Michigan Sports Betting Surges in March
In just the second full month of online sports betting, Michigan continues to prove that it is one of the top markets in the United States.
It was another record-setting month for the state, and the 2021 NCAA Men’s Basketball Tournament helped drive the numbers.
The total sports betting handle for March was $383.7 million. That was a jump of nearly 18 percent over the $325.5 million that was reported in February.
It was online sports betting that made up all but $25.2 million of the total sports handle as online sportsbooks saw a total handle of $359.5 million. Online sports betting increased by 19.1% in March, and this number is expected to continue to climb over the next few months.
Michigan has allowed sports bettors to sign up remotely, which has helped the market get off to a huge start. Retail sports betting has started to pick up throughout the state, but online will continue to be the most popular option for placing bets.
Not only did the total sports betting handle increase in March, but online sportsbooks actually posted a revenue for the first time. The adjusted gross from sports betting receipts during the month of March was $18.9 million.
The state of Michigan received just over $535,000 in tax revenue from the online sportsbooks, and this figure is the most important to lawmakers. The Michigan gaming industry was hit hard in 2020 by the pandemic, but online sports betting is helping it recover.
The Michigan Gaming Control Board also gave a report on the online casino numbers posted during March, and that industry saw an increase as well. Online casinos posted over $95 million in gross gaming receipts for March.
Until the state of Illinois announces its March sports betting handle, it’s impossible to place Michigan on the list of top sports betting markets. Michigan should land in the top five for March and will likely hold on to this spot moving forward.
FanDuel Stays on Top
Another trend that has developed in the Michigan online sports betting industry is that FanDuel is clearly the most popular operator. This was the third straight month that FanDuel had the highest sports betting handle, and the gap is significant.
For March, the total sports betting handle at FanDuel was $107.2 million as the operator accounted for 30 percent of the total market share. Two other big names continue to put pressure on FanDuel but have yet to make a big move.
Even though there are more than 10 MI online sports betting apps available in the state, the five biggest operators accounted for nearly 92 percent of all wagers. Barstool ($39.5) and PointsBet ($14.2) rounded out the top five in March, just as they did during February.
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