Michigan opened its doors to online sports betting just this year, after the law legalizing online wagering was signed back in December 2019. They are the 20th state to legalize sports betting in the US, but only the 5th to legalize online sports betting. And given how profitable online bookie software can be for those who own their own sportsbooks, it is no surprise that states that allow online betting have an easier time getting bigger handles. And the Michigan online sports betting handle, in its first full month, hits $301.8 million.
The $301.8 million handle for February gives $89.2 million in gross receipts for the month. Meanwhile, online casinos are reporting $79.7 million in revenue. This is a huge increase from its first 10 days in January ($29.3 million). In total, online casinos/sportsbooks are reporting $109.1 million in total revenue.
Michigan Online Sports Betting
Online sports betting really drives a huge increase in market activity. Many bookies have been going online for the past few years, and sportsbook pay per head prices are very affordable to many. The payoff is nice, too. For Michigan sportsbooks, their gross sports betting revenue for February is $9.5 million. However, the net revenue is a loss this month at -$10.7 million. But this is normal for new markets. Sportsbooks usually offer opening bonuses and promotions to entice people to join their sportsbooks, which, of course, eats up a percentage of revenue.
The interest in online sports betting in Michigan is pretty well. For example, when Tennessee launched their sports betting market, their first month had a $130 million handle. And since there will be more exciting sports events lined up in March, the numbers will only get better. Since their betting market launched back in January 22, the total handle for the state is at $417 million. Not bad for opening a betting market, even in the midst of a pandemic.