Experts predict a bumper year for online sportsbook operators in Michigan during the state’s first year of legalizing online casinos. Operations commenced in January 2021, and it seems that more than $1 billion will have exchanged hands in sports bets alone when we say goodbye to 2021, another year that saw many industries continue to be ravaged by Covid.
The secret to Michigan’s success
As the most recent US state to launch online gambling and sports betting, Michigan operators had plenty of time to study events in areas that preceded them, learning valuable lessons from mistakes and glitches that occurred, ensuring that they did not repeat them. Among them were the operators of playgunlake.com, Gun Lake Casino’s online arm, owned and operated by the Band of Pottawatomi Indians in a partnership with Parx Casino.
Operators took in more than $350 million in bets in September this year, with the volume of wagers increasing significantly due to the launch of 2021’s college football season. March was another bumper month, anchored by college men’s basketball games, leading to a staggering $359.5 million in bets that month alone.
Gross revenues for September alone sat at more than $125 million, leading experts to predict that they will exceed $1 billion by the year’s end. This impressive revenue report has garnered Michigan’s government nearly half a million dollars so far this year from sports betting alone.
Maintaining the momentum
Online casino promotions continue to play a vital role in getting gamblers and bettors to keep coming back for more. Operators have developed innovative incentive and rewards programs to retain customers and attract new ones. It is a fiercely competitive market, with each operator desperate to find new ways to outdo the competition.
Public casino companies have seen increased demand for trading and investing in their stocks, with buyers eager to get in on the action and become shareholders in some of the fastest-growing companies in the market. Share prices keep rising, making them an attractive investment prospect.
October, November, and December are typically busy months for sportsbook operators, with the NFL (National Football League) one step closer to its conclusion, the NBA (National Basketball Association) season launch, and NHL (National Hockey League) games in full swing. This frenetic sports activity will keep bettors returning to online sportsbook operators to place wagers on upcoming games. The rising popularity of sports betting in the US since all legal obstacles to it were overcome remains unprecedented, with land-based and online operators experiencing a surge of business that few could have predicted. The onus is now on them to maintain that momentum moving into 2022. Based on this year’s success, that should not present any significant challenges.