The drastic decline in bets also hurt the profitability of several sportsbooks, as only three of the Top 6 operators reported a profit.With football over and the Detroit Pistons hard to root for, there was an unsurprising drop in February wagers for the Wolverine State. Things will pick up in March with the NCAA Tournament, but with just Michigan State and Oakland participating, the rebound may not be substantial.
Before adjustments, the operators grossed $30.3 million, equalling a 7.2% hold. In January for comparison, sportsbooks kept 8% of the handle. Ultimately, the state saw $927,000 in taxes, while the city of Detroit took in $362,000.FanDuel, like almost every sportsbook, saw a drastic decline in wagers in February, losing 28.8% of their January action. Rival DraftKings also fell by 34%, but both operators were the only books to exceed $100 million in wagers.
On the retail side, ESPN Bet’s Greektown Casino saw the most action , leapfrogging FanDuel’s MotorCity Casino’s $4.7 million. That being said, Greektown was the only profitable physical sportsbook.Copyright © 1995 - 2024 CS Media Limited All Rights Reserved. If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so. It is your sole responsibility to understand your local laws and observe them strictly.
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