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Similar to any sports season, where the next game is always the most significant, the focus of the Michigan online sports betting market has already shifted to February.
After a tumultuous start filled with numerous sign-up bonuses, TV ads, and pizza reviews that have influenced the limited data set, the initial complete month will bring a sense of normality.
February is when things start to get serious, despite over $115 million being bet online in the first 10 days. Although the revenue report for January provided a good starting point, it is important to recognize the limitations of only having data for 10 days.
However, before we move on from January and that eagerly awaited launch that seemed like it would never happen, let us reflect on the valuable insights we gained from 10 days of legal online betting.
1. There are four MI sports betting titans (and everyone else)
We were anticipating DraftKings and FanDuel to take the lead, while Barstool and BetMGM were expected to join them in the top tier.
We anticipated a significant decrease in numbers following the top four, but the magnitude of this decline may have exceeded our expectations.
| Online Sportsbook | Total Handle | Market Share |
|---|---|---|
| FanDuel | $32.6 million | 28.3% |
| DraftKings | $28.2 million | 24.5% |
| Barstool | $27.5 million | 23.9% |
| BetMGM | $22.8 million | 19.8% |
| PointsBet | $1.5 million | 1.3% |
| BetRivers | $1.1 million | 0.9% |
| William Hill | $692,319 | 0.6% |
| TwinSpires | $327,661 | 0.3% |
| WynnBet | $248,879 | 0.2% |
| Fox Bet* | $160,052 | 0.1% |
| Golden Nugget | $106,904 | 0.1% |
On January 29, Fox Bet commenced accepting bets in Michigan.
The collective earnings of the leading four operators amounted to $111.1 million in wagers, constituting an impressive 96.4% of the overall online sports betting handle.
After distributing approximately $4 million among the remaining seven operators, there was still some remaining funds. The market expanded further with the addition of Four Winds Casino launching an online sportsbook on Monday. Furthermore, three more online sportsbooks are anticipated to enter the market later this year.
Will the rest of the people be competing for leftovers, or will the less successful individuals also join the main competition eventually?
2. Barstool Sportsbook is a true disruptor
As anticipated, Barstool continues to dominate the Michigan online sports betting market. As predicted, founder Dave Portnoy is cleverly embellishing their impressive third-place start in handle to appear even more remarkable.
Portnoy vigorously defends his brand on a daily basis, and on Wednesday he turned to Twitter to voice his concerns about the released statistics, urging for fair treatment.
It is true that Portnoy proudly states Barstool’s minimal spending on bonuses, which he believes demonstrates their long-term viability. He further mentions that BetMGM, DraftKings, and FanDuel invested significantly in advertising in Michigan, a fact that has been verified.
While Portnoy was busy investing his personal resources in conducting pizza reviews across Michigan during the launch week, the brand also garnered attention through its partnership with Penn National Gaming’s The Barstool Fund donation match, starting from the opening weekend.
Supporting Michigan small businesses has been a commendable endeavor that has brought numerous benefits. However, it is important to acknowledge that while highlighting the $3.1 million donated, we also need to consider Barstool’s forecasting and recognize that the earned publicity they gained will eventually fade away. It is worth noting that PNG and Barstool did invest money in matching deposits with donations to generate those headlines.
It is disingenuous to suggest that Barstool simply sat back and waited for customers to come to them.
For how much longer will Stoolies tolerate their leader proudly boasting on Twitter about not providing them with free bets, unlike their rivals, while still managing to bear a grin?
3. Name recognition truly matters in Michigan
It is not surprising that DraftKings, despite not being affiliated with a well-known casino brand, is among the top market leaders. Additionally, three out of the four market leaders have established partnerships with Detroit casinos, which are widely recognized across the state.
DraftKings ads and commercials are nearly as widespread as Jamie Foxx, if not more so.
However, what proved to be intriguing was observing the effort and financial investment made by PointsBet paying off during the initial 10 days. It also highlighted the significant difference between PointsBet and the leading four competitors.
The Australian company held a 1.3% market share in sports betting, with a handle of $1.5 million. It was the only other operator besides one that had a market share above 1%. However, for the company to reach the top tier, the market will need to grow almost 20 times over.
In the past year, PointsBet has been at the forefront of Michigan news, as they have successfully secured groundbreaking agreements with prominent organizations such as the Detroit Tigers, Richard Hamilton from the Pistons, and the Little Caesars Arena for the naming rights of their sports bar.
This week in Midtown Detroit, as we strolled through Wayne State University’s campus, we couldn’t help but notice a PointsBet advertisement.
The company’s initial Native American partnership is set in Michigan, and the first online casino of PointsBet is expected to launch in the state soon as well.
In simpler terms, PointsBet is making every effort to promote their brand. However, considering the effectiveness of extensive advertising investments, one wonders if these tactics will truly make a difference.
PointsBet’s recent NHL deal could potentially have a significant impact, particularly in a hockey-obsessed state. However, the current situation with COVID-19, which forces most fans to stay home from games, is definitely not in their favor.
PointsBet has the potential to be among the top choices for Michigan sports bettors as they explore new options and assess the market. Alternatively, it may establish itself as the frontrunner among the other competitors in the field.
Moving forward to February!
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