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?»?Michigan Online Sports Betting Review: How 6 Apps Fared, Plus Early User Data Figures.
Michigan launched online sports betting on January 22, with a handful of companies offering their services in the 10th most populous state in America.
I downloaded six of the sports betting apps to test them out during the first weekend. Here is a look at how they fared in terms of downloads, potential market share and promotional offers.
DraftKings: The app from Draftkings Inc (NASDAQ: DKNG) is incredibly easy to use, which shouldn??™t come as a surprise given the company's strong market share in the states it operates in. What was surprising was how hard it was at first to login and use the app during the first weekend live in Michigan. The app crashed numerous times and unfortunately became the app used the least by me due to tech problems.
DraftKings offered signup bonuses, matching deposits and $100 free to play blackjack in the casino portion of the app. The company had some bets that were pretty close to being guaranteed winners, such as on the chances of a first quarter touchdown or more than 0.5 touchdowns scored in the NFL Conference Championship.
FanDuel: Flutter Entertainment ADR 's (OTC: PDYPY) FanDuel app had several login problems for me, but operated very well during the first few days of legal betting in the state. The app did feature a warning the first couple days that due to increased volume, settlement on some winning bets could take up to 30 minutes.
Barstool Sportsbook: The Barstool Sportsbook was launched by Penn National Gaming, Inc (NASDAQ: PENN) in Michigan. Barstool offered $10 in free bets for new users in the state and another $5 for those who filled out their favorite sports on their profile. One of the things that really sets the app apart from the competition is Barstool's unique personalities for betting ideas, such as odds boosts and suggested bets.
BetRivers: The lesser known BetRivers brand comes from Rush Street Interactive Inc (NYSE: RSI), which went public via a SPAC. The company offered free promotional money to people who signed up on opening weekend. The app was easy to use and offered a wide range of prop bets and odds-boosted events. Many of the boosted bets came with limits of $100, higher than competitors.
PointsBet: Another lesser known company, PointsBet Holdings Ltd. (OTC: PBTHF), puts out one of the apps I was looking forward to testing out. One of the promotions PointsBet offered was betting on the Detroit Pistons spread. For every point the Pistons scored, users got $1 in free bets.
BetMGM: A joint venture between MGM Resorts International (NYSE: MGM) and GVC International, the BetMGM app is very easy to use, and I was surprised with the amount of odds boosts from the company.
Other Options: Other companies that launched in Michigan but whose apps I did not test or download were Golden Nugget Online Gaming (NASDAQ: GNOG), William Hill, Wynn Resorts, Limited (NASDAQ: WYNN) and TwinSpires, owned by Churchill Downs, Inc. (NASDAQ: CHDN).
Michigan also recently approved sports betting and online poker from Fox Bet, which is partially owned by Fox Corp (NASDAQ: FOX) and Flutter Entertainment.
Early App Data: Michigan is expected to release official sports betting figures in late February. Bank of America analyst Shaun C. Kelley is out with some early data about the companies that launched online sports betting and iGaming in Michigan.
App download data shows DraftKings and FanDuel as the early leaders in the state with 40% and 27% market share, respectively. Barstool Sportsbook and BetMGM fought it out for third place with 14% and 13% of app downloads, respectively.
The app downloads showed lower numbers from William Hill, PointsBet and TwinSpires. BetRivers offered an online download and not a mobile app, so downloads were not reported.
Kelley sees Michigan market share shaking out to 30% share for each of FanDuel and DraftKings, and 10% to 15% each for Barstool Sportsbook and BetMGM. Others could have single digit market share, according to Kelley.
Benzinga??™s Take: As you can see, the betting platforms tested offered some large incentives to get users to sign-up as well as place bets on Michigan-related teams.
The question will now turn to which app is the best and easiest to use and which one users stick around for.
The early results show sets of tiers for the sports betting players in Michigan. DraftKings and FanDuel look like early winners, followed by Barstool and BetMGM. The race could be for third place, then shaking out if any other app can gain 5% share in the state.

