Michigan online sports betting generates March revenue of $32m
Michigan’s burgeoning online sports betting market reached new heights in March as operators reported revenue of $32.3m.
Michigan sportsbooks were bolstered by NCAA Tournament wagering, which brought online handle to $360m, up 19% from February. The Wolverine State only launched online sports betting in January.
Retail sportsbooks contributed another $24.2m of handle, bringing March’s overall total wagers to $384m.
Michigan online and retail sportsbooks have generated $860m of handle over the first three months of 2021.
Online sports wagers accounted for 94% of the state’s handle last month, led by FanDuel/MotorCity Casino which reported $107m in bets and $7.8m in revenue.
BetMGM/MGM Grand Detroit wasn’t far behind in handle with $92.6m wagered and a state-leading revenue of $8.7m.
Online casinos and poker continued their torrid pace, producing revenue of $95m, an increase from the $80m won in February. BetMGM/MGM Grand Detroit led the market with adjusted gross receipts of $31m.
“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,” said Richard S. Kalm. “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.”
The state of Michigan earned iGaming taxes of $17.3m plus another $536,000 from online sports betting taxes.
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