The 2021 March Madness was the first time that Michigan residents could bet legally on college basketball’s postseason and for the Wolverine State, it was a slam dunk.
Based figures released by the Michigan Gaming Control Board, the state’s foray into legal online gambling continues to gain momentum, exceeding expectations that were first thought to be too high.
Effect of March Madness
The MGCB reported that a total of $359.4M were wagered online in March. That represented a 19.1% mark up from the previous month and the driving force behind the increase was March Madness, where the University of Michigan Wolverines made it all the way to the Elite Eight.
Meanwhile, the gross sports betting receipts or the money kept by oddsmakers totaled $32.3M. Combined with retail sports bets, the total betting handle for the month of March was $383.7M, which is 17.1% up on February’s haul of $325.6M. Michigan’s March 2021 handle ranked third in the entire United States, behind only New Jersey ($860M) and Philadelphia ($560M).
Since the start of legal Michigan sports betting in March 2020, oddsmakers in the Wolverine State have generated a lifetime handle of close to $1B which easily surpasses the original projections when the Michigan sports betting bill was being discussed.
Michigan Online Betting Figures
Online gambling launched in the state in mid-January. As of March, there were a total of 12 operators authorized to offer one or both forms of online gambling. BetMGM led all online operators with a gross receipts of $8.7M.
BetMGM, the online platform tied to the MGM Grand Detroit Casino, led the internet pack with almost $30.8M in gross receipts for the month of March. Meanwhile, FanDuel, the online sports betting platform provider of the MotorCity Casino Hotel, paced the online sports betting side with a total handle of close to $107.2M.
Online casinos reported a gross gaming revenue of $95.1M in March which was a 19.2% increase from its February figures. Taxes tied to online gambling are based on adjusted gross receipts and for the month of March 2021, those totaled to $88.7M for internet gaming and $19M for online sports betting.