These Were the 3 Best Sports Betting Stocks of 2020.
Betting online may be the future of sports gambling.
Sports betting is big business around the world, and it's been dominated for decades by traditional land-based casinos. That's changing as betting moves online, and the mobile gambling market took a major step forward in 2020 as more states legalized online gambling, and thousands of people began betting legally at home during the pandemic. A few companies hit public markets as well, bringing even more attention and funding to the industry.
As we look back on the year and forward to 2021, the sports betting market has three clear winners in my eyes: DraftKings (NASDAQ:DKNG) , MGM Resorts International (NYSE:MGM) , and the little known GAN Limited (NASDAQ:GAN) .
Image source: Getty Images.
DraftKings.
The hottest sports betting stock of 2020 was DraftKings, hands down. The company hit the market through a special purpose acquisition company and hasn't looked back. Shares shot higher as the pandemic wore on and sports came back, helped by investors hoping that online betting would begin to replace in-person betting. For the year, shares are up 406%.
In some ways, the boom in online betting is happening faster than expected, and that's helped early movers like DraftKings. In New Jersey, which is the bellwether for online gambling because it was the biggest early state to allow betting, there were $91.8 million in bets in November 2020 alone, up 86.9% from a year ago. If that growth and level of revenue are any indication of the potential for the rest of the country, DraftKings has a long runway ahead.
The third-quarter 2020 results were a small indication of how well things are going for DraftKings. Revenue was up 42% on a pro forma basis to $133 million, and monthly unique users grew 64% to 1 million. Revenue is also expected to be $750 million to $850 million in 2021, up 45% at its midpoint from 2020 guidance. This is a sports betting stock with a lot going for it and maybe just at the beginning of its growth story.
MGM Resorts.
As gambling moves online, companies with a physical presence can sometimes have an advantage over digital-only companies. They have known brands, regulators sometimes require a physical presence to operate in a state, and there can be synergies between real-world and online casinos. That's the space that MGM Resorts is trying to fill, and it's done so relatively well in 2020.
The joint venture MGM Resorts built to enter the space is BetMGM, which is now offered in eight states and is growing as quickly as states will allow. Like DraftKings, the company is limited by what's legal in the U.S., but betting should be opening up in more states long term.
What I like about MGM as a sports betting play is that it has a foundation as a physical casino company. MGM can use the cash flow from its casinos to fund online gambling development, and if it does that successfully it should add a lucrative business to the portfolio.
GAN Limited.
DraftKings and MGM are the companies that are taking bets and building the apps that consumers are using, but GAN is building the background infrastructure that online gambling is built on. Its software services include player identity validation, payment services, regulatory reporting, and even some game content. And with the recently announced acquisition of Coolbet, it'll enter the sports betting market worldwide.
If sports betting continues to grow, GAN will be one of the beneficiaries because it's providing services to multiple players. And I would expect some casinos and game companies that don't have the capital to build their own infrastructure to lean on a company like GAN.
What's exciting about GAN is that it has the opportunity to grow with the online gambling and sports betting industries as well as grow the services it offers to clients. It already has a turnkey solution for infrastructure, but don't be surprised to see more games added to the portfolio so GAN can white-label the entire casino experience. That's where the real money will be made for this gambling stock.

Online gaming, sports betting off to roaring start in Michigan.
In-person sports betting in Michigan launched in March. Last week, bettors were able to place wagers online. (Photo by Edward Pevos | MLive)
Watching last weekend??™s NFL conference championship games and other sporting events was a more enthralling experience than usual for Jack Abate, of Royal Oak.
Abate, 31, was one of thousands of Michiganders to take advantage of the highly anticipated launch of online gaming and sports betting in the state. At noon Friday, 10 Michigan casinos and their platform providers went live, offering either online sports betting, online gaming, or both.
By all accounts, the first few days were a huge success.
