Sports Betting Off to Fast Start in Michigan
Retail sports betting in Michigan officially launched at the beginning of March, but the state has not seen a ton of action or revenue.
Online betting was delayed for several months as the Michigan Gaming Control Board was slow to approve operators.
That changed last week as MI online sports betting was officially launched, and MI online casino gambling and online poker went live too. Michigan became the first state in the US to launch all three verticals at one time.
The official handle and revenue numbers from the first full week have not yet been reported, but several operators have noted a strong start. There were 10 online sportsbooks ready to go on day one, and that created plenty of competition right from the start.
Virginia launched online sports betting just one day before Michigan, and these two states combined to put up some massive numbers. GeoComply is a geolocation service that works with operators in all 17 states, and it announced some totals from the first weekend.
According to GeoComply, there were over 400,000 new accounts created between Michigan and Virginia, and these accounts made over 7.5 million transactions. Over 25 percent of all online gaming action last weekend came from these two states.
Several MI sportsbooks were offering pre-registration promotions to customers to build up their customer bases before the launch date. Other sportsbooks offered opening weekend promotions or odds boosts to attract new customers.
FanDuel Sportsbook announced that it paid out more than $1.7 million in bonuses during the first weekend as it was running several promotions. These offerings are expected to continue into the beginning of February, especially as they relate to Super Bowl LV.
Some industry experts believe that Michigan could expect to see a monthly handle total of around $500 million, which should place the state inside the top five. Handle is expected to bounce back and forth depending on what sports are currently in season.
PokerStars, FOX Bet Now Approved
Even though there were 10 online sports betting options available on the first weekend in Michigan, there is still room for more operators in the state. On Friday, the Michigan Gaming Control Board approved both PokerStars and FOX Bet to offer online gambling in the state.
Both of these platforms have partnered with the Little Traverse Bay Band of Odawa Indians, and they are set to become huge players in the market. PokerStars will begin offering online casino gambling, while FOX Bet will launch an online sportsbook.
FOX Bet will be looking to make up for lost time in a hurry, and it is currently offering new customers a free $100 in site credit after they make their first deposit. This is a trusted and respected brand in the US sports betting industry, and the mobile app is highly rated.
PokerStars will become the first online casino in Michigan that offers peer-to-peer gambling. At this time, customers on PokerStars can only play against others who are located in Michigan, but this will be changing over time.
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