Michigan Ends First Year of Online Sports Betting With Huge Handle
Michigan sports betting capped off 2021 with a bang, at least in terms of wagers.
While many legal sports betting markets saw growth falter a bit in December 2021, Michigan sportsbooks handled a record $514.6 million in bets, according to a state report released Tuesday. The total handle is up just under 3% from the previous record $500.5 million set in November.
The month put a bow on the first year of online sports betting in Michigan, which launched in late January 2021. For the entire year, Michigan sportsbooks handled more than $3.9 billion. Online sportsbooks made up $3.7 billion of those wagers.
Michigan sports betting revenue dips
While an all-time high was wagered, sportsbooks did not rake in as much as the prior month. Gross sportsbook revenue reached $35.9 million in December, a 7.0% hold, down 38.9% from the record $58.8 million, an 11.7% hold, in November.
For the year, MI sportsbooks generated $319.5 million in gross sports betting revenue. Online sports betting accounted for $292.2 million of that gross revenue.
In December, operators paid $1.2 million in taxes after deducting $23.8 million in promotional spending from the gross revenue. The full-year tax total was $13.6 million.
Race for the throne in Michigan
Online sportsbooks took $484.6 million in December bets, or 94.2% of the month’s total handle. DraftKings Sportsbook and FanDuel Sportsbook were neck-and-neck to be the online market leader, both commanding nearly 25% of the online handle.
DraftKings took $120.3 million in bets, while FanDuel handled $119.9 million in online bets. FanDuel, however, also took $9.3 million in retail bets at its MotorCity sportsbook, bringing its market total to $129.2 million.
BetMGM Sportsbook was a clear No. 3 in the online market, taking $108.7 million in online wagers.
| Sportsbook | Total Handle | Online Handle | Revenue | Hold | Online Market Share |
|---|---|---|---|---|---|
| FanDuel | $129.2 million | $119.9 million | $9.5 million | 7.4% | 24.7% |
| DraftKings | $120.3 million | $120.3 million | $7.3 million | 6.1% | 24.8% |
| BetMGM | $117.8 million | $108.7 million | $10.0 million | 8.5% | 22.4% |
| Barstool | $57.6 million | $45.9 million | $3.3 million | 5.7% | 9.5% |
| Caesars | $38.4 million | $38.4 million | $2.6 million | 6.8% | 7.9% |
| PointsBet | $28.2 million | $28.2 million | $1.9 million | 6.7% | 5.8% |
| BetRivers | $7.0 million | $7.0 million | $550,026 | 7.9% | 1.4% |
| Fox Bet | $5.6 million | $5.6 million | $180,910 | 3.2% | 1.2% |
| WynnBet | $3.2 million | $3.2 million | $212,685 | 6.6% |
By www.legalsportsreport.com |