???There were no real reports of any outages -- maybe some lag here and there -- but nothing overly out of the norm in that regard. And also you had a great weekend for an opening. You had the conference championship games and you had the added bonus of a high-profile UFC fight (Dustin Poirier vs. Conor McGregor). So all in all, with the exception of maybe starting on Super Bowl Friday or the first round of the NCAA Tournament, you??™re not going to get a much better opening slot.???
Michigan Gaming Control Board executive director Richard Kalm said revenue and wagering numbers from the opening weekend are not yet available, but there was a high level of activity.
Michigan and Virginia both launched online gambling late last week and combined for 7.5 million online gambling transactions across 400,000 accounts, according to data from GeoComply, which provides geolocation tracking services for the internet gaming industry.
Michigan and Virginia accounted for 25 percent of the overall volume last weekend across the U.S. market, which encompasses 17 states with legal online betting.
With Virginia launching just two operators, Altruda estimated two-thirds of the weekend??™s new accounts and transactions were from Michigan.
Abate was one of many to partake in the jam-packed sports weekend. He said he signed up with two operators and placed about 10 or 12 bets, wagering on the moneyline and points total for the football games while focusing on props and various boost bets on basketball and hockey games.
???It kind of gives you a little bit more incentive to tune into a game that you may not have paid attention otherwise,??? Abate said. ???I??™m not a big fancy guy for basketball, hockey or baseball, but now with online sports betting, it makes it a little bit more enjoyable to maybe turn on a game when any of my teams aren??™t playing and sit down and watch maybe root for an over/under, a prop bet or something like that.
???Moving forward, I think people are gonna tune in to maybe an offseason sport that they may not be into as much now they can put some money on the line, have a little bit more skin in the game.???
Mike Raffensperger, chief marketing officer of FanDuel, which operates an online sportsbook and casino in nine other states, said he is encouraged by the company??™s start in Michigan.
???Honestly, it was a kick-(butt) weekend,??? Raffensperger told MLive. ???I think our projections have proven right. Michigan has launched with incredible fanfare. I think we have exceeded our expectations in terms of consumer appetite for both our sports betting and our online casino product.???
Raffensperger declined to share specific numbers but said Michigan was ???one of if not our most successful state launch.???
Penn National Gaming, Inc. which has partnered with Barstool Sportsbook, said on Twitter that it received more than $2 million in first-time deposits from players over the weekend.
Meanwhile, BetMGM reported that it had more than 200,000 successful logins by customers and more than 2 million casino spins in the first seven hours of going live.
???BetMGM??™s launch in Michigan has been our strongest launch yet, by some margin,??? BetMGM CEO Adam Greenblatt said in a statement. ???The strength of demand has been impressive in both sports and gaming.???
Some of the most popular promotions were near-lock bets some operators were offering. For example, DraftKings offered a prop bet where consumers could double their money (up to a certain amount) if the Pistons made a single 3-pointer in one of their recent games.
FanDuel paid more than $1.7 million to Michigan customers on odds boost wins over the weekend, such as doubling the consumers??™ money if the Pistons scored more than 10 points in the first quarter.
???They made it really fun and easy, whether it was your first time gambling or whether you??™re a seasoned guy at sportsbook,??? Abate said. ???With tailoring things specific to Michigan, like Pistons prop bets or Red Wings, Michigan basketball and all that, I enjoyed that. The boosts made it fun.???
The online sports betting rate in Michigan is 8.4% after winnings are paid out, one of the lowest among states with legal sports betting. The tax and payment rate for internet gaming ranges from about 20% to 28%, depending on how much money a casino generates from online gambling.
Because of the competitive tax rates in the state, operators are enticed by the market. Kalm said five more operators are expected to receive MGCB approval shortly, giving consumers more options.
Overall, Altruda believes Michigan will be a top-five market in the country, along with New Jersey, Pennsylvania, Illinois and Nevada. He said he expects Michigan to reach a monthly handle of about $500 million, but noted that could vary based on different sports seasons.
