Analysts predicted the launch of Michigan’s online sports betting market would be successful.
February proved their point.
The Michigan Gaming Control Board said Tuesday state’s online sportsbooks took in $301.9 million in wagers during February, which included betting associated with Super Bowl LV on Feb. 7. The online handle was almost 13 times higher than the $23.7 million wagered with the state’s retail sportsbooks.
Revenues from sports wagering were $9.4 million, which included $9.5 million from online wagering while the retail sportsbooks lost roughly $100,000.
Analysts noted the February sports betting handle for Michigan was up more than 162% compared with the $115.2 million in bets taken during the final 10 days in January.
“Michigan has long had the potential to be a Top 5 market, but its rapid ascent shows just how much pent-up demand was unleashed,” said Jessica Welman, an analyst for PlayMichigan.com.
The state now has 12 sports betting operators.
FanDuel and BetMGM, which are associated with two of Detroit’s three casinos, had the largest wagering totals in Michigan. FanDuel, which partners with MotorCity Casino, reported $87.2 million in online sports betting. BetMGM, the sportsbook operator for MGM Grand Detroit, had $75.7 million in wagers.
DraftKings, which oversees sports betting for Michigan’s Bay Mills Indian Community, reported $72.9 million in wagers. Barstool Sports, which operates sports betting for Penn National Gaming’s Greektown Casino in Detroit, had the fourth-highest sports betting handle at $40.3 million.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
