Online Betting in Michigan Gives Sportsbooks Big Boost
The sports betting industry throughout the United States has seen an impressive bounce-back after a disappointing 2020, and the state of Michigan is playing a massive role in those numbers.
Of course, the industry in 2020 was hit hard by the COVID-19 pandemic, and the lack of live sports hurt overall handle and revenue.
February was another slower month for the US industry, but March has gotten the industry back on track. One way to judge how well the industry in the US is doing is to take a look at the app downloads from the iOS app store.
All of the top sportsbooks in the US also have apps available for Android users, but the overall tone of the numbers won’t change. Once again, it was DraftKings and FanDuel that were the two most popular sports betting apps in the United States.
Both of these sites are live in the state of Michigan and have been carrying the total handle and revenue since the end of January. Michigan has more than 10 online options in the state, but there are no bigger names than these two companies.
According to the study, the total number of bets placed at sports betting apps on the iStore was nearly 560 percent more than in March 2020. March is when the pandemic really started to affect the US, and so the numbers are a bit skewed.
Bank of America took an even closer look at the total number of app downloads in the month of March, and DraftKings and FanDuel posted some extremely impressive numbers. These two companies combined for 64 percent of all sports betting app downloads, which is consistent with what has taken place over the past 18 months.
The Michigan Gaming Control Board has not released the March sports betting handle total, but it is expected to set a new record. DraftKings and FanDuel will help push the state to a new record, but there are some other terrific options in the state.
BetMGM, Barstool Chasing Industry Leaders
BetMGM has gotten a bit of a late start in the US sports betting industry, although the company has had a presence in Nevada for years. BetMGM is the sports betting arm of MGM Resorts International, and it has been aggressive in targeting new markets over the years.
According to Bank America, BetMGM made up 12 percent of all sports betting app downloads in March. This makes the emerging company third on the list, and it has a chance to continue to close the gap in the coming months.
BetMGM recorded a 26 percent market share in Michigan during the month of February, and that number is expected to grow even more in March. Another growing and popular sports betting brand both in Michigan and in the United States is Barstool Sportsbook.
Barstool is live in just three states in the US, but that number is expected to get close to 10 by the end of 2021. This operator was just under 10 percent market share for iOS downloads in March, but this is still an impressive number.
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