Michigan sports betting has become a factor in the United States legal gambling market since online wagering launched at the beginning of the year. The sports betting numbers held steady in June, which pleased the industry.
Financial stability in sports betting shows that a market is strong. Frequent fluctuations create unsteady tax revenue for states, so this is undesirable. Between the retail and mobile sports betting handle, the total was $260 million.
Details of the June Handle
The online handle in Michigan has continued to dominate. Out of the $260 million total, $235.1 million came from internet wagers. This dropped by 1% from May’s $237.6 million. Since retail betting slightly rose, Michigan’s total betting handle was up from May to June.
The three commercial casinos in Michigan saw $24.3 million in bets placed throughout the month. This brought the exact sports betting handle to $259.5 million, up 0.7% from May’s $257.7 million total.
The total online adjusted gross sports betting revenue was $16.8 million for June. This was a massive spike from May’s $9.1 million. With the $2.2 million in revenue from retail wagers, the total number was $19 million.
When retail and online revenue is combined, the total rose 63.9% from May’s $11.6 million. The state earned $1.014 million from sports betting taxes. This was split between $927,575 for online and $86,785 for retail tax revenue. This was close to a 50% increase from May.
Even though Michigan’s handle was consistent, operators had better luck winning this month which increased revenue. This resulted in much more money for the state legislature.
Internet Casino Gaming
Michigan’s online casino gaming market did not have a comparable month to sports betting. Operators declared that the total dropped from $94.9 to $89.2 million. This was a 5.6% drop from month-to-month according to the Michigan Gaming Control Board.
The board’s executive director Henry Williams spoke following the solid gambling month in MI.
He said, “Michigan’s gross internet casino gaming and online sports betting wagering receipts in June roughly matched May. Summer is here, and Michigan is reopening after the pandemic restrictions, so there are many entertainment opportunities. The slight tenth of a percent decline from May to June shows internet gaming, and online sports betting continues to draw Michigan residents’ and visitors’ interest.”
FanDuel Dominates Sports, BetMGM Controls Online Casino Gaming
FanDuel and BetMGM are two of the top gambling operators in the United States. FanDuel shined for sports betting along with DraftKings and BetMGM. These three books control the majority of the market.
FanDuel had the largest online sports betting handle at $77.2 million in June. DraftKings was just over $20 million behind the platform. BetMGM followed in third with nearly five million less than DraftKings.
When the three handles were combined, the handle controlled 79% of Michigan’s online sports betting market. Barstool Sportsbook, which is making progress in the state, was in fourth at $16.7 million.
Barstool’s best handle came in February, but it has been declining since this month. BetMGM dominated online casino gaming with a $33.7 million betting handle. This was over double DraftKings Casino platform.