Online sports betting had a successful inaugural year in Michigan.
After witnessing over $3.6 billion wagered and generating online revenue of over $292 million, the crucial query that persisted was: how will the second year unfold?
With the release of the February 2022 revenue numbers on Thursday, we can begin to form an understanding of that.
The comparison between the first full month of the past year and the current month reveals a consistent upward trend in our progress.
Side-by-side comparison
We will now explore the actual numbers 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 |
Immediately noticeable are the enhanced figures in all categories, with no decline observed in any significant statistical category from one year to the following.
Nearly $100 million more wagered
In February 2022, the amount of money wagered online exceeded that of February 2021 by nearly $100 million.
Michigan bettors flocked in large numbers to support Matthew Stafford as he competed in the NFL playoff race.
Stafford’s leadership led the Rams to win the Super Bowl, causing online bettors in the state to contribute to another losing February for sportsbooks.
On the other hand, the books faced a significantly larger setback in February 2021. Despite generating $302 million in online handle the previous year, the online markets suffered a loss of almost $11 million.
Tom Brady, a former Michigan alum, led the Tampa Bay Buccaneers to the Super Bowl last year.
Promos also see a rise
Online bettors in Michigan were highly concerned about the potential impact on promos as they entered the second year.
Contrary to fears, sportsbooks have not shown any signs of reducing promotional offers thus far.
In comparison to last February, there was a significant increase in promos made available to bettors last month. The total amount of promos exceeded $26 million, whereas it was just over $20 million the previous year. This represents a year-to-year growth of 30%.
The total for February 2022 promotions sets a new record, surpassing the cumulative amount since online sports betting commenced in January of the previous year.
FanDuel maintains top spot
When it comes to online handle, FanDuel Sportsbook continues to maintain its position as the leading platform in the state of Michigan.
FD once again topped the charts in terms of online handle for February 2022, just like it did last year. FanDuel managed to accumulate $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}
