Record Month for Michigan iGaming
Michigan's online sportsbooks accepted a record $463.6 million in bets in October, up 30.8% from $354.3 million in September
A perfect storm of October events propelled Michigan's online and retail sportsbooks to nearly $500 million in wagers in a single month, falling just short of becoming the fifth state to reach that milestone. In addition, the state's online casinos reached a new high, marking a historic month for the still-fledgling market, according to PlayMichigan, which tracks gaming developments in the state.
"Michigan-Michigan State, five full weekends of the NFL and college football, the opening of the NBA season, and baseball's postseason all coalesced in October to create an unusually robust sports calendar," said Matt Schoch, lead analyst for PlayMichigan.com.
"Michigan bettors are increasingly comfortable with online sports betting. And with a game like Michigan-Michigan State that carries intense local interest, sportsbooks were presented a rare opportunity to expand their customer bases. The events of this month will continue to pay dividends even after the schedule slows."
Michigan's online sportsbooks accepted a record $463.6 million in bets in October, up 30.8% from $354.3 million in September, according to official data released Thursday by the Michigan Gaming Control Board. That total easily topped the previous online high of $359.5 million set in March. Combined with $34.2 million in retail wagering at Detroit-area casinos announced last week, Michigan's online and retail sportsbooks set a record with $497.6 million in wagering, up 28.6% from $386.8 million in September.
Online sportsbooks won $24.3 million in gross revenue from October's wagers, up 2.7% from $23.7 million in September. Combined with $2.6 million in retail revenue, sportsbooks won a total of $26.9 million for the month, down 0.7% from $27.1 million in September. Heavy promotion whittled taxable revenue to $7.3 million, which yielded $1.1 million in taxes.
"After an explosive first few months earlier this year, the growth in the Michigan online market had really tapered off a bit," said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayMichigan.com. "The results this fall have mostly erased that lull. The state's online sportsbooks are again at a level we'd expect for a market with so much promise."
FanDuel retook the online market lead with $124.0 million in wagers, up from $82.1 million in September. Those bets yielded $10.3 million in gross sports betting revenue, up from $7.2 million in September. DraftKings, which had topped the market for two consecutive months, was second with $120.4 million in wagers, up from $106.9 million in September. Those bets produced $2.9 million in gross gaming revenue, down from $3.0 million in September.
"The market remains crowded, and smaller operators have yet to gain much ground on DraftKings, FanDuel and BetMGM," Schoch said. "But a growing pie is certainly good news for smaller operators who continue to fight for a better foothold in the state."
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iGaming News • Michigan