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SPORTS BETTING

US – Michigan sports betting sets anew record for the fifth consecutive month

By - 17 February 2022

Action at Michigan’s sportsbooks surged to more than $530m in January, the fifth consecutive month the state’s sports betting handle has set a record. Online casinos remained red-hot with near-record revenue, too, showing the growing momentum in Michigan’s gaming industry.

“Momentum in Michigan for online sports betting and casino games continues to grow,” said Matt Schoch, lead analyst for PlayMichigan.com. “Spring is coming, which means a seasonal slowdown in sports betting. But the fall and winter have proven that Michiganders are increasingly comfortable with online gaming in its various forms.”

Online sportsbooks accepted a record $496.8m in wagers in January, up 2.5 per cent from $484.6m in December, according to official data released Wednesday by the Michigan Gaming Control Board. Combined with $36.6m in retail wagering at Detroit-area casinos, which was released earlier this week, Michigan’s online and retail sportsbooks tallied $532.7m in wagering for the month. That was up 3.5 per cent from the previous record of $514.6m, which was generated in December.

Online sportsbooks won $34.7m in gross revenue in December, which was down slightly from $34.8m in December. Combined with $1.2m in retail revenue, Michigan’s sportsbooks won $35.9m for the month, essentially even with December. After promotional credits, taxable revenue for both online and retail wagering hit $21.1m, which yielded $2.1 million in state taxes.

Sportsbooks benefited greatly in January from an additional week of NFL regular season games, an expanded playoff, and college football’s national championship game. Combined with consistent bettor interest in the NBA, it led to a record-breaking month.

“The extra week of regular season football was a boon for sportsbooks, giving them five full weekends of football in January,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayMichigan.com. “As the only state with five consecutive months of record wagering, no state has capitalized on this football season more than Michigan.”

FanDuel edged DraftKings with $132.7m in online wagers, up from $119.9m in December. Those bets generated a market-best $12.3m in gross revenue. DraftKings followed with $132.03m in bets, up from $120.3 million in December. That resulted in $5.9 million in gross revenue.

BetMGM was third, accepting $110.9m in online wagers, up from $108.7m in December. Those wager yielded $10.9 million in gross receipts.

FanDuel, DraftKings, and BetMGM remain in a tight battle for market share,” Schoch said. “Each continues to pour significant investment into Michigan, showing that this is still one of the prized markets in the US.”

Michigan’s online casinos and poker rooms remained on a torrid pace but fell short of the record with $121.2m in revenue. That was down slightly from $121.8m in December. Revenue was essentially flat at $3.9m per day over the 31 days of January from $3.9m per day in December. Ultimately, January’s revenue generated $19.1m in state taxes and another $7.4m in local taxes and shares.

“As much as sports betting continues to grow, casino gambling remains the bedrock of the online gaming industry,” Ramsey said. “With no competition imminent from neighboring states, online casinos in Michigan will continue to grow and drive millions in tax revenue for the state.”

BetMGM led all online casino and poker operators with $43.9m in gross gaming revenue, which yielded $10.9m in state and local taxes. DraftKings was second with $20.1m in gross receipts, producing $4.4m in state and local taxes.

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