Michigan’s betting market hit new records in March the market’s second full month of activity.
According to the latest figures from the Michigan Gaming Control Board (MGCB), bettors in the state wagered $383.7m on sports in March.
March’s figures represent a significant increase on the $325.6m wagered on sports in February.
Online betting made up 93.7% of the state’s handle in March after Michigan bettors wagered $359.9m via online and mobile sportsbooks.
Richard S. Kalm, executive director of the Michigan Gaming Control Board, said: “It looks like March Madness added a bounce to the sports betting handle, which jumped 19.1 percent from February, and internet gaming seemed to increase in popularity with monthly adjusted gross receipts going up 18 percent from February.
“This led to increases in taxes and payments, which means more funding for the City of Detroit, K-12 education, economic development and tribal communities.”
Total sports betting revenue amounted to $35.2m with online betting making up $32.3m of the state’s revenue. Revenue in March was up from the $9.4m generated the month prior.
However, gross revenue shows that sportsbooks issued $13.3m in promotional credit for the month, which left some operators with a negative adjusted revenue. This means that some of those operators paid no tax.
Sportsbooks in the state paid $785,423 in tax revenue to the state in March.
How each online sportsbook performed
For the third month in a row, FanDuel, which is partnered with MotorCity Casino, continued to dominate the Michigan betting market after taking $107.2m in bets and reporting just under $5m in adjusted gross receipts in March.
BetMGM took second place after taking $92.6m in online bets and generating $6.4m in adjusted gross receipts.
DraftKings came in third place after generating $3.7m in revenue from $76.5m in total bets.
Penn National Gaming’s Barstool Sportsbook took $39.6m in bets and managed to generate $3.6m in revenue.
The state’s eight other online sportsbooks made up the remaining $43.6m of March’s handle.
What about online casino?
Michigan’s online casino market continued to see growth in March after operators generated $95.1m in revenue. However, after accounting for bonuses and promotional credit, online casino gambling brought in $88.7m.
Online casino operators paid $17.3m in tax revenue to the state.
BetMGM was the best performing online casino in March after generating $30.8m in taxable revenue up from $26.9m in February.
FanDuel’s online casino generated $17m in revenue in March while DraftKings held onto $14.9m. No other online casino operator saw its taxable revenue pass the $10m.