Michigan’s online gambling ecosystem continued to go from strength to strength in March, with online casinos and poker rooms increasing in popularity and the NCAA’s March Madness spurring sportsbooks further still.
The region’s igaming revenue reached $95.1m during the month, up from February’’s $79.7m, which works out at a win of $3.1m per day.
This yielded adjusted gross receipts of $88.7m, $12.8m in tax revenue for the state, and $4.5m in local taxes. BetMGM/MGM Grand Detroit led the market once again with $30.8m in gross receipts.
“Michigan’s online casinos have been nothing short of a huge success,” commented Dustin Gouker, analyst for PlayMichigan.com. “The state’s online casinos launched with more robust game libraries than in Pennsylvania, so residents had no reason to hold out and wait for games such as blackjack. Also, with the pandemic surging in Michigan, online casinos have been an appealing alternative for many.”
Online sportsbook reached $359.5m in handle, which is up 19.1 per cent from $301.9m in February. When combined with the state’s $24.2m retail handle, which was released last week, the state’s sports betting entities collected $383.7m in bets. That overall total is up 17.8 per cent from $325.6m month-on-month.
Michigan’s online and retail sportsbooks have now combined to take in $990.9m in bets since legalisation, including $860m in 2021.
March’s online bets produced a record $32.3m in total gross sports betting receipts, up from $9.4m in February. Taxable revenue rose to $19m, which was up from a $10.8m loss in February.
Online sportsbooks generated $535,930 in state taxes, but promotional credits continue to dampen the state’s take. So far this year, the state has collected $819,866 on $3m in taxable revenue.
“It looks like March Madness added a bounce to the sports betting handle, which jumped 19.1 percent from February, and internet gaming seemed to increase in popularity with monthly adjusted gross receipts going up 18 percent from February,” said Richard Kalm, MGCB executive director.
“This led to increases in taxes and payments, which means more funding for the city of Detroit, K-12 education, economic development and tribal communities.”
Online betting accounted for 93.7 per cent of the state’s overall handle. FanDuel/MotorCity Casino led the online market with $107.2m in bets, which gained $7.8m in gross receipts and $5m in taxable revenue.
BetMGM/MGM Grand Detroit was second with a $92.6m handle, and topped gross receipts with $8.7m.
“Michigan is the most competitive online sports betting market in the country right now, and that has shown in the heavy promotional spend by most operators,” Matt Schoch, analyst for PlayMichigan.com, noted.
“The top three have separated themselves from the pack, but BetMGM has differentiated itself in generating heavy action while preserving its win with less in promotions.”