With A GGR Of $42.7 million, The Michigan iGaming Market Made Its Debut In January
Michigan’s online gambling and gaming companies made a total of $42.7 million in their first ten days of operation, which ended on January 31.
The Michigan Gaming Control Board (MGCB) approved nine operators to offer online sports betting and betting on January 22, making it the first state to do so.
Sports betting raked in $13.3 million on a $115.2 million transaction from that day until the conclusion of the month. Meanwhile, for nine days, online gambling income totaled $29.4 million.
With $32.6 million in a handle, FanDuel’s sportsbook, in collaboration with MotorCity Casino, led the lead in sports betting. The operator, on the other hand, only made $622,371 in gross income.
BetMGM, in collaboration with the MGM Grand Detroit, earned $5.1 million on a $22.8 million transaction, which was fourth in the state. Bay Mills Indian DraftKings’ sportsbook and Community ranked second in both handle revenue ($3.4 million) and ($28.2 million). Penn National Gaming’s Barstool Sportsbook came in second in both categories, with players wagering $27.5 million and winning $3.3 million. BetMGM comfortably led the way in online gaming income with $11.1 million, well ahead of DraftKings’ $6.9 million and FanDuel’s $6.6 million.
Commercial operators will pay an additional $1.4 million to the city of Detroit, while tribal operators will pay tribal governing bodies $428,615 in compensation.
The state will get 70% of gaming revenue and 90% of betting revenue from tribal operators, with the local tribal government receiving 20% of gaming earnings. The remaining 10% goes to the Michigan Strategic Fund, which promotes economic development and job creation in Michigan.