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February Online Casino Revenue Slows For First Time in Seven Months

Michigan online casinos did not set a February revenue record and declined for the first time since June 2024.

revenue decline
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Corey Sharp Avatar
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Michigan online casino revenue has finally started to slow down for the first time in seven months. February also marked the first time in four months that the vertical didn’t break a record, either. It’s normal for online casino activity to slow down as the weather gets warmer, though the timing of the slump can vary; last year, it didn’t start until April.

The Michigan Gaming Control Board (MGCB) reported that operators produced $222.6 million in February revenue. That is a 10.4% month-over-month decrease.

Michigan online casinos will retain its status as the No. 2 iGaming market after New Jersey recorded $207.8 million in revenue last month. Pennsylvania revenue has yet to be released, but will almost certainly top the list.

It’s not uncommon for the first quarter to trend down from the fourth quarter of the previous year. In January, Michigan was the only market that ascended from January.

Through two months of 2025, Michigan operators have collected $470.8 million in revenue, which is a 27.3% increase from this point last year.

FanDuel tops BetMGM in February

The market leader race in Michigan is a fight between two heavyweights: BetMGM. That contest went back and forth in 2024, but BetMGM finished the year on top with $640.1 million in aggregate revenue to FanDuel’s $614.6 million.

The race continues to be hot to start 2025. BetMGM finished nearly $4 million ahead of FanDuel in January. However, FanDuel has turned the tables in February and is once again No. 1 in Michigan.

In February, FanDuel posted $61.7 million to BetMGM’s $60.3 million. That small margin still leaves BetMGM ahead in the year-to-date race. Here’s the sum of revenue two months into 2025:

  • BetMGM: $126.7 million
  • FanDuel: $124.6 million

The battle should continue to be close throughout the year. BetMGM might have the inside track, especially because of having its retail property, MGM Grand Detroit, located in the state.

DraftKings takes a tumble

DraftKings revenue declined 34.1% month-over-month in February. For perspective, here’s how DraftKings performed the prior three months before February:

  • November: $41.6 million
  • December: $41.6 million
  • January: $42.2 million

February’s total came in at $27.8 million. It’s hard to put a finger on the sudden drop in a single month. Perhaps March will tell us if it was an anomaly or not.

Fanatics clears $8 million for the first time

Fanatics Casino has been coming on as a strong operator as of late. The company came close to reaching $8 million in monthly revenue in December when it recorded $7.9 million. It took a slight step back in January after it posted $7.7 million.

However, February was finally the month Fanatics got it done. The operator generated $8.2 million last month, coming in roughly $1.2 million shy of Golden Nugget.

Out of the 15 operators in Michigan, Fanatics has become a staple of the top seven. Running down Golden Nugget would put Fanatics right behind Caesars and BetRivers.

Caesars nears $20 million in total revenue

Caesars is one of two operators that has multiple skins in Michigan. Between Horseshoe, the brand generated $19.7 million in February revenue.

Caesars Palace is the obvious flagship skin for the company, especially in Michigan. However, Horseshoe can be seen as another form of supplemental revenue for Caesars. Since October, Horseshoe has posted the following totals:

  • October: $2.8 million
  • November: $2.9 million
  • December: $3.4 million
  • January: $2.7 million
  • February: $2.9 million

Caesars is going to continue to rely on its Caesars Palace and Horseshoe brands in the Great Lakes State.

February 2025 online casino revenue by operator

Licensee Online Brand Revenue Promos Taxes
MotorCity FanDuel $61,714,388 $3,702,863 $16,968,371
MGM Grand Detroit BetMGM $60,336,117 $3,620,167 $16,589,415
Bay Mills DraftKings $27,794,905 $1,667,694 $7,315,619
Grand Traverse Band of Ottawa and Chippewa Caesars $16,774,540 $1,006,472 $4,415,059
Little River Band of Ottawa BetRivers $14,995,179 $899,711 $3,946,731
Keweenaw Bay Golden Nugget $9,494,805 $569,688 $2,476,534
Lac Vieux Desert Band of Lake Superior Chippewa Fanatics $8,196,113 $491,767 $1,996,427
Greektown Hollywood $5,255,470 $315,328 $1,221,503
Match-E-Be-Nash-She-Wish Band of Pottawatomi betParx $3,822,619 $229,357 $770,362
Pokagon Band of Potawatomi Four Winds $3,740,898 $224,454 $765,189
Sault Ste. Marie Tribe of Chippewa Horseshoe $2,921,294 $175,278 $574,616
Sagniaw Chippewa Eagle $2,513,560 $251,356 $478,599
Little Traverse Bay Bands of Odawa PokerStars $2,379,165 $142,750 $464,191
Nottawaseppi Huron Band of Potawatomi FireKeepers $1,870,648 $112,239 $351,682
Hannahville SI $717,554 $43,053 $134,900
Total $222,527,253 $13,452,178 $58,469,198
Corey Sharp Avatar
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Corey Sharp ed Catena Media in 2022 and is the go-to expert for Michigan gambling. Born and raised in Philadelphia, PA, he previously worked for the Philadelphia Inquirer and NBC Sports Philadelphia as a sports journalist and content producer. In Corey’s role as Lead Writer for PlayMichigan, he works alongside a talented team of expert journalists and analysts to bring you the most comprehensive and accurate coverage of gambling news in Michigan. Corey’s s around the industry makes him a trusted source. Corey produces daily stories and features about the gambling space. Corey graduated from Holy Family University in Philadelphia with a bachelor’s degree in sports management.

View all posts by Corey Sharp

Corey Sharp ed Catena Media in 2022 and is the go-to expert for Michigan gambling. Born and raised in Philadelphia, PA, he previously worked for the Philadelphia Inquirer and NBC Sports Philadelphia as a sports journalist and content producer. In Corey’s role as Lead Writer for PlayMichigan, he works alongside a talented team of expert journalists and analysts to bring you the most comprehensive and accurate coverage of gambling news in Michigan. Corey’s s around the industry makes him a trusted source. Corey produces daily stories and features about the gambling space. Corey graduated from Holy Family University in Philadelphia with a bachelor’s degree in sports management.

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