The total revenue for the month of October was $141 million which was a 6.4 percent increase of the previous record which was $132.4 million reported in April of the same year. Although this performance is an indication that casino operators in general had positive results for that period, some were trending in the negative direction.
At the top of the list of high performers is BetMGM that continues to hold on to dominance on the state’s online casino game. Other casinos that are ever in the green light are DraftKings and FanDuel. There are many other betting operators in this market that are making great strides in their unique right. Besides the top three players, the following four online Michigan casinos indicate such promise based on trends.
What we cover
Barstool
Before October, Barstool Online Casino MI had been in a lull. The brand had been at only 3.0% share in August and 2.8% in September – this has been the lowest it had gone since August 2021. In October, Barstool experienced a high of 3.3% market share.
In addition to market share growth, the $4.6 million collected in revenue was its highest revenue since April of that same year. Interestingly, the retail partner of Barstool at Greektown, Hollywood Casino, also hit its highest revenue point of ($21.9 million) since April of this year.
Four Winds
At a glance, it might appear not to be achieving much considering that it had a market share of 2.2% in October from 2.3% in September. It is the iGaming platform affiliated with Four Winds Casinos that pulled in the positive performance considering the $3.1 million revenue total. In a month that can best be described as booming, the casino obviously held its ground.
The figures posted for October are a section of a rising trend for Four Winds Casino that has so far produced 7 consecutive months with revenue totaling to over $2.8 million, which has never been achieved for 2021. As a matter of fact, the highest mark hit in 2021 was $2.5 million in August.
Eagle Casino & Sports
Another of the high-potential casino operators in Michigan which has managed to hit a new record in revenue for October is the online gaming site for Soaring Eagle Casino & Resort. The 2.1% share that the casino recorded in October was a decrease from the 2.3% that had been gained in September although the exact revenue sum had leaped upwards of 3.6% from $2.91 million to $3.01 million.
October was also marked as a gradual trend of an emerging revenue record that Eagle Casino appears to have developed since its launch in April. There has been a monthly revenue increase recorded for each month. The month of May was the first full month that the casino had been in operation and the output was a mere $1.37 million; this performance has improved by more than double five months later.
Even though Eagle Casino & Sports has quite a long way to go to catch up with other operators in the same market, a lot has been going on internally to narrow the gap. The casino now ranks in the list of the top 10 online casinos in Michigan.
FireKeepers
FireKeepers iCasino experienced a remarkable decline to record revenue of $700K in September from $1.76 million in August. Citing the making of winners during the period, the management is confident that they would bounce back in October, a fete which was readily achieved. FireKeepers posted a revenue mark of $1.53 million which is the second-highest total to be achieved by the casino since the July revenue of $1.76 million.
This performance has also been a key factor in getting the FireKeepers back over the 1% market share line at 1.1% after falling to 0.5% in September. Before the September outcome, FireKeepers Online Casino revenue accounted for at least 1% in five consecutive months.
Which online casinos in Michigan saw a decline?
Even though it is normal for the public to focus on the positive when they are measuring performance, it cannot be good news for everyone. There is no doubt that the good news has been good to an extent of having Illinois rank second in the state, but some of the states` online casino brands do not have the growth nor the revenue to boast about as others did in October. Here are the trailers;
Caesars
Partners and stakeholders of this casino are aware of the tough period that Caesars has been going through in the past few months. In May 2022, the casino had a market share of 5.1% which was an indication of good tides in Michigan for the operator. From that time, however, the brand had maintained at sub-5%, and heading for the red when they nosedived down to 3.8% of the market share in October.
Even more alarming is the fact that the casino reported a revenue drop in October when they achieved $5.32 million, down from $5.62 million which they had managed in September. The October performance of the casino brand is the lowest since a record low performance was witnessed 7 months before in March. October is also the fourth month in a row that the casino had declining revenues.
Parx
Even though the operations of Parx Casino have not been dominant in Michigan, they have somehow managed to maintain a consistent performance. Having launched in June, this is casino has so far operated within its expected targets. For the months that Parx has been in the business, the market share has averaged about 1.22% so having had 1.3% in October is no cause for alarm.
While most casino operators in Michigan are reporting gains, Parx is one of the few that has seen a decline from September. The casino revenue dropped from $1.98 million in September to $1.80 million in October. This decline is however not new; it is part of the downward spiral that has hit Parx for the better part of 2022.
Final Thoughts
Casinos have different fortunes occasioned by various factors but the winning strategy for the big brands is a combination of brand presence and giveaways.
