Online sports betting in Michigan dropped in April. On the other hand, Michigan online casino revenue remained strong that month. Thus, the state remained one of the top gambling markets in the US.
April came after a month that featured March Madness. March was a huge month for sports betting. Thus, there was a month-on-month decrease in both gross receipts and handle. According to pay per head reports, the online sports betting handle for April was $250 million, which was down by 30.5 percent from March’s $360 million. Also, their revenue decreased by 37 percent to $20 million.
It was the first month-on-month decrease for Michigan’s sports betting industry. Despite the decline, Michigan is the fastest state to reach the $1 billion milestone in online sports wagers. Thus, it joins the top sports betting market in the US that include Nevada, Illinois, Pennsylvania, and New Jersey.
Michigan Online Casino Revenue
According to bookie software sources, FanDuel Sportsbook was the top online sportsbook operator in Michigan in April. Its handle was $74 million and earned $7 million. In second place is DraftKings, with a $61 million handle. BetMGM is third with a handle of $55 million.
Online sports betting operators remitted $312,824 in fees and taxes to the state. According to bookie pay per head solutions experts, sportsbooks usually suffer from a slowdown in summer.
The state is concerned about tax revenue. Also, experts agree that sports betting will increase during football season. The NBA Finals and the Olympics will come later this year. Thus, sportsbooks will be busier this summer.
Online gaming operators paid $17.8 million in fees and taxes to the state of Michigan. Thus, it has become one of the top online gaming markets in the nation. Also, online sportsbooks have reached the revenue that online casinos are producing.