Michigan sportsbooks set yet another record-breaking sports betting handle in January
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Sportsbooks in Michigan continue to do well, with the January reports revealing that yet another record-setting handle has been hit. In January, the state saw its sportsbooks earn over $530 million in bets, the fight month running that a new record has been set. Online casino gaming is also doing well but fell short of its latest revenue record.
January Report Details
Online sports betting operators in the state took in just over $496 million in bets while the retail sector hit $36.6 million. The online bets were up 2.5% from December, with the full monthly total surpassing the previous record set in December of $514.6 million.
As far as revenues are concerned, the online sportsbooks received $34.7 million from the January wagers, which is a slight drop from December earnings of $34.8 million. The retail sector brought in $1.2 million in earnings.
In January, the sportsbooks were able to hit the record high thanks to an additional week of regular-season NFL games. The playoffs were expanded and there was also the national championship game of college football to consider. Each of these options helped to push the betting handle to record-setting highs.
As far as individual sports betting operators are concerned, FanDuel was able to beat out DraftKings, seeing just over $132 million bets. The operator was paid $12.3 million from that amount. For DraftKings, the brand generated $132.03 million in wagers, equaling $5.9 million in gross gaming revenue. BetMGM came in third with $110.9 million in bets and $10.9 million in earnings.
Online Casino and Poker Results
Online poker and casino operations in Michigan continue to do well but are not setting records like the sports betting sector. For January, the poker and casino sectors won $121.2 million. This was slightly less than the $121.8 million generated in December.
The top earner in the state was BetMGM, bringing in $43.9 million in revenues. This produced more than $10 million in taxes for the local area and the state. DraftKings came in second, with $20.1 million in revenues. This amount generated $4.4 million in taxes.
While the iGaming industry is not setting records, it is the foundation for online operations in Michigan. It is expected that the industry will maintain its current status and continue to see ongoing growth in the future as Michigan is the only state in the region that currently offers such online gaming options.
It will be interesting to see if Michigan can maintain this pace over the next few months. Will sports betting continue to hit a new record high via handle?
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