According to Catna Media-owned PlayMichigan, Michigan’s online sportsbooks took in $4 billion in wagers last year, with online casinos bringing in over $1 billion in gross gaming income.
The state’s casinos concluded the year on a strong note, with more than $500 million in sports wagers for the second month in a row and more than $120 million in online casino earnings. Michigan has joined New Jersey and Pennsylvania as the only three states to produce more than $1 billion in revenue yearly, according to PlayMichigan, which analyses gaming initiatives around the state.
“Few saw Michigan earning $1 billion in revenue in its first year, especially because no state had ever done so before,” Eric Ramsey, analyst at PlayUSA.com Network, said. It’s impressive that they were able to achieve it in the first year, and that they were able to generate a large amount of state tax income in the process.
“There’s still a lot of space for growth in sports betting.” It’s vital to note that mobile sportsbooks and online-specific kinds of betting, such as in-game wagering, are still relatively new to Michigan’s bettors. Sportsbooks, on the other hand, continue to grow their customer bases. The market will grow as familiarity grows.”
Indeed, as the first year of online sports betting in Michigan came to a close, wagers had topped the $4 billion mark. According to the Michigan Gaming Control Board, online sportsbooks drew $485 million in wagers in December alone. Online sportsbooks made $35 million in gross income for the month from total wagers.
With $120 million in online wagers in December, DraftKings beat out FanDuel to become the state’s top operator.
“Sportsbooks got a boost in December from the enthusiasm that came with Michigan’s appearances in the Big Ten Championship and the College Football Playoff quarterfinal,” said Matt Schoch, Lead Analyst, PlayMichigan.com.
“Bettors did significantly better than in November, but it was still one of Michigan’s finest months yet for sportsbooks.”