Published
Sports Betting

Michigan gaming revenue records boosted by March Madness as online casinos achieve $130m for the month

According to PlayMichigan, online casinos are showing signs of continued strength with $130m in revenue being achieved for March. 

sportsbetting

March Madness encouraged over $475m in online and retail wagers, the largest statewide handle ever seen for a month without NFL games. In addition, online casino revenue reached over $130m for the first time, with PlayMichigan regarding this as evidence of even more growth to come. 

Paul Costanzo, PlayMichigan Lead Analyst commented: “The popularity of the NCAA Tournament makes March the most important non-football month of the year for sportsbooks.

“March Madness didn’t produce nearly enough momentum to push sportsbooks to a fresh record, but it is more evidence that bettors remain highly engaged during major events.”

Within March, Michigan online sportsbooks achieved $451.6m in online bets. This is a 13.4% increase from the $398.4m of bets from February. As a combined total, Michigan’s online and retail sportsbooks reached $478m in wagers for the month. Again, this is a 12.8% increase from the $423.8m in February.

Individually, online sportsbooks earned $30.5m in gross revenue through March’s bets. This is a 35.4% improvement from $22.5m in February, but down 5.6% from $32.3m in March 2021. 

Including $2m in retail revenue, Michigan’s sportsbooks earned $32.4m for the month. And after promotional credits, retail and online sportsbooks generated $16.6m in taxable revenue, meaning $967,314 in tax.

Eric Ramsey, Analyst for the PlayUSA Analyst Network, said: “The seasonal dip in sports betting really begins after the first full weekend of March Madness, and that slowdown should extend until football begins in September.

“If sportsbooks can keep posting year-over-year growth of around 25% or more as the NBA and NHL playoffs, baseball, and golf’s major championships take center stage over the next few months, the industry should be in a fantastic position heading into the fall.”

In terms of individual companies, leading the way for the online market was FanDuel with $140.1m, BetMGM gained the second highest total with $108.1m and third was DraftKings with $102.9m.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Nederlandse Loterij
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...