March Madness saw the rise in online gaming and online sports betting revenue in Michigan. Luckily, after the initial excitement, it appears the numbers have changed very little over the last couple of months.
According to the latest figures, the sports betting handle in Michigan dropped by 4.9% in May to $237.6 million. At the same time, online casino gaming generated $94.9 million in revenue for the second month in a row.
Three Sportsbooks Lead the Way
Since the launch of mobile sports betting in Michigan in late January, BetMGM, DraftKings and FanDuel have dominated this lucrative market. The last month was no exception. The three sports betting operators together accounted for nearly 80% of the state’s market. FanDuel led the way in May with a handle of $77.6 million.
It should be noted that FanDuel had the largest handle at the end of each month since the launch of online wagering on sports. However, the two other major operators have been fiercely fighting for the second position.
BetMGM came second in February and March but has since been outperformed by DraftKings, which ended April and May with a handle of $128.2 million. BetMGM had a handle of $106.4 million during that period.
DraftKings was the only major sportsbooks to experience growth in handle from April to May. Last month, the operator improved its handle by around 8.5% to $66.7 million.
Barstool Still Struggling
Barstool is the only other sportsbook that appears to have the opportunity to challenge the leading operators. Over the last couple of months, the company has been using social media and celebrities to promote its sports betting operation and attract new customers.
Barstool recorded a handle of $27.5 million during the ten days in January, accounting for 24% of the state’s market share. However, the numbers have kept falling to 13% in February and 10% and 8% in April and May, respectively. After recording a handle of $40.3 million in February, it has been dropping each subsequent month. In May, the sportsbook reported $18.2 million.
Online Gaming Shows Consistency
The biggest rise in online casino revenue was recorded from February to March, when online casinos in Michigan saw their numbers improve by 21.3% to $95.1 million.
Following the spike in March, online gaming has stayed consistent, generating $94.9 million in April and May. The amount earned was just $213,47 higher in April.
BetMGM Casino continues to dominate the state’s online gaming market. The casino finished on top at the end of each month following the launch of iGaming.
After ending April with revenue of $36.8 million, BetMGM saw a slight decline in May, generating $36.1 million in revenue.
The total revenue recorded by BetMGM in May was around $20 million clear of the second-placed FanDuel, whose online casino operation earned $16.3 million.
DraftKings followed in third with $14.1 million in revenue.