MI Sports Betting Market Posts Fifth Straight Handle Record To Start 2022

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MI sports betting

Michigan sports betting got off to a hot start in 2022, topping half a billion dollars in handle and setting a new state record.

Michigan sportsbooks took $534 million in bets in January, up around 4% on the previous record set in December last year. 

It was the fifth straight record-setting month for the state.

Sportsbooks held 6.9% of those wagers for $36.6 million in GGR, per the state report.

Short of all-time high for MI sports betting

That GGR figure up fractionally month-on-month but down 38% from the record $58.8 million in November.

Around $15.5 million was handed out via promos, equivalent to 42% of GGR.

The state cleared $2.1 million in local and state taxes.

Online sportsbooks again did the heavy lifting with 93% of all dollars wagered.

Who led MI sports betting?

DraftKings Sportsbook and FanDuel Sportsbook were neck-and-neck atop the market, in handle terms at least.

Both had 27% of the online market. However, FanDuel turned that into $12.8 million in GGR, with DraftKings at $5.9 million.

It is worth noting FanDuel was much more aggressive on bonusing, with $3.6 million in promos, around 6x DraftKings.

Top five MI operators

BetMGM rounded out the podium with a 22% share of online handle. It turned that into $11.4 million of GGR, though it was the most aggressive bonuser in the market, at $5.7 million in promos.

Barstool was fourth in GGR at $3.7 million, followed by Caesars with $1.2 million in GGR. Caesars last month, ramped up its MI efforts with a deal to become the official sportsbook and iGaming partner of Michigan State.

Brick-and-mortar battle

Barstool’s Greektown Casino in Detroit was far and away the largest retail book, with $20.4 million in bets.

That beat FanDuel’s $7.5 million at MotorCity and BetMGM’s $7.9 million at the MGM Grand Detroit.

What next for Michigan sports betting?

January’s big figures were fueled by an additional week of NFL regular season games, an expanded playoff, and college football’s national championship game.

However, the hot run could well continue into February, with former Lions QB Matthew Stafford leading the Rams to the Super Bowl.

Detroit trailed only Cincinnati in percentage of TV’s watching last week’s Super Bowl. That viewership likely translated into some extra dollars wagered.