Michigan became the eighth state to surpass $10 billion in legal sports wagers after the handle rebounded in March.
Sportsbooks in the Great Lakes State handled $421.6 million last month, an increase of 18% compared to February.
That pushed the total past the $10 billion mark since legal sports betting began in Michigan back in January 2021.
However, it represented a year-on-year decline of more than 11% compared to March 2022, suggesting that demand is dropping off in Michigan.
In the first quarter of 2023, the state’s sports betting handle dipped by 11.5% year-on-year to $1.27 billion.
On the plus side for operators, revenue increased by 30.7% to almost $103 million during the three-month period.
Sportsbooks are spending less on promotional credits as the industry matures, and bettors may have made less astute picks in the first three months of 2023 too.
In March, the gross gaming revenue from sports betting increased to $46 million, making it a record month for Michigan sportsbooks.
FanDuel remains the clear market leader with a 36% market share, leaving it comfortably ahead of DraftKings, with BetMGM a distant third.
Meanwhile, the state’s online casino gaming industry continues to go from strength to strength.
Revenue reached a record $171.8 million in March, surpassing the previous total gross receipts record of $153.7 million set in January.
It means that overall online gambling revenue hit $216.4 million, resulting in $33.2 million in tax income for the state.
