Michigan Sets New Record with January Sports Betting Handle
The state of Michigan has continued to set and break its erstwhile sports betting handle after recording $530m wagered bets in January.
According to PlayMichigan, a company that tracks gambling data and developments in the state, this would make it the fifth consecutive month in which the state would record an upsurge in its monthly sports betting handle. A little over a year has passed since Michigan authorities effectively kicked off legal online sports betting.
As usual, online sports betting sites took in the largest wagers at $496.8m, a 2% increase compared to December. Retail Sportsbooks came in second with live or in-person sports wagers contributing $36.6m.
Retail sportsbooks also attracted a greater handle across the month, with in-person sports wagers hitting $36.6m. In total, the handle recorded in January was a 3.5% increase compared to the amount wagered in December.
Momentum in Michigan for online sports betting and casino games continues to grow. Spring is coming, which means a seasonal slowdown in sports betting. But the fall and winter have proven that Michiganders are increasingly comfortable with online gaming in its various forms.
Online sportsbooks in the state got a gross revenue of $35.9m, the majority of it ($34.7m) coming from online and mobile betting. From the amount, $2.1m was remitted to the state as taxes.
FanDuel came first in terms of total bets wagered on its site at $132.7m. DraftKings was next with $132m. The site was followed by BetMGM, which recorded $110.9m in the online handle.
The extra week of regular season football was a boon for sportsbooks, giving them five full weekends of football in January. As the only state with five consecutive months of record wagering, no state has capitalised on this football season more than Michigan.
More Business News
RELATED TOPICS: Business
Latest News
Most Read
New Jersey Makes Significant Change to Gambling Self-Exclusion Program
Dec 24, 2024Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Michigan Sets New Record with January Sports Betting Handle