Michigan Sports Betting Sees Nearly $360M Wagerd for March 2021

It was another impressive month for the Michigan sports betting industry based on the numbers recently released from the Michigan Gaming Control Board. Online sports betting handle for March was $359.5 million, a jump of close to 20% from the $301.8 million in February.

Michigan began offering online sports betting in January, and the state has posted tremendous results as well. Retail betting is also available in the state, and that form of betting posted $24.2 million in monthly handle.

Combined, Michigan saw $383.7 million in total sports betting handle for March, easily setting a new state record. This record is expected to be broken several more times in 2021 as the state continues to prove it is a threat in the U.S. industry.

Michigan Gaming Control Board executive director stated, “It looks like March Madness added a bounce to the sports betting handle.” This was seen in other states throughout the U.S. as well, but Michigan was able to jump over a number of other states.

The state saw an adjusted gross revenue from sports betting in March of $18.9 million. This is also the first time that Michigan has posted a net revenue for the month.

“Big Three” Leading the Way

As expected, three of the biggest names in the sports betting industry continue to lead the market in the state. FanDuel had a total sports betting handle of $107.2 million in March, and it was the third straight month that this operator led the way.

Surprisingly, it was BetMGM and not DraftKings that had the second-highest total sports betting handle for the month. BetMGM posted a total sports betting handle of $92.6 million in March, while DraftKings came in at $76.5 million.

Barstool ($39.5 million) and PointsBet ($14.2 million) were the next two online sportsbooks in terms of monthly handle.

Online Casinos Also Doing Well

Online casino gambling also launched at the same time as online sports betting, and that industry has also done well. BetMGM was the clear leader for online casinos, posting a revenue of $30.8 million, which made up more than 30 percent of the entire market share.

Most sports betting operators also offer online casino gambling, and the top names have done well with both gaming platforms.

Chance to Pass Illinois

The Midwest region of the United States is now extremely competitive in the sports betting industry, with several states offering online sports betting. Illinois, Indiana, and Michigan are the three biggest markets, but Iowa has shown some potential over the last few months as well.

Illinois reported the third-highest sports betting handle in the U.S. for February, and its March numbers are also expected to be strong. That state could go over the $600 million mark, which would fly past Michigan.

The sports betting industry in Illinois is expected to take a big hit starting with April as in-person registration is back in effect. This new law change could allow Michigan to jump that state soon and break into the top three or four.