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%||