Michigan legalized sports betting back in 2020. The introduction of online sports betting to the state in January has made Michigan a key state in the market as one of the most populated states to legalize the industry.
What Happened: The three commercial casinos in Detroit pushed the state over the $1 billion figure for sports betting handle in just over one year, according to PlayMichigan.
The three commercial casinos took $24.3 million in bets in the month of April, up 0.4% from the month of March.
Greektown Casino, a unit of Penn National Gaming (NASDAQ:PENN), led the way with $11.3 million in bets in April and 46.3% market share. The MotorCity Casino had bets of $6.8 million and 27.8% market share. MGM Grand Detroit, a unit of MGM Resorts International (NYSE:MGM), had $6.3 million in bets and 25.9% market share.
Through the month of April, $238.7 million has been bet at the three Detroit casinos. A total of $776.5 million has been bet with Michigan’s online casinos.
Why It’s Important: Greektown rebranded its casino to the Barstool Sportsbook brand and it has helped boost the betting handle. In 2020, Greektown had $27.1 million in bets and a 20.7% market share.
Through April, Greektown had $35.7 million in bets and a 33% market share. The casino is the only of the three Detroit brands to pass their 2020 total handle already in 2021.
Barstool Sportsbook ranked fourth in March with $39.6 million in bets and an 11% market share. The brand has fallen since its 23.9% market share in the partial month of January.
Price Action: Penn National's stock closed Tuesday up 2.5% at $83.09. MGM closed down 1.7% at $38.76.