Online gaming has the potential to bring in tens of thousands of dollars in tax revenue for the state, but Kalm said more time is needed to get an accurate projection.
???You??™re going to need a longer picture at this,??? he told MLive. ???It??™s a few weeks before the Super Bowl. It was a big betting weekend for the football playoffs, March Madness is coming, so there??™s a lot of activity going on. You really have to look at this on a quarterly basis, spread it out a little bit more to see where Michigan is going to be and how they are going to compare to other states and what the actual revenue numbers are. And we don??™t have all our operators up yet.???
Regardless, launching before the Super Bowl was paramount.
???It??™s huge in the sense that you??™re getting in the largest single betting sports event of the year,??? Altruda said. ???You??™re getting attention, you??™re attracting eyeballs, you??™re going to get the normal sports bettors, but you??™re also going to get the average sports bettors. The ability to attract the average bettor, who may only place one or two wagers at the same time, is now a registered user that you can reach out to and still draw from as a potential base in addition to the sports fans who are going to make multiple bets daily, monthly.???
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Iowans take advantage of online sports betting for Super Bowl LV.
The general manager of the Diamond Jo Casino in Dubuque says they??™re already seeing betters excited for Sunday??™s big game.
CEDAR RAPIDS, Iowa (KCRG) - New research shows more than 23 million Americans plan to bet on this year??™s Super Bowl.
The American Gaming Association says a third of those, a record 7.6 Americans, will bet with online sportsbooks for this years game. And with Iowa??™s new online sports betting law, it??™s now easier than ever for people to place their bets.
The state first launched legal sports betting in August 2019, but it required gamblers to set foot inside a casino to open an account first.
As of Jan. 1, the in-person sign up requirement was removed, allowing Iowans to download a sports gambling app or open an account online and start betting immediately.
Kevin Washburn is the Dean at the University of Iowa College of Law and has published casebooks primarily focused on the laws of gaming and gambling.
Between advertising and the easy accessibility online betting allows, Washburn said regulators need to work on keeping up with the new online gambling environment.
Washburn says the big game is good news for Iowa??™s revenue, but he is worried, saying being able to download a sports betting app, load it up with money, and start betting instantaneously could create some addiction problems in society later on.
???They don??™t even need to be watching the game to be gambling on it, obviously, so when you divorce the gambling from the entertainment that??™s what starts to make me worried a little bit, because somebody might be betting on 20 different games, none of which they are actually watching. They can lose a lot of money fast,??? Washburn said.
One Dubuque casino says the Super bowl is the single-most betted on event of the year. And with online betting easier than ever, they expect Sunday??™s big game to show big numbers.
In December, legal sports wagering in Iowa topped the $100 million plateau, with 74% of bets placed online.
Diamond Jo Casino??™s General Manager, Wendy Runde, said they??™re already seeing people excited and placing their bets online for the game.
???When numbers came out in December it was the third month in a row for a record setting sports betting month. I would expect that January is likely the fourth consecutive month we set records, especially with that in person component going away,??? Runde said.
Half of the 50 states have legalized sports betting, with markets up and running in time for this year??™s Super Bowl in 21 of them, according to the American Gaming Association. They also report that 56% of betters plan to bet on the Chiefs, while 44% plan to bet on the Buccaneers.
Runde says the Iowa Racing and Gaming Association should be releasing January??™s numbers in about a week.
She says that??™s when we??™ll see how the new law really impacts the online sports betting industry. She said as online betting becomes that much easier, and the pandemic lingers, the challenge becomes finding a way for people to still enjoy their retail space.
She says Diamond Jo Casino in Dubuque will be open for in-person entertainment for Super Bowl LV, with social distancing and masks required.
Copyright 2021 KCRG. All rights reserved.

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?»?Michigan Online Sports Betting Review: How 6 Apps Fared, Plus Early User Data Figures.
