Michigan feels the effects of no NFL or college football as its sports betting handle drops by 27% from January's numbers.
saw $357.1 million in wagers last month, a 27% fall compared to the $490.8 million in January. On top of that, gross revenue from the sportsbooks came in at $23.1 million — a 32% decline — and that was before deductions, further hurting the state’s tax bill.
The bad news for the state was that while the sportsbooks saw less action, Michigan bettors improved their luck last month. Operators kept just 6.4% of the wagers made in February, a slight decline from the 6.8% in January. Hold percentage has dropped two months in a row after December’s 10.2%. Michigan’s tax bill came out to $600,602, well short of January’s $1.1 million. This is the first sub-million tax receipt since the sports betting lows of July.The loss in handle, revenue, etc in February came from the state’s massive pool of, while the three retail casinos saw some positives in this month’s report.
While retail handle fell 20% compared to 27.5% from the online operators, their revenue tripled to $475,912, with tax revenue nearly doubling from $8,939 to $17,340.
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