Three Takeaways From January’s Michigan Online Casino Revenue Report

On Thursday, the Michigan Gaming Control Board released the January revenue results for the state’s online casinos.

Last month, MI online casinos reported $298.3 million in revenue. That was the second-highest total in the state’s iGaming history, but still finished over $16 million shy of December’s $315.8 million record.

Compared to a year ago, Michigan online casinos increased revenue by 20.2%. January 2025 saw the state operators record $248.2 million in revenue.

MI Online Casino Operator Breakdown for January

The Michigan Gaming Control Board releases the monthly revenue reports on their website.

Here’s a look at how each of the 15 operators performed last month.

Three Key Takeaways from January’s Revenue Report

Last month produced $54.6 million in state tax revenue, with an additional $20.2 million to city/local entities throughout Michigan.

Here’s some of the other notable highlights from January.

Hard Rock Outperforms Predecessors Already

Hard Rock Bet had an eye-opening debut month in December with $35.7 million, the largest revenue sum for a debuting operator in Michigan’s history.

In its follow-up, Hard Rock MI produced $23.1 million in January. While it is a drop of over $12 million, the operator still finished fourth among all MI online casinos for the month. That’s a key place to be as Hard Rock levels off and finds out just where it sits within the state. As the Hard Rock Casino promo code continues to attract new users, Hard Rock Bet should stay right in the

What’s even more impressive is that through two months, Hard Rock has totaled $58.8 million in iGaming revenue in Michigan. That’s a huge step up from the previous operators that were using the Hannahville Indian Community license.

When iGaming started in Michigan, Hannahville worked with TwinSpires, but that relationship was somewhat short lived. Hannahville then worked with Sports Illustrated, but SI ceased operations in 2025, opening the door for Hard Rock.

From January 2021-November 2025, TwinSpires and Hard Rock combined for a total of $54.7 million in online casino revenue. So, in two month, Hard Rock has already outperformed what TwinSpires and SI did in nearly five years.

BetMGM Sees Year-Over-Year Decline

Certainly not a major alarm, but it was interesting to see BetMGM Casino MI see a slight decline in revenue compared to a year ago.

Last month, BetMGM posted $65.8 million, a 0.9% dip from January 2025’s $66.4 million.

This is the first time since June 2024 that BetMGM has seen a year-over-year decline in its iGaming revenue.

This result isn’t a sign of anything to come, in my opinion. It’s more about BetMGM setting a high bar throughout its time in Michigan, that eventually progress is going to level off.

Up until 2025, BetMGM was the runaway revenue leader in the state. Their revenue continues to grow year-over-year, but now some of the competitors are starting to see the larger gains that BetMGM once had.

FanDuel Casino MI has taken over the revenue lead amongst operators and is starting to widen the gap, but both are in very healthy positions within Michigan.

Can Fanatics Get Back in the Top Five

Fanatics Casino MI had a great 2025.

It started with $7.8 million in January 2025 revenue and grew that to a high of $17.2 million in November.

Ultimately, the operator reached $145.5 million for all of 2025, more than the Lac Vieux Desert Band of Lake Superior Chippewa Indians had seen with previous licenses holders combined since 2021.

Fanatics had cracked into the top-5 operator battle in November, but was booted back to sixth with the debut of Hard Rock Bet. It finds itself sixth again in January, but data shows that may not be for long.

Since April 2024, Fanatics has at least doubled its revenue compared to the month of the prior year. Even in January, revenue was 125% higher than a year ago. That has helped it leapfrog the likes of Caesars Palace in the monthly revenue race.

Now, Hard Rock and BetRivers sit above in in the top five, but Fanatics is within reach to catch them by the end of the year if they continue their massive growth rate.