Michigan sportsbook handle sets fifth consecutive monthly record

According to the Michigan Gaming Control Board, the state sportsbooks registered more than $530m in wagers in January.

US.- Michigan sportsbooks registered more than $532.7m in wagers in January, making it the fifth consecutive month to set a new state record. The total was an increase of 3.5 per cent from December’s handle of $514.6m.

According to the Michigan Gaming Control Board, online sportsbooks accepted $496.8m in wagers in January, up 2.5 per cent from $484.6m in December. Retail wagering at Detroit casinos generated $36.6m in bets.

Online sportsbooks won $34.7m in gross revenue. Combined with $1.2m in retail revenue, Michigan’s sportsbooks won $35.9m for the month. After promotional credits, taxable revenue for both online and retail wagering hit $21.1m, which yielded $2.1m in state taxes.

FanDuel registered $132.7m in online wagers, up from $119.9m in December. It generated $12.3m in gross revenue. DraftKings reported $132.03m in bets, a $120.3m increase from the previous month. It registered $5.9m in gross revenue.

BetMGM accepted $110.9m in online wagers, up from $108.7m in December. It reported $10.9m in gross receipts.

Matt Schoch, lead analyst for PlayMichigan.com, said: “Momentum in Michigan for online sports betting and casino games continues to grow. 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.”

Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayMichigan.com added: “The extra week of regular season football was a boon for sportsbooks, giving them five full weekends of football in January.

“As the only state with five consecutive months of record wagering, no state has capitalized on this football season more than Michigan.”

See also: Michigan’s online sportsbooks reach $4bn in wagers in 2021