As monthly sports betting handles are pouring in from US states, Michigan has revealed it’s ten online sportsbooks posted a handle of $115.2 million from January 22 when the state’s industry went live, to January 31. The debut month of the Great Lakes State marks the most successful iGaming launch in US history, and Michigan’s first ten days’ report suggests it is set to vie for the top five spots in the US sports betting market leadership. Combined with the $35.7 million handle for the retail market reported earlier in January, it put the total handle for the full month at nearly $151 million.
Sports betting revenue for the same duration was $13.3 million, and adjusted revenue was a loss of $5.2 million, meaning sportsbooks deducted $18.5 million in promotions. However, iGaming bolstered the strong digital debut, which brought $29.4 million in gross revenue.
February will be the first full month of legalized operations for Michigan’s iGaming market.
Big Names Dominate Michigan Market
The big names, as usual, skim the market share in Michigan sports betting. The four biggest betting brands – FanDuel, DraftKings, Barstool, and BetMGM – took more than 96% of the overall online sports betting handle and 93.2% of gross revenue. These operators also accounted for 95.1% in deducted promos, totaling $17.6 million.
FanDuel Sportsbook topped the Michigan sports betting handle share with $32,602,738, followed by the Boston-based DraftKings, which posted $28,190,634. Barstool Sportsbook remained among top three with $27,482,238, pushing BetMGM to the number four spot with $22,789,889. PointsBet reported the fifth-highest sports betting handle with $1,491,196.
US Online Sports Betting First Month Handle Comparison
Tennessee holds the debut month sports betting handle record in the US, with $131.4 million achieved by the Volunteer State in November 2020. However, it should be noted that the Tennessee sports betting handle was bolstered by the full month starting November 1, compared to Michigan’s, which launched at the end of January. Despite the last ten operational days on which Michigan sports betting relies, January’s handle nearly tops Tennessee’s full month handle record. Obviously, the full-month launch would put Michigan in the top spot.
To have a better comparison, the other states’ first-month online sports betting launches should be mentioned here. For instance, Indiana is the distant third with $48 million when it went live in October 2019. Colorado reported $25.6 million when it was launched in May 2020, while Illinois recorded $8.25 million, and Pennsylvania posted merely $573,163 in May 2019.
Michigan Online Casinos Post Great Numbers
Eight different online casino platforms that also went live simultaneously on January 22 posted the best debut month revenue numbers ever recorded in the US legal market.
BetMGM took the top spot among those eight, with more than 40% of the market share with $11,075,980 in AGR. DraftKings Casinos with $6,230,354 and FanDuel Casino with $5,970,361 too also represented a strong existence in the newly launched iGaming market in Michigan.