PokerStars in Michigan has had an exciting year in 2023. PokerStars, as the online affiliate for Odawa Casinos, was the first to introduce interstate poker on January 1 of this year.
Flutter announced the closure of Fox Bet Sportsbook, PokerStars’ online sports betting partner, at the end of July. With no sports betting to back it up, has interstate poker done enough to help PokerStars increase income this year?
This year, PokerStars Casino has Increased by More Than 16% in Michigan
PokerStars Casino Michigan‘s introduction of interstate poker gaming has yielded favorable results all year. When weighed against the same month in 2022, the operator’s revenue has increased every month in 2023.
Overall, PokerStars’ income is up 16.7% yearly, at $26.8 million through nine months.
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Operator Growth Remains Below Michigan’s Average
The year 2023 has been a successful one for all Michigan online casinos.
Michigan’s aggregate iGaming income is up 23% over nine months of 2023 when compared with the first nine months of 2022, following a strong September with $166.4 million in revenue.
So, even though PokerStars Michigan’s income is up over 17%, it is still falling behind the state’s average increase. That is pretty surprising, given that it was the first to provide a service that no other Michigan online casino could.
There is No Substitute for the Fox Bet Set
PokerStars is run by Flutter, who additionally owns FanDuel. Flutter decided to close its Fox Bet operations across the country earlier this year. For several months, that has left only 14 Michigan online sportsbooks.
Flutter or Odawa Casinos have yet to provide an update on a successor for Fox Bet. Odawa does not yet have an online sports betting choice to supplement its revenue.
However, over the border in Ontario, PokerStars operates its licensed online sportsbook, as well as an online casino and poker. The demise of Fox Bet isn’t necessarily a devastating blow. Fox Bet made just about $2.1 million in online sports betting income in Michigan in 2022.
This year’s revenue growth in PokerStars’ online casino has compensated for the shortage.
PokerStars is Still Aiming for 2021 Outcomes
PokerStars, which debuted in Michigan as Stars Casino, is an unusual online casino that peaked in 2021. Stars Casino ranked as a top-five Michigan online casino about of revenue in its first four months of operation.
Throughout the history of Stars/PokerStars in Michigan, March of 2021 has been the highest monthly revenue month at $5.8 million. That’s still 58.5% more than its best month in 2023 when it earned $3.6 million in January.
Stars Casino generated $40.9 million in online casino revenue in Michigan in 2021. It will then fall to $29.9 million in 2022. PokerStars Casino Michigan is currently on track to generate $35-36 million in revenue in 2023.