Michigan launched online sports betting on January 22, with a handful of companies offering their services in the 10th most populous state in America.
I downloaded six of the sports betting apps to test them out during the first weekend. Here is a look at how they fared in terms of downloads, potential market share and promotional offers.
DraftKings: The app from Draftkings Inc (NASDAQ: DKNG) is incredibly easy to use, which shouldn??™t come as a surprise given the company's strong market share in the states it operates in. What was surprising was how hard it was at first to login and use the app during the first weekend live in Michigan. The app crashed numerous times and unfortunately became the app used the least by me due to tech problems.
DraftKings offered signup bonuses, matching deposits and $100 free to play blackjack in the casino portion of the app. The company had some bets that were pretty close to being guaranteed winners, such as on the chances of a first quarter touchdown or more than 0.5 touchdowns scored in the NFL Conference Championship.
FanDuel: Flutter Entertainment ADR 's (OTC: PDYPY) FanDuel app had several login problems for me, but operated very well during the first few days of legal betting in the state. The app did feature a warning the first couple days that due to increased volume, settlement on some winning bets could take up to 30 minutes.
Barstool Sportsbook: The Barstool Sportsbook was launched by Penn National Gaming, Inc (NASDAQ: PENN) in Michigan. Barstool offered $10 in free bets for new users in the state and another $5 for those who filled out their favorite sports on their profile. One of the things that really sets the app apart from the competition is Barstool's unique personalities for betting ideas, such as odds boosts and suggested bets.
BetRivers: The lesser known BetRivers brand comes from Rush Street Interactive Inc (NYSE: RSI), which went public via a SPAC. The company offered free promotional money to people who signed up on opening weekend. The app was easy to use and offered a wide range of prop bets and odds-boosted events. Many of the boosted bets came with limits of $100, higher than competitors.
PointsBet: Another lesser known company, PointsBet Holdings Ltd. (OTC: PBTHF), puts out one of the apps I was looking forward to testing out. One of the promotions PointsBet offered was betting on the Detroit Pistons spread. For every point the Pistons scored, users got $1 in free bets.
BetMGM: A joint venture between MGM Resorts International (NYSE: MGM) and GVC International, the BetMGM app is very easy to use, and I was surprised with the amount of odds boosts from the company.
Other Options: Other companies that launched in Michigan but whose apps I did not test or download were Golden Nugget Online Gaming (NASDAQ: GNOG), William Hill, Wynn Resorts, Limited (NASDAQ: WYNN) and TwinSpires, owned by Churchill Downs, Inc. (NASDAQ: CHDN).
Michigan also recently approved sports betting and online poker from Fox Bet, which is partially owned by Fox Corp (NASDAQ: FOX) and Flutter Entertainment.
Early App Data: Michigan is expected to release official sports betting figures in late February. Bank of America analyst Shaun C. Kelley is out with some early data about the companies that launched online sports betting and iGaming in Michigan.
App download data shows DraftKings and FanDuel as the early leaders in the state with 40% and 27% market share, respectively. Barstool Sportsbook and BetMGM fought it out for third place with 14% and 13% of app downloads, respectively.
The app downloads showed lower numbers from William Hill, PointsBet and TwinSpires. BetRivers offered an online download and not a mobile app, so downloads were not reported.
Kelley sees Michigan market share shaking out to 30% share for each of FanDuel and DraftKings, and 10% to 15% each for Barstool Sportsbook and BetMGM. Others could have single digit market share, according to Kelley.
Benzinga??™s Take: As you can see, the betting platforms tested offered some large incentives to get users to sign-up as well as place bets on Michigan-related teams.
The question will now turn to which app is the best and easiest to use and which one users stick around for.
The early results show sets of tiers for the sports betting players in Michigan. DraftKings and FanDuel look like early winners, followed by Barstool and BetMGM. The race could be for third place, then shaking out if any other app can gain 5% share in the state.

These Were the 3 Best Sports Betting Stocks of 2020.
