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Michigan Sports Betting Handle Climbs Over $500M

Michigan Sports Betting Handle Climbs Over $500M

The Michigan sports betting handle has set a new record for the third month in a row, becoming the fifth state to hit that mark. November’s sports betting handle of $500.5 million portrayed an increase of 0.6 percent from last month’s handle of $497.6 million.

Michigan’s sports betting handle passes half a billion dollars for the first time

The Michigan Wolverines football team wasn’t the only successful run the state witnessed as the sports betting market in Michigan is entering the spotlight. The only states to surpass the half a billion territory are New Jersey, Nevada, Illinois, and Pennsylvania.

The handle numbers that were Michigan Gaming Control Board show an increase of only 0.6 percent in terms of wagers placed. However, it’s important to note that October’s handle numbers factored in an extra weekend of sporting events, especially two more days that featured college football and NFL.

The numbers did not include what bettors across the state placed in the state’s tribal casinos. Tribal casinos are not required to report their monthly numbers to the Michigan Gaming Control Board.

26.7 million of the month’s handle came from retail operators that were placed across three casinos in the Detroit area. The remaining percentage was covered through online sportsbooks that made up $473.8 million. The previous mobile sports betting handle was also set in October at $463.3 million. This shows that mobile wagers increased 2.4 percent in the span of a month.

Sportsbooks that operate in the state have easily topped the sports betting revenue record that was set back in March of $35.2 million. November’s numbers made up $58.8 million.

November’s total adjusted sports betting gross gaming revenue also set a new high as $34.5 million came from online and $4.3 million via retail, bringing the total to $38.8 million. October’s numbers depicted $4.7 million via mobile and $2.6 million from retail locations showing a total of $7.3 million. Comparing the two months side by side, November’s sports betting gross gaming revenue figures were 429 percent higher.

The former record was also set in March as Michigan’s adjusted gross gaming revenue was $21.9 million. Sports betting tax for November came to $1.8 million, and October’s sports betting tax revenue came to $652,884, which is an increase of 170.6%.

Sportsbooks that had a successful month in Michigan

Draftkings Sportsbook was the top operator for the third time in the last four months. DraftKings Sportsbook took in $126.3 million in wagers, FanDuel Sportsbook brought in $115.2 million, and
BetMGM accumulated $100.8 million in bets.

FanDuel set an adjusted gross sports betting revenue of $13.6 million in November. It’s the first time an operator in the state passed the $10 million mark in adjusted gross sports betting. BetMGM also set its own monthly high in adjusted sports with $8.5 million.

Barstool Sportsbook had the fourth largest handle in Michigan, making up $41.3 million. Caesars Sportsbook rounded out the top five by reporting a sports betting handle of $37.8 million. The other nine sportsbooks that operate in the state made up the rest of the handle.

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