Michigan Gambling News Digest
When it comes to the latest Michigan sports betting news, this is the most comprehensive online platform that you can find. If you are looking for the latest news and updates about Michigan’s gambling scene, then this is the right place for you. All of the latest happenings in the gambling industry of the Great Lakes State has been recorded for your sake.
The Michigan iGaming Industry Is Still Going Strong – With More than $95 Million in Revenue
Despite starting out in January 2021, the iGaming market of Michigan is performing at a very healthy rate. The online gambling revenue of the state manages to do as well as the state of PA, despite Pennsylvania opening up their market way back in 2019. According to numbers released by the Michigan Gaming Control Board (MGCB) or Michigan Gaming Commission, the MI online gambling market managed to earn more than $95.1 million in March.
These figures are very close to the mature iGaming market that exists in Pennsylvania, which managed to earn around $98 million in the same period. Despite having a larger head start than PA online casinos, the MI platforms have managed to do very well for themselves. Even the sports betting wing in Michigan managed to generate more than $32 million in revenue. The market is catching up quite quickly with the rest of the USA.
Many analysts now say that Michigan is set to overtake the online gambling industries of PA and WV in terms of revenue and growth potential. Even in the shorter month of February, Michigan managed to drum up more than $75 million in the form of iGaming revenue. Despite having a low population of only 10 million, MI has managed to give stiff competition to the online casino betting industry in the more populous state of PA.
Just as in February, the legalized sports betting operators of BetMGM, DraftKings and Fanduel are dominating the market. Of the total revenue generated in March, these three providers were responsible for more than $66 million. Many analysts think that Fanduel’s upcoming IPO in July 2021 is going to change the scope of the market completely. The synchronized openings of online casinos and sportsbooks gave the state a competitive edge over all of its competitors.
The NCAA March Madness Gives the Michigan Online Sports Industry a Very Large Revenue Impetus
The NCAA March Madness tournament gave a much-needed boost to the online sports betting industry in Michigan, which was beginning to slow down a little. According to numbers released by the Michigan Gaming Control Board (MGCB), March saw a 20% increase in online sports betting revenue when compared to February. Officers and ranking officials from the MGCB have all contributed this boost in revenue to Match Madness, which is a very popular event in MI.
MGCB Executive Director Richard Kalm said that the March Madness tournament added 20% to the sports betting revenue of Michigan from February to March. This massive increase also saw the total iGaming revenue in March increase by a whopping 18% from February. This has led to a higher level of tax and revenue collected by the state of MI, which will be used to fund the educational and economic development of the Great Lake State.
Even in April, Michigan is slated to be one of the top 5 performing states in all of the US. Ever since the legalization in January 2021, Michigan’s online gambling and sports betting market has managed to defy the expectations of analysts. Despite having a relatively small population of only 10 million people, MI’s market has managed to grow at a very steady pace. These sudden jumps are proof of the robustness of MI’s market.
Apart from online sports betting, in-person sports betting has also increased at all of the land based casinos in Michigan. At the MGM Grand Detroit and Greektown casinos, sports wagers were accepted in earnest during all of the March Madness matches. These numbers do not take into account the wagering that took place at Michigan’s numerous tribal casinos, since these establishments do not fall under the purview of the MGCB or state government at all.
The Gun Lake Casino Set to Launch iGaming Platform & Launch a $300 Million Casino Upgrade
The Gun Lake Band of Pottawatomi Indians of Michigan are teaming up with Parx Interactive and Playtech to launch a new online casino in the state. This new iGaming platform is going to be called Play Gun Lake, and it will make use of Playtech’s IMS and Player Account Management platform. Just this week, the Gun Lake Band received final approval from the MGCB to establish and launch this reputed iGaming platform in the state.
This launch is a result of the planned collaborations between Parx Interactive and Playtech, who are also going to do a lot of rollouts in the states of Indiana, Pennsylvania and New Jersey. According to a statement made by Senior VP of iGaming at Parx Interactive, Matthew Cullen, Parx is very excited about this collaboration with Playtech. They are very excited to use this relationship and take advantage of Playtech’s cutting edge technology and innovation.
Apart from the online Play Gun Lake casino, the Gun Lake Tribe is also planning the construction of a $300 million expansion of their existing casino properties at Wayland. According to the press release, the Gun Lake Tribe is going to undertake a project to upgrade the Gun Lake Casino into a luxurious hotel and resort with the best amenities. This will be the most ambitious expansion in the history of the Gun Lake Casino.
A 76,000 square foot addition is expected to be completed at the Gun Lake Casino this summer, which has reportedly cost the tribe more than $100 million in total. The $300 million expansion project is all set to begin the moment the ongoing work is completed. The President and COO of Gun Lake Casino Sal Semola has said that this ambitious expansion will make Wayland the crown jewel of the gambling industry of Michigan.