Evoke Delays SI Casino Exit in Michigan Amid U.S. Exit Strategy

In a recent trading report for Q3 2024, gaming operator Evoke unveiled plans to delay the discontinuation of its SI Casino brand in Michigan until early 2025. Originally slated for closure in the fourth quarter of 2024, the company’s decision to extend the shutdown timeline reflects broader shifts in Evoke’s U.S. strategy and its exit from the consumer-facing gaming market in the country.

 

The Michigan Exit: A Struggle to Gain Traction

The decision to pull out of Michigan is not unexpected. SI Casino, which operates under a partnership with the Hannahville Indian Community at Island Resort & Casino, has struggled to establish itself in the competitive U.S. iGaming space. Despite rebranding from TwinSpires to SI, the platform has failed to make significant inroads, consistently ranking among the bottom of Michigan’s 15 online casinos.

According to Evoke’s Q3 report, SI Casino was unable to generate more than $1 million in monthly iGaming revenue for several consecutive months—from June through September. This performance led to the company’s decision to cease operations in Michigan, along with a broader exit from U.S. business-to-consumer (B2C) operations. The planned full exit is now slated for Q1 2025, when Evoke will sell its operations in Michigan and Colorado, following its already-announced sales in New Jersey and Virginia.

This delay offers SI a few extra months to try to revitalize its Michigan presence, but prospects appear dim. Given that the state’s online casino market has become increasingly competitive, with well-established players like DraftKings, BetMGM, and FanDuel dominating the landscape, SI’s low revenue performance suggests the brand has struggled to carve out a sustainable market share. As SI prepares for its eventual exit, speculation is rife about the future of its Michigan gaming license. The possibility that Evoke might sell the license to another operator—much like Caesars did when acquiring WynnBet’s license—has stirred discussions. One operator that has been linked to the Michigan market is Hard Rock, which recently secured Evoke’s U.S. assets. If this acquisition plays out as rumored, it could lead to Hard Rock’s expansion into Michigan, bolstering its already formidable presence in other parts of the U.S.

Alternatively, if no buyer emerges for the SI brand and license, Evoke could simply cease operations in Michigan altogether, opening up valuable real estate in one of the country’s fastest-growing online casino and sportsbook markets. In either scenario, Michigan’s iGaming market stands to benefit from the potential infusion of new, more competitive players.

 

A Strategic Pivot: Evoke’s Global Growth and Q3 Revenue Surge

While the future of SI Casino in Michigan appears uncertain, Evoke itself is experiencing a resurgence. The company’s Q3 2024 report revealed a 3% increase in overall revenue, marking a return to profitability after two years of stagnation. This growth is largely driven by its international operations, which saw a 14% year-on-year revenue boost. Italy and Spain in particular have performed exceptionally well, helping to offset challenges in the U.S. market.

Evoke’s online business also saw an 8% revenue uptick, with particularly strong results in core markets such as Romania. This robust performance is attributed to a refined market strategy, targeted product investments, and a clearer customer value proposition. Evoke CEO Per Wilderstrom emphasized the company’s renewed focus on its international and online operations, with an eye toward long-term growth and strategic value creation.

“Our online business is a clear growth engine for the group,” Wilderstrom stated. “We saw a return to double-digit online revenue growth in our core markets in Q3 2024, underpinned by our focused market strategy and supported by important product investments and the results of our clearer customer value proposition and segmentation.” These results come as a hopeful sign for Evoke, especially as it shifts away from the U.S. B2C market. With significant performance gains in Europe and other international regions, Evoke appears poised to strengthen its position globally while distancing itself from the volatility of the U.S. iGaming scene.

 

Our online business is a clear growth engine for the group, with double-digit revenue growth in our core markets.

 

Looking Ahead

As Evoke continues its global expansion, the delayed exit from Michigan serves as a reminder of the shifting dynamics in the U.S. gaming landscape. The company’s decision to step away from the U.S. B2C market will allow it to focus more on its core international operations, which have proven to be far more lucrative. However, the future of SI Casino in Michigan remains murky. While the extra few months could provide an opportunity to offload the brand or reorganize its operations, the chances of a dramatic turnaround are slim given the fierce competition in Michigan’s iGaming market.

Ultimately, the delay in the closure of SI Casino is a stopgap measure, allowing Evoke some breathing room before the full exit in early 2025. Whether the company can find a buyer for its Michigan license or simply let it expire, the end of SI Casino in Michigan is fast approaching. Meanwhile, Evoke's international operations will likely be the key to its future success, as it leaves behind the unpredictable U.S. market in favor of more stable, profitable regions.

For Michigan’s iGaming community, the closure of SI Casino could signal both the end of a struggle for one operator and the opening of opportunities for others. As the market continues to evolve, the question remains: will the license go to a more seasoned operator like Hard Rock, or will it remain dormant until a new contender steps in? The next few months will be crucial in determining the future landscape of Michigan’s online gaming market.