Michigan Sportsbooks Take $500M In November BetsWolverine State Industry Has Best Month Yet |
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State-sanctioned online gambling in Michgian is still growing, according to the latest figures from Wolverine State officials.
The Michigan Gaming Control Board figures show that online and mobile sportsbooks in the state took just under $474 million in bets in November, up from roughly $463.6 million in October. Michigan began online sports betting in January 2021.
Retail books at the Detroit commercial casinos took more than $26.7 million in wagers. Many tribal casinos in the state also have retail sportsbooks, but figures from those locations aren’t tallied by the state. In Michigan, the state regulates all forms of online betting, while retail wagering at the tribal casinos is still under their respective sovereign authority
Combined, there was more than $500 million in sports bets during November for Michigan books, the first time the state has crossed that half-a-billion dollar threshold.
Michigan joins the likes of New Jersey, Illinois, and Pennsylvania in taking at least $500 million in bets in a month. Nevada, which has had sportsbooks for decades, has also seen months in excess of $500 million in handle.
As for revenue, the online sportsbooks won about $54 million in November, for better than a 10% hold. Sportsbooks typically hold 5-7% of annual wagers in the form of revenue. Combined with retail sports betting win, nearly $60 million in revenue has had in November, the top month to date for the books.
It is worth noting that this is the first full NFL season for the Michigan industry.
DraftKings and FanDuel dominated the online sports betting market, taking more than 50% of the online handle during November combined. DraftKings edged out FanDuel during the month with $126.3 million in handle compared to its rival’s $115.2 million.
As for the state-sanctioned online casino sites, which also launched about 12 months ago, those websites won $107.6 million from bettors, the second-best month to date. Through November, the online casinos licensed by the state have taken just a hair under $1 billion in wagers.
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