Michigan records $302m online handle in first full month of operation
BetMGM snares second place in market share battle as Barstool Sportsbook’s share drops 11% from January
Michigan’s February online sports betting handle rose 162% to $301.9m on the previously reported period of nine days between the launch on January 22 and January 31.
The Wolverine State’s 12 betting sites and apps recorded $9.5m in gross revenue, although heavy promotion spend meant adjusted revenue losses rose to $10.8m, up from $5.2m in January.
FanDuel remained the leader with 29% of the market, while BetMGM seized the runner-up spot from DraftKings with a 25% share.
DraftKings came in third with 24%, followed by Penn National Gaming’s Barstool Sportsbook. Barstool Sportsbook’s market share dropped from 24% in January to 13% in February.
The top four brands’ grip over the market weakened slightly after PointsBet took fifth spot with 2.3% share.
Despite February being the state’s first full month of operation, handle was not far off the comparatively mature market of Pennsylvania, which recorded $469.7m during the same period.
Meanwhile, igaming gross revenue came in at $79.7m in February, up from $29.4m in January’s first nine days of operation.
By comparison, Pennsylvania, which has been live with igaming since July 2019, recorded igaming gross revenue of $77.8m for February. New Jersey’s internet gaming win during the month was $93.8 million.
BetMGM, DraftKings, and Rush Street Interactive have all raised their 2021 revenue projections in part on early performance in Michigan.
The state is already shaping up as one of the largest mobile betting and igaming markets in the US.