Grand Traverse Band & William Hill have impressive February
The total sports betting handle in the state of Michigan was more than $300 million, and that number is expected to climb in March.
Michigan sports betting has actually been available since March, but most bettors prefer to do their betting online.
There are more than 10 online sportsbooks in the state of Michigan already, and more are expected to launch throughout 2021. This has created a very competitive market, but one Native American Tribe is happy with the early results.
The Grand Traverse Band of Ottawa & Chippewa Indians was ready to offer online sports betting as soon as it was available through a partnership with William Hill. The Michigan Gaming Control Board has announced that the Grand Traverse Band saw a total sports betting handle of $5.55 million.
Partnering with William Hill gives this tribe a huge advantage as that is one of the most recognizable names in the US sports betting industry. This site features both US and international betting options, helping to bring in more action.
Even though more than $5.5 million was wagered through the Grand Traverse Band of Indians, the tribe has not seen much of a profit yet. The net sports betting revenue was just $16,651 in February, even though the gross revenue was just under $450,000.
All Native American tribes are required to pay an 8.4 percent tax on adjusted gross sports betting revenue. This figure was agreed upon in the latest gaming compacts that were agreed to by the tribes and the state.
The Grand Traverse Band has actually been the most successful sportsbook up to this point, as they are the only group that has made a profit in both January and February. That will change in the coming months, but this tribe is off to a big start.
Can NBA Carry Michigan Market?
Michigan launched online sports betting at just the right time as the NFL playoffs were nearing completion. NFL football dominated the betting in January, and the Super Bowl provided a huge boost to the February numbers.
The March sports betting numbers will be revealed at some point in April, but it should be another state record thanks to college basketball. The 2021 NCAA Men’s Basketball Tournament is a massive betting event, but it will come to an end on April 5.
It will be up to the NBA and MLB to carry sports betting over the next few months. Betting on the NBA is extremely popular in the US, but it’s unclear how well it will go over in Michigan.
The Detroit Pistons of the NBA and the Detroit Tigers of MLB are both very popular teams in the state, but both teams are also expected to struggle this season. New monthly sports betting records might stop happening until the return of football this fall.
Michigan is receiving a boost with the state of Illinois removing the remote registration period. While Illinois and Michigan don’t share a border, there is still plenty of business that is exchanged between the two states.
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