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March Madness pushes Michigan sports betting handle to record month
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March Madness proved to be anything but maddening for Michigan sports betting as the state experienced its highest ever total handle since taking its first bets in late January.
Michigan online sports betting accounted for $359.4 million of the total $383.7 million bet in the month of March. Online sports betting accounted for a 93.7% total of all bets placed in Michigan for the month, according to the Michigan Gaming Control Board.
Michigan Online Sports Betting Soars in March
Total gross sports revenue for both online and in-person bets totaled $35.2 million for the month. Online sports betting accounted for $32.2 million of that total. Michigan took in $535,930 in total internet sports betting taxes and $112,271 in total in-person sports betting taxes. However, seven sportsbook reported negative adjusted gross sports betting receipts for the month and March and did not pay taxes.
The Barstool Sportsbook, which has partnered with Greektown Casino, was the only sportsbook to post a decrease in total handle from February to March. Barstool Sportsbook reported a total handle of $39.5 million for March, a decrease from February’s total of $40.2 million.
FanDuel Sportsbook, partnered with MotorCity Casino, remained in the top spot with $107.1 million in handle. BetMGM, partnered with MGM Grand Detroit, reported the second highest total with $92.6 million.
Here are the rest of the sportsbook handles for the month of March:
Michigan formally approved legal sports wagering on December 20, 2019 when Governor Gretchen Whitmer signed off on legislation.
Michigan Sports Betting Revenue Year to Date
According to @astraffon on Twitter, the total Michigan sports betting handle year to date $860.1 million, with online sports betting accounting for $776.4 million of that total. Gross revenue in the state totals $62.05 million, but adjusted gross revenues only account for $9.9 million.
Done tinkering with Michigan sports betting. Here is a March and YTD snapshot. And with three months in the books having mobile… for those of you that like to look at handle market share well here ya' go too.
Mobile: https://t.co/uwTif0cJsR
Retail: https://t.co/HHRqQgpEuH pic.twitter.com/WbahJngOM5
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) April 21, 2021
Michigan Sports Betting History
The state quickly rolled out retail sports betting at casinos in March 2020. The launch was almost immediately halted when both physical sportsbook locations and sports leagues around the globe were forced to shutdown in response to COVID-19.
Subsequently, the shutdowns dealt a significant blow to the state’s projected gaming revenue. Longterm, Michigan projects to be one of the top legal online sports betting markets. With major universities in the University of Michigan and Michigan State combined with four pro sports teams, interest should remain high in local market clubs throughout the year, helping drive a stable wagering trajectory.
Regulatory Writer and Editor for XLMedia. Sports. Gambling. Not necessarily in that order. Follow him on Twitter @rlinnehanxl