Michigan Sports Betting Has Big February
Michigan officially launched online sports betting near the end of February, and the state saw some terrific results.
That set the stage for a big month of February, and it now appears as if Michigan could become one of the biggest sports betting markets in the United States.
The total sports betting handle for the month of February was $302 million, easily setting a new record for the state. The total sports betting gross revenue was nearly $10 million, also another record for the state.
Even though these were some big numbers for online sportsbooks, net revenue was actually a loss of nearly $11 million. Sportsbooks continue to offer promotions and bonuses as a way to attract new customers, but those will start to fade out over the next few months.
Since Michigan actually launched sports betting in March 2020, the $300 million was not eligible to set any sort of industry record. Tennessee set the record for the highest first month on record with $130 million in November.
Michigan would have easily shattered that record, and this is truly the first time that sports betting has been offered in the state. Retail sportsbooks were shut down due to COVID-19 for almost the entire year in 2020, and there are just three commercial casinos that offer retail sports betting.
There were more than 10 online sportsbooks ready to launch on Opening Day, and several more are expected to join the market in the next couple of months. Illinois is now the clear leader in the Midwest, but Michigan could become a true threat.
It helped that both online casino gambling and online poker also became available on the same date, and customers were able to access sportsbooks through the same online apps. The fact that online or remote registration was also offered helped sportsbooks gain new customers quickly.
The big month of February for Michigan online sports betting caused the numbers in Indiana to go down, and this will be a stat to keep an eye on over the next few months.
Big Names Leading the Way
Michigan has a number of great online sports betting options in the state, and three of the biggest names in the industry are leading the online charge. FanDuel, DraftKings, and BetMGM have seen the most online handle and revenue since the launch in January, and that should continue in the future.
FanDuel accounted for nearly 30 percent of the total sports betting handle in Michigan, bringing in over $87 million in wagers. BetMGM was right behind FanDuel, bringing in $75 million in bets during the month of February.
DraftKings accounted for $73 million in wagers, making these top three markets well above the rest of the competition in Michigan. Barstool Sportsbook was extremely popular during the month of January, but it accounted for just 13 percent of all wagers placed last month.
All three of the top online sportsbooks also offer online casino gambling in Michigan, and all have done well. There are still some online sports betting and online gambling skins available, and that could create even more competition in the coming months.
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