The Michigan Gaming Control Board has revealed that sportsbook operators posted a record-breaking sports betting handle of $383,691,892 for the month of March. This represents a 15.1% increase on February’s handle of $325,569,037.
Mobile betting accounted for 93.7% of the total handle with online sportsbooks accepting $359.5 million in wagers. Although, the control board gives no details on how the handle is broken down by sport, the University of Michigan’s Elite Eight run in the NCAA March Madness tournament likely had a major impact on local betting.
The state’s operators posted a revenue figure of $35,238,593 which was a significant increase on February’s $9,395,302. However, as many sportsbooks handed out promotions — to the tune of $13.3 million — some posted a negative adjusted revenue total. This was bad news for the state as, despite a record month, taxes amounted to only $785,423.
FanDuel was the market leader once again with $107.2 million in handle making up 29.8% of all online bets. BetMGM followed with an online handle of $92.6 million and a 25.8% share of the online market. DraftKings was the third most popular sportsbook with a $76.5 million handle accounting for 21.3% of online bets.
Image credit: Marc-Grégor Campredon / CC BY 2.0
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.