Michigan online and retail sports betting hits record-breaking $530+ million

Michigan online and retail sports betting hits record-breaking $530+ million

Online sports betting and iGaming in the state of Michigan continues to grow considerably and gain momentum as sportsbooks across the state set record high wagering figure of over $530 million in the month of January.

This is the fifth consecutive month that sportsbooks have recorded record wagers with online casinos hot on the tails, also with revenue highs.

Latest figures show that sports betting and casino gaming in The Great Lake State is hugely popular as wagers are up some 2.5% in January on the previous month in December, according to data from the Michigan Gaming Control Board.

This means that, when combining online takings with retail activity, sportsbooks and casinos in Michigan are totalling $532.7 million per month currently, a figure in-part attributed to the busy NFL matches that took place in the build-up to the Super Bowl LVI, in which the Los Angeles Rams were crowned victorious against the Cincinnati Bengals.

When digging deeper in to the figures, FanDuel was out in front with DraftKings hot on the leaders tail, both taking the majority share of the betting and iGaming markets wagers in January in the state, with $132.7 million and $132.03 million respectively.

In third position in wagers was leading sportsbook brand BetMGM, which took a total of $110.9 million.

According to reports, the three big players in the betting and gaming industry are competing fierecely for the market share in The Great Lake State.

However, the total handle is anticipated to drop considerably towards the end of February and month of March due to the end of the NFL season and lack of NBA activity as we enter the Spring season.

What’s more, sportsbook operators benefited from a longer month of weeks in January where players were able to bet on an additional round of sporting events that took place on the weekend.

Matt Schoch of PlayMichigan commented on the news:

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.

FanDuel, DraftKings, and BetMGM remain in a tight battle for market share.

Each continues to pour significant investment into Michigan, showing that this is still one of the prized markets in the US.

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