Michigan sports betting took a step back in February as a slow sporting calendar saw handle drop by 20%.
Michigan sportsbooks took $424 million in bets in February, down 20% from January.
It was the first time in six months the state did not set a new handle record.
Did anyone make money in Michigan?
Sportsbooks held 5% of those wagers for $21.6 million in GGR, per the state report.
However, books gave out around $26.4 million in promos, suggesting a negative net gaming revenue for the month.
Given those bonuses – which are tax-deductible in MI – the state earned just $581,000 in taxes for the month.
How does MI compare to other states?
The 20% dropoff in handle sounds steep, but MI was similar to other states.
February, of course, has just one NFL game – albeit a big one. The NBA and NHL also take their All-Star breaks.
New Jersey sports betting handle was down 26.9% from January while Iowa was down 28.8%. Tennessee and Indiana saw declines of 18.8% and 18.2%, respectively.
Even the new mobile betting market in New York saw a 9% handle decline month-over-month.
Who led MI sports betting?
FanDuel Sportsbook was the clear market leader with 31% of online handle.
Caesars Sportsbook and Barstool rounded out the top five with 9% and 8% respectively.
King of Michigan sports betting?
By revenue, BetMGM was the largest operator, with $5.8 million, ahead of FanDuel with $4.4 million.
Barstool also outperformed its handle share with $4.2 million in GGR.
DraftKings was the most aggressive bonuser in the market, giving away $11.1 million in promos. That was well clear of BetMGM who gave away $5.8 million.
Elsewhere, the retail market continued to motor along. Barstool’s Greektown Casino in Detroit was far and away the largest retail book, with $15.8 million in bets.
That beat BetMGM’s $5.2 million at the MGM Grand Detroit and FanDuel’s $4.4 million at MotorCity.