There’s no question that sports betting in Michigan has been a success.
With each passing month, and now each passing year, handle and revenue numbers continue to show growth.
After an impressive showing during the first full football season in 2021, what are projections for Michigan sports betting during the 2022 football season?
Record Michigan sport betting handle projected for football season
Last football season saw Michigan set a new record for sports betting handle over five consecutive months, starting with September and running through January 2022.
The handle numbers broke down like this:
- September 2021: $386,780,231
- October 2021: $497,565,425
- November 2021: $500,521,376
- December 2021: $514,630,536
- January 2022: $532,681,709
As we approach kickoff for Week 1 of the NFL season, PlayUSA is projecting the following numbers for sports betting handle in Michigan:
- September 2022: $433,060,044 (Up 12% from 2021)
- October 2022: $606,284,061 (Up 21.9%)
- November 2022: $594,158,380 (Up 18.7%)
- December 2022: $588,216,796 (Up 14.3%)
- January 2023: $614,686,552 (Up 15.4%)
Projections call for Michigan to hit a new record for handle in October and approach $600 million over four consecutive months from October 2022 to January 2023.
If these projections are correct, Michigan would end up with nearly $5.17 billion in sports betting revenue for the calendar year 2022. That is a 30.4% jump up from 2021’s $3.97 billion.
What projections mean for operator revenue
Clearly as handle numbers increase, it will increase revenue for operators. In turn, it creates more tax revenue for the state.
With promotions and bettor success factoring in, revenue projections can be a little more unpredictable. Last football season saw the following Michigan sports betting operator revenue numbers:
- September 2021: $27,135,351
- October 2021: $26,947,289
- November 2021: $58,762,835
- December 2021: $35,920,227
- January 2022: $36,647,758
For the upcoming football season, PlayUSA is projecting these numbers when it comes to sports betting revenue:
- September 2022: $34,118,197 (Up 25.7% from 2021)
- October 2022: $47,765,476 (Up 77.3%)
- November 2022: $46,810,166 (Down 20.3%)
- December 2022: $46,342,065 (Up 29%)
- January 2023: $48,427,458 (Up 32.1%)
With the projections, Michigan would end up with $392.5 million in sports betting revenue for 2022. That is a 22.8% jump from 2021’s $319.5 million in revenue.
How much football impacts business
Football is certainly king when it comes to sports viewing, and the same can be said of sports betting.
It’s no surprise to see the sports betting industry having its strongest numbers during football season.
During the upcoming season, PlayUSA projects a total of $3.58 billion in total handle during those months. Of that total, it projects $1.17 billion of that to come strictly from football wagering. That’s nearly one third (32.7%) of the total.
While basketball (35%) projects to contribute more handle during the year, the basketball season runs longer than football. Between NBA and college basketball, wagering takes place for around eight months. That’s compared to about 5-6 months for football.
Parlay money is also a big part of football season. Projections call for $432.9 million to be wagered in parlays during the football season. That accounts for 12% of the handle during the season.