Michigan’s Sports Betting Grows again in June
The state of Michigan has continued to bring in impressive sports betting numbers, and June proved to be another month of growth for the state.
The total sports betting handle in June was only slightly larger than in May, but there was a big jump in the revenue.
The total sports betting handle in June was $259.5 million, which was an increase of 0.7% from the month of May. This is usually a slow time for the sports betting industry, and any increase at this time is impressive.
Online sports betting actually dropped by more than $2 million month-to-month, but retail betting was able to pick up the slack. The retail sports betting handle that is included in the report is just from the three commercial casinos in Detroit.
The biggest increase for the sports betting industry in Michigan came in the amount of total revenue that was produced in June. Total revenue was $24.379 million last month, and that was an increase of more than 20 percent from May.
It was a slow start for the state of Michigan when it came to revenue, as most operators were losing money by offering promotions. Now that the sportsbooks aren’t competing for new accounts, it has led to much bigger wins.
The Michigan Gaming Control Board also announced other iGaming numbers for June in this report, and online casino gambling actually had a slight drop. In June, the total revenue for online casinos was $89.2 million.
The state received just over $1 million in taxes from the sports betting industry, and this was nearly a 50% increase from May. This number has continued to climb and has provided a huge financial boost to the state.
“Big Three” Leading All Gaming Options
Michigan has been able to attract nearly all of the top online sports betting operators in the United States, but three companies have continued to stand above the competition. BetMGM, DraftKings, and FanDuel have been the top iGaming options in the state since January, and they continue to grow the gap between the next set of operators.
FanDuel posted a total sports betting handle of over $77 million in June to easily become the leader in the state. DraftKings ($56.5 million) and BetMGM ($52.1 million) were next on the list, and they have kept the pressure on FanDuel over the past few months.
Barstool Sportsbook got off to a great start in Michigan, bringing in over $40 million in handle in its first full month in the state. That sportsbook has continued to see the overall numbers drop since that time, and the handle was just $16.7 million in June.
When it comes to online casino gambling in the state of Michigan, BetMGM has been able to build up a massive lead over DraftKings and FanDuel. BetMGM had a total revenue of $33.7 million in June, and that was more than double the revenue totals for either DraftKings or FanDuel.
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