The Michigan Gaming Control Board released April’s online gaming figures on Friday. On the sportsbook side, the state took in $249.9 million in sports wagers, while online casinos generated $94.85 million in internet gross gaming receipts.
Here are three takeaways from the report.
Michigan sets record
Michigan bettors were clearly excited about the launch of online sports betting.
They proved it quickly, too.
Michigan became the fastest state in the U.S. to reach the $1 billion mark, the Michigan Gaming and Control Board announced, thanks to a sports betting handle of $249.9 million over the month of April.
Michigan Sports Betting April vs. March
|Total handle||Mobile handle||Revenue (GGR)|
|Change||Down 28.5%||Down 30.5%||Down 43.2%|
Michigan Still Looking for Big Profit
When online sports betting launches in a new state, it comes with promotions and handouts for betters, in order to encourage them to place wagers.
Because of this, Michigan has yet to see a huge profit, despite the record-breaking $1 billion handle.
In April, sports betting earned $312,824 in tax revenue for the state, and $186,939 for the city of Detroit.
Now that online sports gambling has established itself in the state, the profit should increase, with less handouts taking place across the sites.
Well-known Brands Reign Supreme
FanDuel, DraftKings and BetMGM had remained the three dominant forces in sports betting, with FanDuel once again holding the top spot with $80.1 million in total handle. DraftKings was second with $61.5 million, followed relatively closely by BetMGM with $61.2 million.
BetMGM was on top of casino betting for the fourth month in a row, totaling $36.8 million in revenue.