The state also reported gross sports betting revenue of nearly $ 9.5 million in February, but that doesn’t tell the full story. Sportsbooks ran multiple promotions during the month, resulting in a net revenue loss of $ 10.7 million.
Tennessee held the previous record for the largest sportsbook handle in an opening month at $ 130 million, however Michigan has more than doubled that number. Although Michigan has had sports betting since March 2020, the industry is now set to get started with online betting options.
Michigan received only $ 142,000 in sports betting taxes from online sports betting, but that number is expected to increase in the coming months. March should be another record month as the NCAA tournament is set to begin.
BetMGM and DraftKings accounted for 27% and 24% of the market share, respectively, and could outperform the market leader in the coming months. Barstool Sportsbook got off to a great start in January, but that operator only accounted for 13% of the online sports betting trade.
Online casino games also launched in the state of Michigan on January 22nd, and that’s another industry which got off to a great start. Online casinos had sales of nearly $ 80 million in February, much more than just sports betting.
Michigan had more than $ 14 million in online casinos, and BetMGM was most successful in its first month . BetMGM was the only operator to record more than $ 20 million in the online casino space, totaling $ 26.9 million.
Last week, the Indiana Gaming Commission released the sports betting numbers for Hoosier State in February known, and the numbers were disappointing. Total sports betting revenue fell from $ 348.2 million in January to just $ 273.9 million in February.
The lack of sports betting also impacted gross sports betting income as the state slightly more than Reported $ 17 million. January brought in more than $ 29 million in gross sports betting income, which was a record.
Although February was a shorter month, that decline was at least partially due to the introduction of online sports betting in Michigan. It is possible that Michigandians who came to Indiana no longer have to do so, which would negatively impact Indiana’s numbers.
Illinois has also become one of the largest sports betting markets in the US, and Indiana loses customers to its two neighboring states.
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