Sports Betting Fueled by March Madness
The surge in sports bets was attributed to the popularity of the NCAA men’s basketball tournament which is held in March. Michigan’s online sportsbooks attracted $451.6 million in online bets last month which was a 13.4% increase from the $398.4 million in sports bets reported in February 2022. With Detroit’s retail sportsbooks registering a total of $26.4 million in betting handle, March 2022 took in a total of $478 million in total wagers for the month, which is up 12.8% from its previous month performance.
Overall, Michigan sportsbooks won $32.4 million during March 2022, including $30.5 million from internet betting sites. The online sportsbook figures for March is 35.4% better than February 2022 but is down 5.6% from the amount generated last March 2021. After deductions, retail and online sportsbooks netted $16.6 million in taxable revenue which yielded $967,314 in taxes for the state.
Online Casinos Continue to Surge
Likewise, Michigan’s online casinos continued to surge, reaching $131.7 million in revenues for March 2022. That amount shattered the previous state record of $122.8 million which was set during the previous month. The state’s online casinos have set a record revenue in three out of the last four months of operation.
On the average, the state’s online casinos generated $4.2 million in revenue per day during the month of March. The amount was slightly lower than the $4.4 million monthly revenue during February 2022. Meanwhile, the state received $33.1 million in taxes and fees from online casinos during the month of March 2022, bringing the total of taxes and fees received since online gaming was legalized in 2021 to $368.9 million.