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Could you please rephrase the following sentence?
Michigan had a successful inaugural year in online sports betting.
After witnessing a staggering $3.6 billion wagered and an impressive online revenue of over $292 million, the lingering question arises: what can we expect from the second year?
With the release of the February 2022 revenue numbers on Thursday, we can now begin to gain an understanding of that.
The comparison between the first full month of this past year and the previous month reveals a consistent upward trend.
Side-by-side comparison
Now, let’s delve into the actual figures from February 2021 to February 2022.
| Revenue Stat | February 2021 | February 2022 |
|---|---|---|
| Total Handle | $325,569,037 | $423,768,381 |
| Online Handle | $301,857,054 | $398,394,907 |
| Retail Handle | $23,711,983 | $25,373,474 |
| Revenue (GGR) | $9,395,302 | $21,633,471 |
| Promos | $20,247,708 | $26,455,163 |
| Adjusted Gross Receipts | -$10,774,780 | -$3,949,139 |
| State Taxes | $146,580 | $360,354 |
| Local Taxes | $95,605 | $221,194 |
The immediate noticeable aspect is the enhanced figures in each category. There was no decline in any significant statistical category from one year to the next.
Nearly $100 million more wagered
In February 2022, the online betting volume exceeded that of February 2021 by nearly $100 million.
Michigan bettors flocked in large numbers to support Matthew Stafford as he participated in the NFL playoff race.
Stafford’s leadership led the Rams to win the Super Bowl, resulting in another disappointing February for online bettors as they continued to lose to sportsbooks in the state.
On the other hand, the books experienced a significantly larger setback in February 2021. While online handle reached $302 million last year, the online markets suffered a loss of almost $11 million.
Tom Brady, a Michigan alum, guided the Tampa Bay Buccaneers to the Super Bowl last year.
Promos also see a rise
Online bettors in Michigan had a significant worry regarding the impact on promos as they entered the second year.
Despite fears that sportsbooks would reduce promotional offers, there is no evidence to support this notion at present.
In the previous month, bettors were offered over $26 million in promotions, marking a significant rise from the slightly over $20 million offered in February of the previous year. This represents a notable year-on-year increase of 30%.
The total for February 2022 promos sets a new record, surpassing the previous highest figure since the inception of online sports betting in January of the previous year.
FanDuel maintains top spot
When it comes to online handle, FanDuel Sportsbook maintains its position as the leading platform in the state of Michigan.
Similar to the previous year, FD once again dominated the online handle for February 2022, generating the highest amount. FanDuel amassed $122.4 million in wagers, resulting in $4.4 million in revenue across its online and retail sportsbooks.
![]("https://us1.catenaus.com/import/img/FanduelSportsbook_logo_alt.png"){kind=logo}
