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Can you please rewrite the following statement? <br><br>”The cat is sleeping on the couch.”
Last spring, both March Madness and Michigan sports betting faced difficulties in taking off.
They both made a powerful comeback this year.
In March, the annual men’s basketball NCAA Tournament made a comeback, contributing to the growth of the state’s emerging online sports betting market. A staggering $359.5 million was wagered on the tournament across the state’s 12 platforms.
Online sports betting in the state experienced a significant surge of 19.1% in comparison to its initial full month of February.
Over a span of 69 days post-launch, a total of $776.5 million has been wagered on sports events.
Sports betting has been available in Detroit’s casinos since March 2020, and during this time, residents of Michigan have reportedly placed bets worth a staggering $990.8 million on various sports events.
The mentioned figure does not take into account the retail sports betting at tribal casinos, as they do not disclose their on-site numbers. However, even without considering tribal betting, Michigan undoubtedly reached the impressive milestone of $1 billion in early April, thanks to the commencement of MLB’s opening day and the Final Four of college basketball, which were prominent events on the sports calendar.
FanDuel first in handle again; Barstool’s share dropping
In terms of handle, FanDuel Sportsbook dominated the market by taking $107.2 million in bets, accounting for a significant 29.8% market share. Following closely behind was BetMGM, securing the second spot with $92.6 million in handle and a respectable 25.8% share. DraftKings ranked third with $76.5 million in handle, representing a 21.3% share. Barstool Sportsbook claimed the fourth position, accumulating a handle of $39.6 million, which corresponded to an 11.0% share. PointsBet completed the top five with a handle of $14.2 million, constituting a 3.9% share.
Inching closer to 30%, FanDuel’s dominant market share has been steadily increasing from 28.3% in January to 28.9% in February. Conversely, Barstool has experienced a decline, slipping from 23.9% in January to fourth place with 13.3% in February, and further dropping to 11.0% in March.
In March, operators recorded adjusted revenue of $19.0 million, contributing to a total of $3.0 million since the launch. The cumulative figure has been influenced by the influx of free bets and various promotions.
| Licensee | Online Brand | Total Handle | Online Handle | Retail Handle | Revenue (GGR) | Promos | State Tax | Local Tax |
|---|---|---|---|---|---|---|---|---|
| MotorCity | FanDuel | $114,479,965 | $107,196,819 | $7,283,146 | $9,047,837 | $2,775,937 | $48,251 | $58,973 |
| MGM Grand | BetMGM | $100,116,967 | $92,629,052 | $7,487,916 | $9,575,256 | $2,328,564 | $407,873 | $280,580 |
| Bay Mills | DraftKings | $76,504,589 | $76,504,589 | ? | $6,034,906 | $2,361,940 | $0 | $0 |
| Greektown | Barstool | $49,023,572 | $39,552,903 | $9,470,669 | $5,514,877 | $1,105,579 | $165,326 | $124,131 |
| Lac Vieux Desert | PointsBet | $14,192,739 | $14,192,739 | ? | $2,241,392 | $2,277,883 | $0 | $0 |
| Grand Traverse | William Hill | $10,997,415 | $10,997,415 | ? | $1,033,670 | $906,555 | $10,678 | $0 |
| Little Traverse Bay | Fox Bet | $6,997,278 | $6,997,278 | ? | $503,063 | $365,165 | $934 | $0 |
| Little River | BetRivers | $4,769,583 | $4,769,583 | ? | $537,644 | $563,472 | $0 | $0 |
| Hannahville | TwinSpires | $3,185,744 | $3,185,744 | ? | $209,572 | $244,098 | $0 | $0 |
| Sault Ste. Marie | WynnBet | $2,249,239 | $2,249,239 | ? | $418,529 | $175,108 | $15,141 | $0 |
| Keweenaw Bay | Golden Nugget | $789,792 | $789,792 | ? | $70,649 | $67,593 | $0 | $0 |
| Pokagon | Four Winds | $385,009 | $385,009 | ? | $51,196 | $115,454 | $0 | $0 |
| Match-E-Be-Nash-She-Wish | ? | $0 | ? | ? | ? | $0 | $0 | |
| Nottawaseppi Huron | ? | $0 | ? | ? | ? | $0 | $0 | |
| Total | $383,691,892 | $359,450,162 | $24,241,730 | $35,238,593 | $13,287,349 | $648,202 | $463,684 |
Tax money trickling into state; free bets for customers
In just over two months, the sports betting activities in Michigan during March generated $535,930 in state tax revenue. This brings the cumulative total to $789,866. It is important to note that this figure is relatively low, which is expected due to operators’ focus on acquiring new customers. To attract and incentivize these customers, operators are offering numerous free bets and promotions, which they later deduct as expenses.
Furthermore, the city of Detroit received a total of $326,462 in revenue from sports betting, which included city wagering taxes and municipal service fees.
Over a span of 69 days, the 12 sportsbooks generated a total gross revenue of $55.1 million, out of which $52.1 million was distributed as free bets and promotions to customers.
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