The iGaming industry in Michigan and New Hampshire has experienced significant growth in revenue last month. Both states saw record-breaking numbers, highlighting the increasing popularity of online gambling and sports betting.
According to financial reports, the gross online gambling revenue from commercial and tribal operators in Michigan jumped 33.4% in March, while consumers in New Hampshire spent a record $103.4m on sports.
States Surpass Previous Monthly High
Michigan has revealed gross receipts for the last month from iGaming and online sports betting. The handle stands at $216.4m, which is a significant growth from $162.2m in March 2022.
Back in February, the sports betting revenue in the Great Lake State was just $170.8m.
This is a new record for the state which earned $171.8m from the online casino sector, surpassing the previous monthly high of $153.7m set in January 2023.
Michigan is now one of the leading states that recorded an impressive growth in revenue from its online casinos and sportsbooks. Although the Michigan’s iGaming market only launched in January 2021, it has already proven to be highly successful.
There are currently 14 online casinos in Michigan, including BetMGM, BetRivers, Caesars, DraftKings, FanDuel, Golden Nugget, WynnBET and more, who are major contributors of the majority of the betting revenue.
New Hampshire, on the other hand, saw a record $103.4m betting handle on sports in March, beating the previous monthly high, set back in January 2022.
As numbers reveal, the monthly handle is 3.9% ahead of the existing record of $99.5m from February.
In total, players wagered $93.4m online as well as additioanl $10.0m at retail sportsbooks across the state.
New Hampshire’s online sports betting platform launched in January 2020 and has seen steady growth since then.
The increase in revenue from iGaming in both states can be attributed to several factors.
Firstly, the ongoing expansion of casino brands across the states has led to an increase in online gambling. Secondly, the convenience of online gambling has made it more accessible to a wider audience.
This includes players who may not have visited a physical casino or sportsbook before.
Finally, the availability of multiple online gambling platforms has created healthy competition, leading to increased innovation and a better user experience.
Betting Handle Soars in Massachusetts Too
Aside from New Hampshire and Michigan, there was another state in March with a new record betting handle.
Thanks to its six active online sportsbooks, the state of Massachusetts has recorded wagers of $548.1 million in the previous month.
Contributing to the revenue growth was DraftKings as a clear market leader with a 47 percent share of handle ($257.6 million).
The company’s biggest competitor, FanDuel, made a handle of $181.1 million.
Source:
“Record igaming revenue drives growth in Michigan in March”, igamingbusiness.com, April 20th, 2023.
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