Another US state is coming online as Michigan state launches iGaming casinos and online sports betting verticals. Michigan is the 10th most populated state in the US and could potentially become as successful as New Jersey’s online gambling sector, which serves the USA’s 11th most populated state.
For the Evolution live dealer casino platform, it also means iGaming legislation in Michigan is finally official. The news could not have come at a better time as the live casino firm appears eager to make its way into the Michigan iGaming market after signing deals with MGM Resorts and Pointsbet that clearly mention intentions to be among the first to offer live casino iGaming services in the state.
There are 9 licenses issued for online platforms and presumably, another 6 are awaiting finalisation as originally the Michigan Gaming Control Board (MGCB) were processing licenses for 15 brands already approved in December 2020.
It is one of the fastest transitions from a total ban on iGaming and online sports betting to a market that is now joining New Jersey, Delaware, Pennsylvania, and West Virginia in the iGaming sector and you can also include Nevada, Indiana, Rhode Island, Iowa, West Virginia, Oregon, Indiana, New Hampshire, Illinois, Colorado, Washington D.C, and Tennessee in the US mobile sports betting sector. None of these states allow iGaming except Nevada, which currency issues online poker licenses.
Michigan Online Gambling Sector Likely to Eclipse New Jersey
Michigan’s iGaming market is likely to eclipse New Jersey in the long run, as there are only a handful of land-based casinos in the states. Whereas New Jersey has the allure of land-based gaming, Michigan does not and, as such, the iGaming ‘fad’ has the potential to bring in $1 billion+ per year in online gambling revenues if the market can record year-on-year growth in the same was as New Jersey’s iGaming market has achieved.
In fact, New Jersey just recorded its record monthly revenue figures after a total casino and poker gaming revenue for December 2020 that hit $99.4 million. That number includes $3m from online poker and $96.4 million coming via online video slots, virtual table games, and live dealer games. If the state continues to record the same or increased revenue figures over the course of 2021, New Jersey’s iGaming will officially hot, and exceed $1 billion per year iGaming revenue.
Attractive Tax Base
The tax revenue generated from the iGaming industry directly was $15 million in New Jersey! Meanwhile, sports betting drew in $58.6 million in online bet revenue in the Garden State generating $7.6 million in taxes. Michigan State is in a perfect position with its larger population to crush the New Jersey market and gain higher tax revenues by 2025.
Plans for Evolution Michigan Live Dealer Studio
Evolution is keeping its cards close to its chest with no leaks or official news that it will open a live casino studio in Michigan state. However, partnership deals and information from Evolution press releases in August 2020 announcing its agreement with BetMGM and another deal struck with Pointsbet both mention Evolutions ambitions to be the among the first to offer live dealer tables games in Michigan.
If you look at the numbers New Jersey is producing and consider Evolution already operates in Pennsylvania which is the USA’s 6th most populated state, the appeal to open a 3rd Evolution live dealer studio in Michigan is one that likely means the ball will start rolling today!