The Michigan Gaming Control Board reported sports betting handle totaling $497.6 million for March as operators totaled $43.5 million in gross revenue.
Handle was up 18% compared to the $421.7 million in wagers from March 2023 as both Michigan State and Oakland University reached the second round of the NCAA Tournament.
The Golden Grizzlies were one of the darlings of March Madness, upsetting Kentucky as a 14 seed and falling in overtime to eventual Final Four participant and 11th-seeded North Carolina State in the Round of 32.
Gross winnings were down 5.4% compared to 12 months prior as the 8.8% hold was more than two full percentage points lower. After counting deductions for promotional credits and bonuses, operator loss carryover from previous months and the federal excise tax, the state was eligible to tax $28.3 million worth of adjusted gross sports betting revenue. That led to an inflow of $1.7 million into state coffers, while the city of Detroit received nearly $737,000.