Michigan March Online Sports Betting Handle jumps to $359.5M
March Madness gives a big boost to Michigan’s March Online Sports Betting handle.
In its second full month of operation, the Michigan online sports betting market increased significantly. One of the major factors attributed to this growth is the NCAA Men’s Basketball Tournament. March’s online sports betting handle was posted as $359.5 million, up 19.1% from February’s $301.8 million. All numbers have been released from Michigan Gaming Control Board. Added to the $24.2 million in retail sports betting handle, the total handle for the Wolverine State for sports wagers for March was $383.7 million.
Online casino platforms in Michigan reported $95.1 million in internet gaming gross receipts. Online sports betting operators revealed they received $32.3 million in total gross sports betting receipts for March.
Richard S. Kalm, MGCB executive director, confirmed March Madness played a significant role in the numbers, saying it “added a bounce to the sports betting handle.” Kalm added that iGaming also showed impressive increases “with monthly adjusted gross receipts going up 18 percent from February”. Kalm said that the higher numbers “led to increases in taxes and payments,” which will benefit the state as the extra funding would go towards “economic development and tribal communities.”
Michigan’s online casino gaming and sports betting launched in Michigan in January. After an initial surge of free bets promotions to attract new players led to an overall net revenue loss of $10.7 million in February, there was a significant bounce back in March. The state posted its first net revenue gain since going live with its online gambling market on January 22. The total adjusted gross online sports betting receipts were $18.9 million for March.
Internet gaming accounted for $88.7 million in adjusted gross receipts, which was an 18% increase on the $75.1 million reported in February. Operators paid around $17.8 million in taxes and payments to the state of Michigan. Online gaming taxes contributed $17.3 million of that total, with internet sports betting taxes coming in at $535,930.
BetMGM Leading Internet Casino
BetMGM Casino is at the top of the pile for casino operators in Michigan. The company led the state’s online casinos with $30.8 million in revenue. This accounted for 32% of the overall market share. March was the most lucrative month for BetMGM so far, and its numbers were boosted by the launch of its online poker platform, BetMGM Poker, which went live on March 22. BetMGM Poker is now available alongside PokerStars as the two online poker providers in the state.
FanDuel Biggest Sports Betting Operator
FanDuel continues to enjoy massive success in Michigan, reporting the biggest online sports betting handle of any operator for the third straight month. The company posted a handle of $107.2 million for nearly 30% of the market share.
The next best was BetMGM with $92.6 million, and DraftKings was third with $76.5 million. Barstool stayed in fourth place with a handle of $39.5 million, with PointsBet rounding off the top five with a handle of $14.2 million.
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