Michigan reported results for online sports betting and online casino for the month of March. The results showed how the state is becoming one of the largest in the industry despite February being its first full month of online sports betting.
Online Sports Betting: Michigan reported $359 million in online sports betting handle for the month of March from 12 platforms, according to Play Michigan. The total was a 19.1% increase from February’s total.
FanDuel once again led the way for Michigan with $107.2 million in bets placed, good for 29.8% market share in the state. FanDuel’s market share has risen each of the reported periods with totals of 28.3% in January, 28.9% in February and 29.8% in March.
BetMGM, a joint venture from MGM Resorts International MGM, had 25.8% market share in March with $92.6 million.
DraftKings Inc DKNG rounded out the top three with $76.5 million in bets placed and 21.3% market share for the month of March.
Barstool Sportsbook from Penn National Gaming PENN continued to fall in market share for the state. The company was fourth with $39.6 million in bets placed and 11% market share. Barstool’s market share has fallen from 23.9% in January and 13.3% in February. Barstool did have the lowest amount spent on promotions of the five largest companies in March.
Other totals from the state for March include PointsBet $14.2 million, William Hill $11 million, Fox Bet FOX $7 million, BetRivers RSI $4.8 million, TwinSpires CHDN $3.2 million, WynnBet WYNN $2.2 million, Golden Nugget Online GNOG $790,000 and Four Winds $385,000.
Related Link: Michigan Online Sports Betting Review: How 6 Apps Fared Plus Early User Data Figures
Online Casino and Poker: The state of Michigan reported $95.1 million in online casino revenue for the month of March, a 19.3% increase from the month of February. The total ranked Michigan third in the five states with legalized online casinos for the month of March, trailing only New Jersey ($113.7 million) and Pennsylvania ($97.7 million).
BetMGM ranked first in Michigan for March’s online casino and poker revenue with a total of $30.8 million, good for 32.4% market share. The figures could rise for BetMGM next month as the company launched its BetMGM poker platform on March 22.
FanDuel ranked second for online casino revenue with $18.9 million and a 19.9% market share. DraftKings ranked third for online casino revenue with $16.6 million and a 17.4% market share.
The rising winner could be Rush Street Interactive, whose BetRivers brand was fourth with $6.7 million in revenue and 7.1% market share. Rush Street has grown its share from 4.6% in January and 5.4% in February.
Benzinga’s Take: Michigan has reported an online sports betting handle of $776.5 million in its first 69 days. The market is separating out the top three or four operators from the rest.
BetMGM is holding dominant positions in both online sports betting and online casino, which could make the company the top performer in the state of Michigan. FanDuel and DraftKings hold top three positions in both online sports betting and online casino showing their strong presence in the state.
The real surprises are the decline in Barstool Sportsbook’s market share and the rise of Rush Street Interactive in the state.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
