The state of Michigan's first full month of online sportsbetting was a success for operators, with $301.9 million in wagers placed in February 2021.
The books saw $9 million in gross revenues across the different operators, with FanDuel Sportsbook handling $87.2 million in online bets but posted a loss of $262,569 due to promo bets and losses to players.
Operators posted a loss of $5.2 million in the first 10 days of legalized online sportsbetting, and for the month posted a net revenue loss of $10.8 million, due largely to those promo bets.
Barstool Sports saw a major drop in market share for the month, going from 23.9% in January to 13.3% in February. This is largely due to Barstool media personalities spending a lot of time in Michigan at launch before they tapered away to conquer new markets.
Although the results are a strong start, Michigan is still lagging behind Pennsylvania and New Jersey in terms of handle, as the states had more than $615 million and $1 billion in wagers, respectively.