of 2024.

DraftKings followed up its record-setting January with a solid February, winning $12.9 million and notching a 12.1% hold on $106.6 million handle. BetMGM rounded out the "Big 3" in the Wolverine State with a hold just shy of 9% while collecting $4.9 million from $54.7 million worth of wagers.

Caesars was on the other end of the ledger as the public came out nearly $79,000 ahead on $19.1 million wagered. It was the first time Caesars finished in the red since bettors pocketed $306,500 above the $42 million bet in October 2023.

While handle for the first two months of 2025 is down 5.4% compared to last year at $962.7 million, operator winnings have surged 68.5% to $132.4 million with an eye-watering 13.8% hold. Taxable revenue is up 166% to $85.3 million, and the $4.8 million in receipts is up nearly $2.5 million versus 2024.