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Michigan sportsbooks smash revenue record

16 Dec 2021

(PRESS RELEASE) -- Michigan became the fifth state to generate more than $500 million in combined retail and online sports bets over a single month as sportsbooks smashed the state revenue record in what was an impressive November. And as winter weather begins to set in, Michigan's sportsbooks and online casinos should continue to hover at or near record levels, according to PlayMichigan, which tracks gaming developments in the state.

"Michigan football's run, including the intense interest in its showdown with Ohio State, certainly helped buoy sportsbooks," said Matt Schoch, lead analyst for PlayMichigan.com. "The rising tide of the past three months, though, is more than one game and one sport. Sportsbooks continue to reach more and more Michiganders, and bettors are becoming increasingly comfortable with more diverse forms of betting. Sportsbooks are looking at a bright future, even after football season."

Online sportsbooks in Michigan drew a record $473.8 million in November, breaking the record of $463.6 million set in October by 2.3%, according to official data released Thursday. Add $26.7 million in retail wagering at Detroit-area casinos announced earlier this week, and Michigan's online and retail sportsbooks hit $500.5 million in wagering for the month.

Michigan joined New Jersey, Nevada, Illinois and Pennsylvania as the only states to generated $500 million in wagers in one month.

Online sportsbooks won a whopping $54.1 million in gross revenue in November, up 122.7% from $24.3 million in October. Combined with $4.6 million in retail revenue, sportsbooks won a total of $58.8 million for the month, up 118.1% from $26.9 million in October and topping the previous high of $35.2 million in March. After promotional credits, taxable revenue for both online and retail wagering hit $38.8 million, another state high, which yielded a record $2.9 million in state taxes.

The onslaught of records came despite fewer weekends of football than in October, which had five full weekends. Bettors found plenty to wager on, though, with a full month of NBA basketball, the opening of college basketball, and the season-ending Ohio State-Michigan showdown that drew immense local interest.

"The NFL deservedly gets a lot of attention for the betting interest it creates, but NBA betting is a difference-maker, too," said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayMichigan.com. "The increase in NBA inventory in November, combined with the start of college basketball, was more than enough to make up for one fewer weekend of football games."

DraftKings retook the online market lead with $126.3 million in wagers, up from $120.4 million in October. Those bets yielded $13.1 million in gross gaming revenue. FanDuel was second with $115.2 million in bets in November, down from $124.0 million in October. November's wagering produced a market-topping $18.3 million in gross sports betting revenue.

"Nowhere is the competition between DraftKings and FanDuel more closely fought than in Michigan," Schoch said. "Nearly one year into online sports betting, the two rivals continue to trade the top spot. The biggest difference is that FanDuel has wrung more revenue from the wagering it has taken in, even as DraftKings has expanded its market share."

Online casinos and poker

Michigan's online casinos and poker rooms generated $107.6 million in gross gaming revenue, falling just short of October's record of $109.7 million by 1.9%. But revenue actually grew to $3.59 million per day over the 30 days of November, from $3.54 million per day during the 31 days of October.

Michigan's online casinos and poker rooms have now generated $992.2 million in gross gaming revenue, putting the state at the doorstep of $1 billion for the year. Only New Jersey and Pennsylvania have reached such rarefied air over the course of a calendar year.

"No other first-year online gaming market has come close to Michigan's success," Ramsey said. "Michigan was always a market with enormous potential, but rivaling the results of New Jersey and Pennsylvania so soon has been impressive."
 
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