Three of the Most Exciting Sportsbook News From Michigan in 2022

There was a lot of action for sportsbooks in Michigan in 2022. Both online and retail Michigan sportsbooks had a very eventful year in terms of the amount of wagering they handled from January to December.

Readers that keep track of the official data constantly released by the Michigan Gaming Control Board or those who simply follow the betting trends would have noticed how action-packed this year has been for bettors and bookmakers. Some bookmakers struggled with declining performance, while others were able to set new records in the year.

These are some of the top events that happened with Sportsbooks in Michigan in 2022.

The year started off great for Michigan sportsbooks with a very impressive January. According to data released by the Michigan Gaming Control Board, sportsbooks recorded $532.7 million in wagers in January. Online sportsbooks were responsible for $496.8 million, and retail sportsbooks processed $36.6 million in wagers in the month.

These impressive numbers made January the fifth consecutive month for which the Michigan Sportsbooks were able to keep setting a new wagering record. In December 2021, the sportsbooks set a new record of $514.6 million, but the wagering numbers in January still managed to beat it by about 3.5%.

There were different reasons for the spike in betting action in January, but the sporting activities that were scheduled to hold during this period were most likely what provoked so much wagering so early in the year.

The College Football National Championship Game between the Georgia Bulldogs and Alabama Crimson Tide was one of the big sporting activities held in January. In addition, there was an additional week of NFL games and expanded playoffs within this month also. These big matches and other exciting events all brought about the huge amount of wagering that Michigan Sportsbooks managed in January.

In August, Michigan was able to cross the $7 billion mark with its all-time handle. Retail and Online sportsbooks processed a total of $229.8 million in wagers in August, and this was what was needed to take the state beyond the $7 billion mark. These numbers were a big increase from the sportsbook’s reports in August 2021, and this reveals how active 2022 was for bettors and bookmakers.

In terms of revenue, the online sportsbooks got up to $24 million in August, and retail sportsbooks, on the other hand, were able to get about $1.7 million.

The success of this month was a big deal for Michigan because online casinos were also able to cross the $2 billion mark in online revenue. Casinos had a successful August as they were able to pull up to $130 million in revenue in the month. This performance was a 3.4% increase from what they were able to deliver in July. In this month, BetMGM was the top-performing casino, and out of the entire revenue raised by casinos, they were responsible for $49.3 million of it.

In 2022, the total tax revenue from Michigan sportsbooks was over $12.5 million. We took a close look at how much taxing is done on sports betting in Michigan. We found that Michigan’s tax rates happen to be among the lowest when compared with other states in the country.

Across the country, only Arizona, Iowa, and Nevada have tax rates that are below Michigan’s 8.4% rates. States like New York have their tax rates on sportsbooks as high as 51%, and only five states, including Michigan, have their rates sitting below 10%.

While higher tax rates will bring in more tax rates, they also slow down the growth of sports betting in the state. States like Michigan that have low tax rates and fair license fees are giving the industry room to grow.

It is important to note that Michigan has been able to maintain low rates partly because of the tax revenue it gets from online casino gambling and online poker. Michigan collects either 20% or 28% tax, depending on how much the casino is able to raise as its gross revenue.