- Michigan online sports betting has made a national record for the quickest to reach the $1 billion mark, doing so in 99 days.
- April sports wagering action reported a drop in April when compared to March but that was expected by operators as March Madness betting ceased.
- Numbers for the Michigan sports gaming market should be on the rise as the industry matures.
LANSING, Mich. – Michigan sports betting experienced both highs and lows for April as they posted a drop in activity for the month but managed to exceed the $1 billion handle mark for mobile sportsbooks.
A real April shower brings billion-dollar flowers situation.
In the 99 days since launching its mobile sportsbook industry, Michigan operators have taken in a combined $1.03 billion in sports bets with these platforms. This gives the Wolverine State the national record for hitting $1 billion faster than any other sports betting market in the nation.
April Numbers For Michigan
The decline in sports betting figures was expected once March Madness betting ended. March saw $359.5 million in bets throughout the state via mobile applications.
On Friday, the Michigan Gaming Control Board (MGCB) reported the numbers for April’s sports betting action. Month-over-month, there was a 30.5% drop in handle with April taking in $249.9 million in wagers. FanDuel Sportsbook brought in $74.2 million, holding 29.7% of all market activity. They continue to hold their status as the leading sportsbook for the Michigan sports wagering industry since going live on January 22.
According to the MGCB report, DraftKings Sportsbook was behind FanDuel with $61.5 million and 24.6% of sports betting done through their platform. BetMGM Sportsbook took wagers from 22% of sports bettors in the state for a total of $54.9 million in handle, coming in at third place. The title of the fourth best for the month went to Barstool Sportsbook accounting for 9.9% of all gambling activity and $24.8 million in bets taken.
While handle has been great since opening the market in January, the profits have been less than. This is due to having to recoup the losses from the wide range of promotions that sportsbooks offered when launching in the state. There are a total of twelve online sportsbooks in Michigan but the combined April tax revenue collected from them after recovering from losses came in at $499,763.
What’s Next For Michigan Sports Betting
Regulated sports betting in Michigan has only just begun. May should see a spike in wagers with the plethora of sporting events ahead, including numerous MLB games along with the start of the NHL and NBA Playoffs.
This, along with the launch of more sportsbooks, will continue to grow the market for the foreseeable future making both handle and revenue surge for future reports. Especially when all revenue can be collected and not put toward paying back promotional costs.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.