Skip to main content

Market Overview

Michigan Surpasses $1B In Sports Betting Handle In One Year: What Investors Should Know

Michigan Surpasses $1B In Sports Betting Handle In One Year: What Investors Should Know

Michigan legalized sports betting back in 2020. The introduction of online sports betting to the state in January has made Michigan a key state in the market as one of the most populated states to legalize the industry.

What Happened: The three commercial casinos in Detroit pushed the state over the $1 billion figure for sports betting handle in just over one year, according to PlayMichigan.

The three commercial casinos took $24.3 million in bets in the month of April, up 0.4% from the month of March.

Greektown Casino, a unit of Penn National Gaming (NASDAQ: PENN), led the way with $11.3 million in bets in April and 46.3% market share. The MotorCity Casino had bets of $6.8 million and 27.8% market share. MGM Grand Detroit, a unit of MGM Resorts International (NYSE: MGM), had $6.3 million in bets and 25.9% market share.

Through the month of April, $238.7 million has been bet at the three Detroit casinos. A total of $776.5 million has been bet with Michigan’s online casinos.

Related Link: Why Michigan Is The Most Exciting State For Online Sports Gambling

Why It’s Important: Greektown rebranded its casino to the Barstool Sportsbook brand and it has helped boost the betting handle. In 2020, Greektown had $27.1 million in bets and a 20.7% market share.

Through April, Greektown had $35.7 million in bets and a 33% market share. The casino is the only of the three Detroit brands to pass their 2020 total handle already in 2021.

Barstool Sportsbook ranked fourth in March with $39.6 million in bets and an 11% market share. The brand has fallen since its 23.9% market share in the partial month of January.

Price Action: Penn National's stock closed Tuesday up 2.5% at $83.09. MGM closed down 1.7% at $38.76.


Related Articles (PENN)

View Comments and Join the Discussion!

Posted-In: Barstool Sports casino stocks Greektown CasinoNews Sports Media Trading Ideas General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at