Michigan launched online sports betting on January 22, and the state has already gone over the $1 billion mark in total sports betting handle since that time. This became official on Friday when the Michigan Gaming Control Board announced the April figures.
The online sports betting handle in April was $249.9 million, which was actually a decrease of nearly 31 percent from March. March has been the best month on record for the Michigan online sportsbooks as the NCAA Tournament provided plenty of action.
Michigan became the fastest state in US sports betting history to reach the $1 billion mark in online handle. This state was expected to become a major player in the industry, but these numbers just continue to exceed expectations.
The launch of online sports betting came at a great time for the state of Michigan as retail sports betting never really got going. Retail sportsbooks officially opened in March 2020, but the COVID-19 pandemic played a role in the low numbers.
Online sports betting in April made up 91% of the total handle, and that has become a trend since January.
Detroit Casinos Seeing Action
There are three commercial casinos in the state of Michigan, and all three properties are located in the city of Detroit. Retail sports betting has picked up in recent weeks, and these sportsbooks reported a total handle of $24.3 million for the month.
Tribal casinos in Michigan are also able to offer retail sports betting, but those numbers are not included in the report from the Michigan Gaming Control Board. Adding the retail total in with the online figures provided a total sports betting handle of $274.2 million in April.
Online Casinos Also Doing Well
Online casinos continue to bring in more revenue than online sportsbooks, and that is the case throughout the country in states with both markets. Online casino gaming gross receipts for April were nearly $95 million, and it was just $20.3 million for online sportsbooks.
The state of Michigan collected $18.1 million in tax revenue from its iGaming options, and online sportsbooks made up just $312,000 of that total. Most operators in Michigan offer both online sports betting and online casino gaming.
Can Anyone Challenge “Big Three”
The Michigan iGaming industry is extremely competitive, and there are more sites set to launch in the coming months. Even though these industries have only been around since January 22, three operators have quickly emerged as the leader.
When it comes to online casino gaming, BetMGM is the clear leader in Michigan. BetMGM had a 38.8% market share for the month of April, and it brought in $36.8 million in revenue.
FanDuel Sportsbook has an online market share of nearly 30 percent and had a total sports betting handle of $74.2 million. DraftKings Sportsbook continues to put pressure on the leader, posting a total sports betting handle total of $61.5 million in April.
BetMGM was third on the list when it comes to online sports betting, and FanDuel and DraftKings were 2-3 in online casino gaming revenue.