Michigan online sportsbooks reported $301.9 million in wagers for February, the first full month of statewide online betting.
The numbers, released Tuesday by the Michigan Gaming Control Board, create a solid standard for a state projected to be among the nation’s largest sports betting markets.
The bets led to $9 million of gross revenue for the state’s 12 sports betting sites. FanDuel Sportsbook led the way in the market with $87.2 million in handle.
Through 38 days since the Jan. 22 launch, $417.0 million in sports bets have been made online in MI.
Because of the heavy promotion load, online sports betting operators reported a net revenue loss of $10.8 million, down from a loss of $5.2 million in the first 10 days.
Operators paid $142,239.58 in February state taxes from MI sports betting revenue, bringing the total to $253,935.47 after paying $111,695.89 in January.
Leaders of the Michigan online sports betting market
FanDuel’s $87.2 million in February online handle was good for a 28.9% market share. BetMGM was second ($75.7 million; 25.1%), followed by DraftKings ($72.9 million; 24.2%) and Barstool ($40.3 million; 13.3%).
Barstool had a 23.9% market share in January sports betting handle, as Barstool Sports founder Dave Portnoy and other personalities flooded the state with viral marketing. In February, the brand dropped to a 13.3% market share.
The wide gulf between the top four and the rest has lessened some, with PointsBet a stronger No. 5 at $7.0 million in handle for a 2.3% market share.
Online sports betting launched on Jan. 22 with 10 operators at the starting line. Fox Bet went live on Jan. 29 and Four Winds Sportsbook launched on Feb. 15.
FanDuel led the pack in January, which encapsulated the first 10 days of sports betting after launch. Michigan took in $115.2 million of sports bets in January.
|Operator||Total Handle||Online Handle||Retail Handle||Total Revenue||Promos||State Tax||Local Tax|
|MGM Grand (BetMGM)||$82,438,534||$75,743,280||$6,695,253||$5,308,785||$2,868,858||$140,841||$60,360|
Combined $325M in February retail, online sports betting handle
The February online numbers boost the total amount of sports bets made in Michigan to at least $325 million.
That total doesn’t include reports from tribal casino retail sportsbooks, which do not report numbers to the gaming control board. However, online bets can be taken off reservations by anyone across the state and, therefore, fall under the purview of the MGCB. These circumstances mean that the total sports betting handle in Michigan will always have an asterisk.
Last week, Detroit’s three retail sportsbooks reported $23.7 million of sports betting handle in February.
Greektown Casino, MGM Grand Detroit and MotorCity Casino combined to lose $77,627 in the month, largely because of heavy action on the Tampa Bay Buccaneers in Super Bowl LV and Michigan’s college basketball teams enjoying high-profile success.
How Michigan compares with other legal betting states
Michigan is still well short of the pace set by New Jersey, the nation’s leader in sports betting, which took nearly $1 billion in wagers in each of December and January.
Pennsylvania took in $615.3 million in sports bets for January, a new record there.