Michigan Online Sports Betting Off to Strong Start
Michigan officially launched sports betting in March, but the state failed to post any big numbers.
All betting had to be done in-person, and most casinos were shut down due to COVID-19.
Michigan online sports betting officially launched in the state on Jan. 22, and it was an impressive first 10 days for the market. Online sports betting handle came in at $115.2 million, and it could set the stage for an impressive 2021 calendar year.
Retail sports betting accounted for just $35.7 million during the month of January, for a total of $150.8 million. Industry experts agreed that Michigan would see a surge with online sports betting, but the results exceeded the expectations.
There are just three commercial casinos in Michigan, but there are many tribal casinos as well. All of these casinos were able to partner with sports betting operators, and some of the biggest names in the industry have already launched in the state.
Gross sports betting revenue was $13.3 million, but the state actually posted a loss for the month. Most of the sportsbooks were offering huge promotions, and the loss equaled $5.2 million.
Michigan also rolled out online casino gaming and online poker at the same time as online sports betting. They became the first state in the US to offer all three verticals at the same time, and it helped create a surge in bets.
iGaming posted gross revenue of $29.4 million during the first 10 days in January.
Big Names Leading the Way
It should come as no surprise that some of the most popular sports betting operators in the United States led the way in the state of Michigan. There were 10 online operators set to go on Opening Day, but it was DraftKings and FanDuel that rose to the top.
There was some competition that emerged for the top two operators as Barstool Sportsbook and BetMGM weren’t very far behind. These top four operators accounted for nearly 97 percent of the online sports betting handle and nearly 94 percent of the gross revenue.
FanDuel Sportsbook led the way with a total sports betting handle of $32.6 million and gross revenue of $622,372. DraftKings was next on the list with $28.1 million in handle, and the gross revenue was $3.3 million.
Barstool Sports partnered with the Greektown Casino in Detroit, which was arguably the most anticipated launch in the state. The main Barstool personalities were on-site to help with the launch, and it led to some impressive numbers.
The Barstool Sports app had more than 48,000 registrations during the month of January, and more than 26,000 customers deposited money for the first time. This allowed the operator to post a handle of $27.5 million and a revenue of over $3.3 million.
There are still some other sports betting licenses available, and that will create even more competition in the coming months.
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