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In the state of Michigan, March 2022 witnessed yet another impressive month of sports betting.
Even though it was not during the NFL season, Michigan online sportsbooks still managed to attract over $450 million in wagers from bettors.
Last month, Michigan accumulated almost $478 million in bets, in addition to retail numbers.
In addition to the impressive performance, there were a few intriguing details intertwined within the figures.
BetMGM Michigan tops DraftKings in March, again
In the realm of online sports betting in Michigan, three operators consistently vie for the top positions every month. These contenders include FanDuel Sportsbook MI, DraftKings Sportsbook MI, and BetMGM Michigan.
DraftKings has consistently challenged FanDuel in the all-time online handle race, although the latter currently maintains a substantial advantage.
In the past, BetMGM has often found itself in a competitive third position. However, in March 2022, it surpassed DraftKings by a significant margin, with an online handle exceeding $5 million and revenue exceeding $6 million.
BetMGM secured the second position statewide, accumulating an impressive $108.1 million in online handle during the previous month. DraftKings followed closely behind, ranking third with $102.9 million.
March 2021 marked the intriguing occurrence when BetMGM surpassed DraftKings in the monthly online handle numbers.
In the previous year, BetMGM generated a total online handle of $92.6 million, resulting in revenue of $9.6 million. Meanwhile, DraftKings recorded an online handle of $76.5 million, contributing to revenue of $6 million.
Promotional funds showed a slight variation in 2021, but in March of this year, MGM significantly surpassed DraftKings by nearly doubling their promotional budget: $4.7 million compared to $2.5 million.
Speculating on the reasons for BetMGM consistently outperforming DraftKings in March is challenging without further information, as they have chosen not to provide any comments on the matter. However, it is likely that they aim to replicate this success sooner rather than later, without waiting for another year to pass.
Stronger showing for Michigan online sports bettors
In-state bettors had a lackluster performance in March 2021.
Sportsbooks were quite successful, achieving a 9.1% hold in the previous year.
After a year, Michigan managed to improve its situation and reduced the hold to 6.8%.
Despite a nearly $100 million increase in wagers year-to-year, the collective revenue for the books remained largely unchanged.
The recent NCAA Tournament was not entirely predictable either. Despite a top seed winning the title, there were still numerous significant upsets throughout the competition.
Five teams seeded 8 or higher made it to the Sweet 16, with North Carolina, an 8 seed, surrendering a double-digit lead and suffering a loss to Kansas in the national championship game.
Michigan bettors might have taken advantage of the expanded NCAA Women’s Tournament betting this year.
In-state bettors in Michigan may have reaped benefits as the tournament propelled the state’s team to the Elite 8.
The women’s tournament predominantly consisted of favored teams, including three No. 1 seeds and a No. 2 seed (represented by UConn, one of the sport’s most prestigious teams), making up the Final Four.
Nearly 20% jump in wagers at Michigan sportsbooks
March’s report also highlighted a significant increase in handle compared to March 2021.
Total wagers soared by 19.7% compared to last year, propelling the amount from $383.7 million in 2021 to $478 million in 2022.
In February, the initial complete month of Year 2 for online sports betting, there was a notable 23.2% rise in wagering compared to the previous year.
An important point to note regarding these increases is that in both February and March of 2021, there were only 12 online operators available. However, in 2022, the number increased to 14. Additionally, last week, Eagle Casino & Sports launched, becoming the 15th online option now accessible.
August 2021 marked the inaugural month with 14 operators in service, making August 2022 a crucial benchmark to gauge the sports betting industry’s year-on-year growth.
Despite this, the growth and interest in sports betting in Michigan is persisting and shows no signs of slowing down in the near future.
