LAS VEGAS, Oct. 15, 2021 /PRNewswire/ -- Football produced
a wave of bettor enthusiasm in September that brought
more than $350 million in wagering to
Michigan's online sportsbooks in
September, as the state hit a new record in combined retail and
online betting volume. The new high was coupled with the first
month of $100 million in online
casino revenue in the state, helping set a new baseline for
Michigan's gaming industry,
according to PlayMichigan, which tracks gaming developments in the
state.
"The potency of a full football schedule and access to online
betting is unmatched," said Eric
Ramsey, an analyst for the PlayUSA.com Network, which
includes PlayMichigan.com. "September will raise expectations for
the industry, and the bar was already pretty high. The next three
months have the potential to bring even more records."
Michigan's online sportsbooks
accepted $354.3 million in bets in
September, up 84.2% from $192.3
million in August, according to official data released
Thursday by the Michigan Gaming Control Board. September's handle
fell just short of the online record of $359.5 million set in March. But, combined with
$32.5 million in retail wagering at
Detroit-area casinos announced
earlier this week, Michigan's
online and retail sportsbooks accounted for a record $386.8 million in wagering.
Gross gaming revenue from online betting rose 49.0% to
$23.7 million from $15.9 million in August. Combined with
$3.5 million in retail revenue,
sportsbooks won a total of $27.1
million for the month, a rise of 54.7% from $17.5 million in August. Gross income from online
betting produced $17.4 million in
taxable revenue, yielding $690,271 in
state and local taxes.
Football's popularity in general, and undefeated starts in the
NCAA ranks by both Michigan and
Michigan State, helped push the market
to a new high. Later this month, the rivals meet each other in a
matchup of potentially two Top 10 teams, providing an opportunity
for sportsbooks to attract new customers.
"The Michigan-Michigan State game will likely help make
September's records short-lived, even as the Detroit Lions'
struggles continue," said Matt
Schoch, an analyst for PlayMichigan.com. "The state's
sportsbooks are in a healthy position. And with basketball opening,
the industry will continue to grow and mature for the rest of the
year."
DraftKings topped the online market for the second consecutive
month with $106.9 million in wagers,
yielding produced $3.0 million in
gross gaming revenue.
FanDuel was second with $82.1
million in wagers, producing $7.2
million in gross sports betting revenue. BetMGM generated an
$81.8 million handle and topped the
market with $8.8 million in
revenue.
"DraftKings, FanDuel, BetMGM and other operators have been
extremely aggressive in using football to push for new customers,"
Schoch said. "September's growth shows that those promotional
efforts are paying off, and that will help expand the market even
after the football season ends."
Online casinos and poker set new high
Michigan's online casinos and poker rooms set
another record, with $102.4 million
in gross gaming revenue in September. That shattered the previous
record of $97.2 million set in
August, as revenue rose to $3.4
million per day over the 30 days of September from
$3.1 million per day in August.
September's revenue produced $18.9
million in state taxes and $5.2
million in local taxes.
Michigan joined New Jersey and Pennsylvania as the only three states to ever
produce $100 million in revenue over
the course of a month. A main reason is the expansion of gaming
options, including live dealer online casino games, which continue
to grow in popularity after launching in late July.
"Live dealer games have pushed online casino gaming to a new
level," Ramsey said. "The state's industry will almost certainly
reach $1 billion in revenue in its
first year of existence, which is a remarkable milestone for such a
young market."
BetMGM/MGM Grand Detroit led the online casino and poker market
with $40.6 million in gross gaming
revenue, which yielded $7.2 million
in state taxes.
For more: PlayMichigan.com/news.
About the PlayUSA.com Network:
The PlayUSA.com Network
and its state-focused branches is a leading source for news,
analysis, and research related to the market for regulated online
gaming in the U.S.
Contacts:
Zack Hall, Catena Media,
775-338-0745,
321441@email4pr.com
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SOURCE PlayMichigan.com