LANSING – The Michigan Gaming Control Board released its March sports betting revenue report showing a 20 percent increasing from February do largely to college basketball wagering on March Madness.
“Michigan definitely felt the March Madness this past month, and as predicted, recovered from February’s post-Super Bowl sports betting losses,” said BetMichigan.com analyst Dru James.
“Handle was up nearly 20% month-over-month, which is roughly the average from other markets in the United States that have reported so far. For the spring and summer months, handle figures will likely hover around this number or decrease slightly as betting opportunities phase out.
“The bigger wins in Michigan are revenue and state taxes, both of which saw increases of over 200% from February. Sportsbooks generated $32 million in revenue, which was 269% more than the previous month; state accounts collected nearly $2 million, a 229% increase. This growth is largely disproportionate from the handle figures, and this discrepancy can be chalked up to a number of reasons: less wins, less payouts on promotions, etc.”
Here are the key figures:
- March total sports betting handle $421,666,037, up 18.1% from February ($357,161,200)
- March mobile sports betting handle $407,727,854, up 18.2% from February ($344,942,386)
- March retail sports betting handle $13,938,183, up 14.1% from February ($12,218,814)
- March total adjusted sports betting Gross Gaming Revenue $32,857,411 ($31,445,935 online, $1,411,476 retail), up 268.7% from February ($8,911,555)
- March total sports betting state tax $1,969,024 ($1,915,670 online, $53,354 retail), up 227.8% from February ($600,604)
- March retail City of Detroit wagering tax $65,210, up 207.7% from February ($21,194)
And key takeaways from BetMichigan.com analyst Dru James:
“Michigan definitely felt the March Madness this past month, and as predicted, recovered from February’s post-Super Bowl sports betting losses. Handle was up nearly 20% month-over-month, which is roughly the average from other markets in the United States that have reported so far. For the spring and summer months, handle figures will likely hover around this number or decrease slightly as betting opportunities phase out.”
“The bigger wins in Michigan are revenue and state taxes, both of which saw increases of over 200% from February. Sportsbooks generated $32 million in revenue, which was 269% more than the previous month; state accounts collected nearly $2 million, a 229% increase. This growth is largely disproportionate from the handle figures, and this discrepancy can be chalked up to a number of reasons: less wins, less payouts on promotions, etc.”
