Michigan Sportsbooks Set Wagering Record For Fifth Consecutive Month

LAS VEGAS, Feb. 16, 2022 /PRNewswire/ -- Action at Michigan's sportsbooks surged to more than $530 million in January, the fifth consecutive month the state's sports betting handle has set a record. Online casinos remained red-hot with near-record revenue, too, showing the growing momentum in Michigan's gaming industry, according to PlayMichigan, which tracks gaming developments in the state.

"Momentum in Michigan for online sports betting and casino games continues to grow," said Matt Schoch, lead analyst for PlayMichigan.com. "Spring is coming, which means a seasonal slowdown in sports betting. But the fall and winter have proven that Michiganders are increasingly comfortable with online gaming in its various forms."

Online sportsbooks accepted a record $496.8 million in wagers in January, up 2.5% from $484.6 million in December, according to official data released Wednesday by the Michigan Gaming Control Board. Combined with $36.6 million in retail wagering at Detroit-area casinos, which was released earlier this week, Michigan's online and retail sportsbooks tallied $532.7 million in wagering for the month. That was up 3.5% from the previous record of $514.6 million, which was generated in December.

Online sportsbooks won $34.7 million in gross revenue in December, which was down slightly from $34.8 million in December. Combined with $1.2 million in retail revenue, Michigan's sportsbooks won $35.9 million for the month, essentially even with December. After promotional credits, taxable revenue for both online and retail wagering hit $21.1 million, which yielded $2.1 million in state taxes.

Sportsbooks benefited greatly in January from an additional week of NFL regular season games, an expanded playoff, and college football's national championship game. Combined with consistent bettor interest in the NBA, it led to a record-breaking month. 

"The extra week of regular season football was a boon for sportsbooks, giving them five full weekends of football in January," said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayMichigan.com. "As the only state with five consecutive months of record wagering, no state has capitalized on this football season more than Michigan."

FanDuel edged DraftKings with $132.7 million in online wagers, up from $119.9 million in December. Those bets generated a market-best $12.3 million in gross revenue. DraftKings followed with $132.03 million in bets, up from $120.3 million in December. That resulted in $5.9 million in gross revenue.

BetMGM was third, accepting $110.9 million in online wagers, up from $108.7 million in December. Those wager yielded $10.9 million in gross receipts.

"FanDuel, DraftKings, and BetMGM remain in a tight battle for market share," Schoch said. "Each continues to pour significant investment into Michigan, showing that this is still one of the prized markets in the U.S."

Online casinos and poker

Michigan's online casinos and poker rooms remained on a torrid pace but fell short of the record with $121.2 million in revenue. That was down slightly from $121.8 million in December. Revenue was essentially flat at $3.9 million per day over the 31 days of January from $3.9 million per day in December. Ultimately, January's revenue generated $19.1 million in state taxes and another $7.4 million in local taxes and shares.

"As much as sports betting continues to grow, casino gambling remains the bedrock of the online gaming industry," Ramsey said. "With no competition imminent from neighboring states, online casinos in Michigan will continue to grow and drive millions in tax revenue for the state."

Other highlights from January:

• BetMGM led all online casino and poker operators with $43.9 million in gross gaming revenue, which yielded $10.9 million in state and local taxes.
• DraftKings was second with $20.1 million in gross receipts, producing $4.4 million in state and local taxes.

For more information and analysis on regulated sports betting in Michigan, visit PlayMichigan.com/news.

About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

Contacts:
Zack Hall, Catena Media, 775-338-0745, [email protected]

SOURCE PlayMichigan.com