How much has Michigan sports betting grown?
Michigan sports betting got off to a rocky start two years ago, when the state allowed in-person bets to be made at three Detroit casinos. Just five days later, the coronavirus pandemic shut down those casinos.
In January 2021, Michigan launched online sports betting. Here’s how the Michigan market has grown over the past 22 months.
The state started January 2021 (half of the month) with a total handle of $150,849,897. That Michigan sports betting total increased over the next few months of 2021 - with the help of the Super Bowl and March Madness – to $383.6 million in March 2021. After a total handle of $274.2 million in April, Michigan trudged through the summer months with its lowest handle coming in July 2021 ($206.2 million).
Not surprising, though, things began to pick up immediately with the beginning of the last NFL and college football season. Michigan’s handle in September 2021 was $386.7 million, up from $208.5 million in August. Michigan saw month-to-month increases in total handle during the final four months of 2021, ending with a then-record $514.6 million figure in December 2021. That would be broken one month later in January 2022 ($532.6 million).
Michigan Sports Betting Growth Rolls On In 2022
Throughout 2022, Michigan’s total handle was below $356 million only during the summer, hitting a year-low of $224.9 million in July 2022, which was still over an $18 million increase from July of last year.
Predictably, the majority of Michigan’s sports-betting action has come via mobile wagers. In mid-January 2021, 76.3% of the total sports wagering handle came from those Michigan sportsbook apps. Since then, Michigan’s mobile handle has made up over 90% of its total handle in 21 consecutive months. The lowest in that span was June 2021 (90.6% of total handle) and the highest in that span was October 2022 (95.3%).
DraftKings Sportsbook, FanDuel, BetMGM Sportsbook Michigan, Caesars, Barstool, BetRivers, WynnBet, PointsBet and FOX Bet are among the top online sportsbooks offered in Michigan with retail partners, according to GreatLakesStakes.com.
Positive Revenue Trend for Michigan
After starting out with negative revenue (minus-$12 million in January and February 2021 combined), Michigan has produced a positive revenue (adjusted gross receipts) in 19 of the last 20 months, with February 2022 being the outlier (minus-$4.8 million).
Michigan averaged $15.7 million in revenue (AGR) between March-August 2021 before netting just $10.7 million in September and October 2021 combined. The state then set a record in adjusted gross receipts in November 2022 of $38.7 million. BetMGM Sportsbook Michigan was a strong driver in this revenue.
That figure was threatened in January 2022, when Michigan reported revenue of $35.8 million.
Michigan’s lowest adjusted gross receipts figure of 2022 came during the summer, when it netted $5.5 million in June. Once again, the kickoff to football along with the NBA and NHL seasons produced a lot more action. After reporting $29.7 million in September, Michigan turned in $33.8 million of adjusted gross receipts in October, its largest since January.
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