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Michigan’s online gambling market set record revenues for March. During March Madness, the state netted more than $475 million in sports wagers. Non-sports betting revenues were tallied at over $130 million.
March Madness Brought More Than Sports Betting Profits For Michigan
This March, Michigan online casinos reported a record high for revenues. The state is used to substantial sports betting wagers due to the popularity of March Madness. However, this year brought unprecedented online casino activity as well.
Michigan’s online casino market segment reported a new record of over $130 million in revenues during the month of March.
Statewide, March Madness was responsible for a staggering $475 million in both online and retail wagers. In addition, bettors were highly active in online casino games as well. These numbers prove that Michigan is still seeing substantial growth in the online gambling market.
PlayMichigan.com’s lead analyst Paul Costanzo noted that March is “the most important non-football month of the year” for sports betting. This is due to the extreme popularity of the NCAA March Madness basketball tournament. The fact that there was so much additional activity outside sports betting is exciting and significant. This is true for the state of Michigan and the United States as a whole.
While Costanzo says that March Madness wagering didn’t cause any record-breaking numbers for sports betting, the numbers are still impressive. The fact that Michigan brought in more than $475 million statewide proves that major events are still incredibly popular for bettors. This is a great thing for the Michigan economy and the gambling sector as a whole.
How the Michigan Gambling Market is Shaping Up Overall
Michigan has shown a steady level of market growth and consumer interest since its legislature eased the state’s online gambling restrictions. In particular, online sportsbooks are thriving across the state. March’s final count showed $451.6 million in online sportsbook wagers alone.
The Michigan Gaming Control Board has also released its official numbers for the year to date. January 2022 set a record for online wagers with $532.7 million. While the numbers have dipped slightly since then, there has been a steady upward trajectory.
In addition, online sports betting sites alone netted $30.5 million in gross revenues from March wagering activity. This is a 35 percent increase from February. Such substantial numbers translate to a considerable boost in taxable income for the state. In fact, the state has collected just under $1 million in taxes from the entire sports betting industry.
This kind of consistent, measurable growth is expected to set the stage for an even bigger sports betting season in the fall.
PlayUSA.com analyst Eric Ramsey gave his opinion on what Michigan can look forward to:
“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.”
The Race For Dominant Market Share in the State Continues
The United States is in a frenzy of activity right now as more and more states pass online gambling regulations. States like New Jersey and Nevada have well-established gambling regulations, but most others do not. This means brands like DraftKings and BetMGM, which have a substantial presence in established U.S. markets, have an advantage.
The competition is strong in each new state as the restrictions on online casinos, and sports wagering are lifted. Big names are vying to be the first to gain licensing permissions in these new markets. Because of this, players are given a considerable choice.
The popularity of online casinos and mobile poker rooms has not waned since Michigan regulated its statewide market. Online gambling revenues are continuing to surge. In addition, though there were some dips in year-over-year numbers, overall, the market is thriving.
Currently, there are three primary competitors in Michigan’s sportsbook and online casino market. First place goes to FanDuel, which took the lead with a $140.1 million market share. In second place, BetMGM netted a statewide $108.1 million in online wagers. Finally, DraftKings followed up in third place with a close $102.9 million in online wagers for the month.
Eric Ramsey noted that “The race for market share has solidified, and it would take something significant to knock the top players off their perch. FanDuel’s dominance, in particular, appears to be baked in. But the race for No. 2 remains intriguing with BetMGM’s continued growth.”