Michigan sportsbooks rake in $478m in wagers during March
Analysts credit the surge in activity to last month’s March Madness.
This year’s March Madness brought in more than $475m in online and retail wagers in the state of Michigan, according to PlayMichigan analysts. This is the state’s largest monthly handle generated without the help of any NFL games.
Retail and online sportsbooks statewide raked in a total of $478m in wagers during March, according to the Michigan Gaming Control Board’s official report. This month’s overall handle reflected a 12.8% rise in activity from the previous one.
January still holds the title for Michigan’s largest handle when total wagers reached $532.7m.
The state’s online sportsbooks cleaned up during the month by taking in $451.6m in online bets during March, an increase of 13.4% from February.
Online casino revenues surged as well during the month of March. The state reached an overall online casino revenue of $130m for the first time in its history. On average, online casinos generated close to $4.2m per day in revenue during the month.
Michigan’s online casinos and poker rooms brought in a total of $131.7m in revenue during the month of March, which yielded close to $33.1m in state taxes and fees.
Online sportsbooks also saw a 35.4% boost when it came to March revenue, reaching a total of $30.5m in gross revenue. According to analysts, online sportsbook wagers grew by 24.6% year-over-year for March.
In a breakdown by sportsbook, FanDuel took the lead in March and generated $140.1m in wagers with $14m in gross revenue. BetMGM grabbed the second spot with $108.1m in online wagers, and DraftKings followed close behind with $102.9m. BetMGM and DraftKings generated gross revenues of $9.8m and $3.3m respectively.
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