Michigan Sports Betting Hurting Indiana
The Michigan sports betting industry just launched online sports betting near the end of January, and the results have been tremendous.
Michigan has shattered previous records for monthly sports betting handle, and it now appears that the state is affecting other markets as well.
The state of Indiana just announced its sports betting numbers for the month of February, and it was a disappointing month. The total sports betting handle was just $273.9 million, a drop from $348.2 million in January.
February is traditionally a down month for sports betting in the United States, even though the Super Bowl set betting records in 2021. A shorter month is another reason for a potential drop, but Indiana is also losing out on business to Illinois and now Michigan.
When Michigan launched online sports betting at the end of January, it was a huge 10 days for that state in terms of new accounts and betting handle. A portion of that new business came from the Hoosier State as Indiana and Michigan share a border.
Online sports betting accounted for 88 percent of the total sports betting handle during February, which was an increase from just 85 percent in January. That is promising for the Hoosier State, but those same bettors could also be registering for an account in Michigan.
Basketball was the most popular sport to bet on in Indiana during February, which could help the state recover during March. The entire 2021 NCAA Tournament is set to be played in the state, and visitors are expected to flood the retail sportsbooks.
Wolverines Expected to Be Popular Bet
As the 2021 NCAA Men’s Basketball Tournament begins next week, bettors in the state of Michigan are expected to focus on the top basketball team in the state. Normally, the Michigan State Spartans are a popular pick in March, but the Michigan Wolverines are the much better team this season.
Even though Michigan suffered a semifinal loss to Ohio State in the Big Ten Tournament, the Wolverines are expected to be a number one seed in the NCAA Tournament. This also means that Michigan is one of the favorites to win the title, and the betting odds reflect that.
Gonzaga is the clear favorite to win the NCAA title at +220, with Baylor as the next team on the list at +400. The Michigan Wolverines currently have odds set at +500 to cut down the nets, and a slew of Big Ten teams follow them.
Michigan State is also expected to make the NCAA Tournament field after a late surge in the Big Ten Conference. The Spartans will not be a popular pick to win the NCAA Tournament, but they will see plenty of betting action on their individual games.
The complete NCAA Tournament bracket will be unveiled on Sunday, and the entire NCAA Tournament is set to be played in Indianapolis and the surrounding areas.
We for one can’t wait for it to get underway!
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