Michigan Posts March Online Sports Betting Handle of $359.5M

Michigan Posts March Online Sports Betting Handle of $359.5M
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In its second full month, the Michigan online sports betting market showed considerable growth with the help of the NCAA Men's Basketball Tournament.

The online sports betting handle came in at $359.5 million, up 19.1% from February’s $301.8 million, according to the Michigan Gaming Control Board’s March report. Combined with the $24.2 million in retail sports betting handle, Michigan’s total handle for sports wagers for March was $383.7 million.

Online casino operators in the state reported $95.1 million in internet gaming gross receipts with online sports betting operators receiving $32.3 million in total gross sports betting receipts.

“It looks like March Madness added a bounce to the sports betting handle, which jumped 19.1 percent from February, and internet gaming seemed to increase in popularity with monthly adjusted gross receipts going up 18 percent from February,” Richard S. Kalm, MGCB executive director, said in a news release. “This led to increases in taxes and payments, which means more funding for the City of Detroit, K-12 education, economic development and tribal communities.”

Mobile sports betting and online casino launched in Michigan in late January.

After free bets and other promotions resulted in an overall net revenue loss of $10.7 million in February, Michigan had its first net revenue gain since going live with its online sports betting platforms on Jan. 22. The state’s total adjusted gross online sports betting receipts came in at $18.9 million for March.

Internet gaming brought in $88.7 million in adjusted gross receipts, up 18% from the $75.1 million reported in February.

Operators paid approximately $17.8 million in taxes and payments to the state of Michigan, with $17.3 million coming from online gaming taxes, while internet sports betting taxes came to $535,930.

The three Detroit casinos reported $5.2 million in taxes and municipal fees to the city of Detroit. Internet gaming taxes and fees came in at $4.9 million with internet sports betting taxes at $326,462.

Michigan Sports Betting March vs. February

Total handle Mobile handleRevenue (GGR)
Change Up 17.9% Up 19.1%------

FanDuel Continues to Lead the Way

For the third straight month, FanDuel reported the biggest online sports betting handle of any operator in Michigan. FanDuel had a handle of $107.2 million for nearly 30% of the market share, while BetMGM was second at $92.6 million and DraftKings was third with $76.5 million.

Barstool retained its place in fourth with a handle of $39.5 million, while PointsBet’s handle of $14.2 million put it in fifth place.

The top five accounted for just under 92% of the internet total sports betting handle in the state.

BetMGM Tops Internet Casino

Similar to FanDuel on the sports side, BetMGM continues to be the top operator for internet casino in Michigan. BetMGM led the state’s online casinos with $30.8 million in revenue, making up 32% of the overall market share.

March was the biggest month for BetMGM so far and its number was aided by the launch of its online poker platform, BetMGM Poker, on March 22. BetMGM Poker joined PokerStars as the two online poker providers in the state.

FanDuel continued its run of finishing second in internet casino revenue with $19 million reported for March. DraftKings was third with $16.6 million, while BetRivers was fourth at $6.7 million and PokerStars and FOX Bet were fifth at $5.7 million.

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