1st Full Month of Michigan Online Sports Betting Tops $300M

1st Full Month of Michigan Online Sports Betting Tops $300M
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Both sportsbooks and online casinos continued their strong start in Michigan, according to the numbers for February released by the Michigan Gaming Control Board.

Michigan reported $89.2 million in gross receipts for February. Online casinos reported $79.7 million in revenue for the first full month in the state, an increase from the $29.3 million over the state’s 10-day debut which began on Jan. 22. Online casinos have now produced $109.1 million in total revenue.

Michigan sportsbooks reported an online sports betting handle of $301.8 million in February, which led to $9.5 million in gross sports betting revenue. But due to the number of promotions run by each of the operators in order to entice new customers, online sports betting reported a net revenue loss of $10.7 million, up from January’s $5.2 million.

Tennessee, which launched its all-mobile sports betting market on Nov. 1 with four operators, had $130 million in sports handle in its first full month.

“Michigan residents and visitors continued to show strong interest in internet gaming and sports betting during a snowy and cold February,” Richard S. Kalm, Michigan Gaming Control Board executive director, said in a news release. “The internet gaming taxes more than tripled, but that’s what we expected with a full month of gaming. This means more funding for the City of Detroit, K-12 education, economic development and tribal communities.”

Operators paid $142,239 in sports betting taxes to the state, while the online casinos paid $14 million in taxes to Michigan.

The city of Detroit received $4.3 million in internet gaming taxes and $90,301 in internet sports betting taxes.

Michigan launched mobile sports betting and online casino gaming in Jan. 22. The state reported $115.2 million in sports betting handle from Jan. 22-31 and $4.4 million in taxes for the state.

FanDuel, DraftKings, BetMGM Top Sportsbooks

For the second consecutive month, FanDuel had the biggest sports betting handle in Michigan, accounting for 29% of the total market at $87.2 million. BetMGM was second with 26% ($75.7 million) and was followed closely by DraftKings with 24% ($73 million). The Barstool Sportsbook dropped significantly after finishing slightly behind DraftKings in January, with Barstool fourth in February handle at $40.3 million, making up 13% of the sports betting handle in the state.

Total, those four accounted for 92% of sports bets made in Michigan for the month of February. PointsBet had the next highest handle with $7 million.

FoxBet ($5.8 million), William Hill ($5.6 million), BetRivers ($3.6 million), WynnBet ($1.4 million), TwinSpires ($1.9 million), Golden Nugget ($497,693) and Four Winds ($12,680) made up the rest of the state’s sports betting handle totals.

BetMGM Still Leads Online Casino

BetMGM once again topped the online casino revenue chart at $26.9 million for 34% of the state’s total market share. It was the only operator to eclipse the $20-million mark for February.

FanDuel had the second-highest revenue total at $16.6 million, with DraftKings not far behind at $14.5 million. FoxBET/PokerStars is significantly further behind at No. 4 with $5.7 million, followed by Barstool with $5.2 million.

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