Michigan Sets iGaming Records While Exploring Bitcoin Reserve Bill

January was a record-breaking month for iGaming revenue in the state of Michigan.

The Michigan Gaming Control Board (MGCB) reported combined online casino and sports betting revenue reaching $331.2 million in January 2025, a 44.3 percent year-over-year growth and a 25.4 percent increase on figures from December 2024.

January Sees Historic iGaming Revenue for Michigan Operators

The regulator’s data showed that online casinos were the strongest-performing sector. It reported iGaming revenue for January 2025 of $248.2 million, surpassing December’s record of $244 million. Year-over-year growth in online gaming revenue was 36.5 percent, and January marked the state’s fourth consecutive month of growth.

BetMGM and the MGM Grand Detroit generated $66.5 million in gaming revenue, the most of any operator in The Wolverine State. The figure was a 37 percent rise on January 2024’s revenue figure and a $1.4 million rise from December’s receipts.

The top three iGaming operators were rounded off by FanDuel (in partnership with MotorCity Casino), followed by DraftKings and the Bay Mills Indian Community. The two gambling behemoths grew iGaming receipts by 47 and 16 percent, respectively. FanDuel was just $2.6 million behind MGM and saw more year-over-year growth.

Michigan Bettors Wager Less but Lose More, Boosting Operator Margins

Sports betting generated $83 million in revenue in January, a staggering 310.9 percent increase from December’s $20.2 million. The betting handle decreased 7.1 percent from December to $555.2 million.

Online sports betting followed a similar pattern to that of Massachusetts, which also showed a decrease in the amount wagered but a significant uptick in revenue for operators. The Commonwealth State took record sports betting revenue with $94.4 million in January 2025.

The remarkable increase in sportsbook revenue was due to January’s impressive 14.9 percent hold rate, rising from December’s 3.5 percent. The upturn in Michigan operator’s fortunes was the Detroit Lions losing in the NFL playoffs when bettors backed their local team.

FanDuel claimed the Michigan sports betting crown, processing $227.3 million, or 40.9 percent of total wagers in the Wolverine state. DraftKings followed in second place with $151.7 million handle. The two gambling giants captured 68.3 percent of total wagers.

93.4 percent of the taxes paid to the state came from iGaming receipts, with online sports betting contributing a comparatively meager $3.1 million. Detroit’s three commercial casino properties paid $12.8 million in taxes, whereas tribal operators contributed $5 million to state coffers.

The MGCB’s January gaming revenue report was delayed after a ransomware account hit the Sault Ste. Marie Tribe of Chippewa Indians, ultimately bringing down systems. In addition to reputational damage, the attack shut down gaming systems, prevented payments from being taken and reported, and disrupted the casino’s reservations and membership services.

Michigan is one of the numerous US states that has proposed a Bitcoin reserve bill, bringing the total to 20. Representatives Bryan Posthumus and Ron Robinson introduced HB 4087 to establish a crypto reserve to diversify the state’s investment portfolio.

The momentum surrounding stablecoin and crypto investments continues to gain pace, but crypto casino enthusiasts will have to wait. Michigan is reaping the benefits of iGaming growth, and should President Trump’s pro-crypto stance filter through to the state level, it could become one of the first states to legalize wider crypto-led gambling.