The year ended on a high for casinos in the state, with more than $500m in sports wagers for the second consecutive month, and more than $120m in online casino revenue. PlayMichigan, which tracks gaming developments across the state, reported results which sees Michigan join New Jersey and Pennsylvania as the only three states to generate more than $1bn revenue annually.
Eric Ramsey, Analyst at PlayUSA.com Network, commented: “Few saw Michigan hitting $1bn in revenue over the first year, especially considering that no state had ever reached that level before. To do it in year one has been impressive, creating a significant stream of tax revenue from the state along the way.
“Sports betting still has plenty of room for growth. It’s important to remember that Michigan’s bettors are still relatively new to mobile sportsbooks and online-specific forms of betting such as in-game wagering. Meanwhile, sportsbooks continue to expand their customer bases. As familiarity grows, so will the market.”
Indeed, as online sports betting came to the end of its first year in Michigan, wagers surpassed the $4bn mark. In December alone, online sportsbooks drew $485m in wagers, as confirmed by the Michigan Gaming Control Board. Of the total wagers, online sportsbooks generated $35m in gross revenue for the month.
DraftKings was the number one operator in the state in December, with $120m in online wagers, edging out FanDuel in the process.
Matt Schoch, Lead Analyst, PlayMichigan.com, commented: “Sportsbooks got a boost in December from the excitement that came from Michigan’s appearances in the Big Ten Championship and the College Football Playoff semifinal.
“Bettors fared much better on their bets than in November, but it was still one of the best months yet for Michigan’s sportsbooks.”
