March was a better month for sports betting in Michigan as March Madness played a big part in why the handle figures jumped.
March’s handle didn’t challenge new records, but Costanzo, who is a lead analyst for PlayMichigan.com, stated, “March Madness didn’t produce nearly enough momentum to push sportsbooks to a fresh record, but it is more evidence that bettors remain highly engaged during major events.”
Michigan’s March Sports Betting Handle
Sportsbooks operators combined to bring in $480 million in wagers which is an increase of 13.3 percent from February’s $423.8 million. When comparing the year-to-date numbers, March 2022’s figures were up 25.1 percent more than March 2021’s $383.7 million.
Mobile sports betting made up $451.6 million of the overall handle, which represents 94 percent. March’s online handle increased by 13.4 percent from February’s $398.4 million. It was also 25.6 percent higher than March 2021’s $359.5 million.
Mobile sportsbook operators combined to generate $30.5 million in gross revenue. Retail sportsbooks added $2.0 million to the total as sportsbooks won a total of $32.4 million for the Great Lake State. After factoring in the promotional credits, the adjusted gross sports betting revenue was $16.6 million.
The adjusted gross sports betting was still 24.1 percent down from March 2021’s $21.9 million. February wasn’t a great month as the gross gaming revenue was -$4.8 million. The state was able to collect $878,225, which skyrocketed by 143.7 percent from February’s $360,354.
Looking at Sportsbook Operators Market Share in Michigan
For the third straight month, FanDuel has secured the top position in Michigan with a reported handle of $140.1 million. BetMGM had a handle of $108.1 million. DraftKings rounded out the top three with a handle of $102.9 million.
FanDuel was also the most profitable bookmaker, with $8.7 million in adjusted gross sports betting revenue. BetMGM reported a figure of $4.5 million in adjusted gross sports betting revenue. DraftKings also secured the third position with $865,293 in the same category.
Eric Ramsey, who is an analyst for the PlayUSA.com Network, stated, “The race for market share has solidified, and it would take something significant to knock the top players off their perch… FanDuel’s dominance, in particular, appears to be baked in. But the race for No. 2 remains intriguing with BetMGM’s continued growth.”
Michigan’s online and poker rooms continue to do well as they dethroned the previous record that was set in February in regards to revenue. They reached $131.7 million compared to $122.8 million in February.
March’s average revenue per day was slightly less when compared to February, from $4.4 million to $4.2 million. The reason is February is the shortest month of the year.
Other News in the Sports Betting Industry in Michigan
Golden Nugget Sportsbook partnered with Keweenaw Bay Indian Community and has enjoyed the success March has brought. It had $261,894 in adjusted gross sports betting revenue compared to just $39,897 in January and $19,054 in February.
PointsBet also gained market access with a partnership with Lac Vieux Desert Band of Lake Superior Chippewa Indians. PointsBet adjusted gross sports betting revenue was in the red in January with -$254,180 and -$343 in February. March was finally in the black with $338,796.
After receiving an approved license by the Michigan Gaming Control Board on April 14th, Soaring Eagle Gaming became the 15th operator to go live in the Michigan market. The sportsbook operator will launch a sports betting and casino platform. Soaring Eagle Gaming has extended a partnership with GAN as a platform provider.
