A potential Boyd Gaming and Flutter joint buyout of PENN Entertainment would have major ramifications in the Michigan gambling space according to a PlayMichigan analysis. Should it happen, Flutter, which operates a FanDuel sportsbook and online casino in the Great Lakes State, would be the unquestioned market leader in both categories.
One possible deal has Boyd Gaming owning Hollywood Casino at Greektown, while Flutter would both control ESPN BET and its Hollywood online casino.
Let’s examine that potential deal further.
According to Michigan law, Flutter is allowed to operate two different online brands.
If the acquisition — as first reported by The Deal, according to an Earnings+More newsletter earlier this week — goes through, it would put Flutter in a league of its own in terms of online gambling market share in Michigan.
Flutter would have stranglehold as Michigan’s #1 online casino with 29% of the market
FanDuel Casino Michigan has grown its product dramatically over the last several months. So much so, the operator surpassed BetMGM for the first time ever last March. After holding the lead in March and April, BetMGM reclaimed the top online casino spot in May.
FanDuel and BetMGM are poised for a heavyweight fight throughout the second half of the year.
However, should it be part of the deal to acquire PENN, Flutter would gain control of the Hollywood online casino. It would then be considered the top iGaming company among the 15 Michigan online casinos.
In the months where FanDuel finished behind BetMGM (January, February, May), the addition of Hollywood casino would have put the Flutter brand over the top in each of those months.
BetMGM and FanDuel have reached 26.1% and 25.7% market share, respectively, in 2024, through May.
FanDuel’s 26.1% share of the total Michigan online casino market in 2024 is worth $251.15 million in revenue.
The Hollywood online casino has a market share of 2.5% in Michigan in 2024 thanks to revenue of $24.7 million.
Adding the Hollywood casino to FanDuel would mean Flutter would command at least 28.6% of the Michigan market, worth $275.85 million.
https://www.playmichigan.com/Flutter-Would-Thoroughly-Dominate-Mi-Online-Gambling/