Michigan Sports Betting Sets Record Handle of $359.5M in March
Michigan online sports betting reached new heights with a Madness-filled March, witnessing a 19.1% jump month-over-month to take $359.5 million in handle. February, which was the first full month since the industry’s launch, brought $301.8 million in monthly handle. Richard Kalm, the MGCB’s executive director, said that March Madness could be responsible for the rise from February to March. He said the increases in taxes and payments will lead to more funding for Detroit city, economic development, education, and tribal communities.
Lifetime Handle of Nearly $1 Billion
Overall, Michigan bettors placed $383.7 million worth of bets in March, including $24.2 million in retail sports betting, according to the latest report released by the Michigan Gaming Control Board (MGCB). These figures mean Michigan is fast approaching a landmark $1 billion in lifetime handle from mobile and retail sports betting.
Total revenue for Michigan operators was also good, reaching $35.2 million. Digital operations held 9% with $32.3 million in sportsbook revenue. However, Michigan online sportsbooks gave away $13.3 million promos for the month, leaving some operators with negative adjusted revenue total, meaning they did not pay taxes. Since Michigan sports betting kicked off in late January, online sportsbooks have paid $789,866 in state taxes, which equates to 1.4% of the $55.1 million in digital revenue, compared to the 8.4% tax rate operators are supposed to pay.
FanDuel Leads Michigan Sports Betting
FanDuel maintained the undisputed leadership in Michigan online sports betting for the third consecutive month. Its March handle of $107.2 million drew 29.8% of all digital bets placed for the month. BetMGM retained its second position in the market for the second straight month by taking $92.6 million worth of online bets, with 25.8% of the market share. Meanwhile, DraftKings, which lost its second position in February to BetMGM in February, reported $76.5 million in sports betting handle and 21.3% of the online share.
Though Barstool retained its fourth position in Michigan online sports betting, it became the only operator to see a handle drop month-over-month. Its handle plunged 1.8% in March to $39.6 million, consoling it with a distant fourth with 11% of online market share. PointsBet reported $14.2 million of handle to claim the fifth spot.
The top five operators accounted for nearly 92% of the Wolverine State’s total online sports betting handle in March.
Third-largest Casino Market
Online casinos also fared well in March, with the latest figures making Michigan the third state to draw more than $90 million in internet casino and online poker revenue in a single month. This makes Michigan the third-largest online casino market in its second-full month of launch, behind the established markets of New Jersey and Pennsylvania.
While BetMGM remains the second-best in Michigan sports betting, leading the Michigan online casino market is MGM Resorts International’s digital arm, which continues its unbeaten run with $30.8 million in revenue. It makes up 32% of the total market share. March was the best month for BetMGM since the launch, and its number was improved by the recent addition of its online poker platform last month. BetMGM Poker and PokerStars are the two online poker sites in the Wolverine State.
FanDuel, the best in Michigan online sports betting, is second-best in the online casino market last month. It recorded internet casino revenue of $19 million, pushing DraftKings to the third spot with $16.6 million. BetRivers was the distant fourth with $6.7 million, while PokerStars and FOX Bet were fifth with $5.7 million.