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