Betting online may be the future of sports gambling.
Sports betting is big business around the world, and it's been dominated for decades by traditional land-based casinos. That's changing as betting moves online, and the mobile gambling market took a major step forward in 2020 as more states legalized online gambling, and thousands of people began betting legally at home during the pandemic. A few companies hit public markets as well, bringing even more attention and funding to the industry.
As we look back on the year and forward to 2021, the sports betting market has three clear winners in my eyes: DraftKings (NASDAQ:DKNG) , MGM Resorts International (NYSE:MGM) , and the little known GAN Limited (NASDAQ:GAN) .
Image source: Getty Images.
DraftKings.
The hottest sports betting stock of 2020 was DraftKings, hands down. The company hit the market through a special purpose acquisition company and hasn't looked back. Shares shot higher as the pandemic wore on and sports came back, helped by investors hoping that online betting would begin to replace in-person betting. For the year, shares are up 406%.
In some ways, the boom in online betting is happening faster than expected, and that's helped early movers like DraftKings. In New Jersey, which is the bellwether for online gambling because it was the biggest early state to allow betting, there were $91.8 million in bets in November 2020 alone, up 86.9% from a year ago. If that growth and level of revenue are any indication of the potential for the rest of the country, DraftKings has a long runway ahead.
The third-quarter 2020 results were a small indication of how well things are going for DraftKings. Revenue was up 42% on a pro forma basis to $133 million, and monthly unique users grew 64% to 1 million. Revenue is also expected to be $750 million to $850 million in 2021, up 45% at its midpoint from 2020 guidance. This is a sports betting stock with a lot going for it and maybe just at the beginning of its growth story.
MGM Resorts.
As gambling moves online, companies with a physical presence can sometimes have an advantage over digital-only companies. They have known brands, regulators sometimes require a physical presence to operate in a state, and there can be synergies between real-world and online casinos. That's the space that MGM Resorts is trying to fill, and it's done so relatively well in 2020.
The joint venture MGM Resorts built to enter the space is BetMGM, which is now offered in eight states and is growing as quickly as states will allow. Like DraftKings, the company is limited by what's legal in the U.S., but betting should be opening up in more states long term.
What I like about MGM as a sports betting play is that it has a foundation as a physical casino company. MGM can use the cash flow from its casinos to fund online gambling development, and if it does that successfully it should add a lucrative business to the portfolio.
GAN Limited.
DraftKings and MGM are the companies that are taking bets and building the apps that consumers are using, but GAN is building the background infrastructure that online gambling is built on. Its software services include player identity validation, payment services, regulatory reporting, and even some game content. And with the recently announced acquisition of Coolbet, it'll enter the sports betting market worldwide.
If sports betting continues to grow, GAN will be one of the beneficiaries because it's providing services to multiple players. And I would expect some casinos and game companies that don't have the capital to build their own infrastructure to lean on a company like GAN.
What's exciting about GAN is that it has the opportunity to grow with the online gambling and sports betting industries as well as grow the services it offers to clients. It already has a turnkey solution for infrastructure, but don't be surprised to see more games added to the portfolio so GAN can white-label the entire casino experience. That's where the real money will be made for this gambling stock.

Online gaming, sports betting off to roaring start in Michigan.
In-person sports betting in Michigan launched in March. Last week, bettors were able to place wagers online. (Photo by Edward Pevos | MLive)
Watching last weekend??™s NFL conference championship games and other sporting events was a more enthralling experience than usual for Jack Abate, of Royal Oak.
Abate, 31, was one of thousands of Michiganders to take advantage of the highly anticipated launch of online gaming and sports betting in the state. At noon Friday, 10 Michigan casinos and their platform providers went live, offering either online sports betting, online gaming, or both.
By all accounts, the first few days were a huge success.
???There were no real reports of any outages -- maybe some lag here and there -- but nothing overly out of the norm in that regard. And also you had a great weekend for an opening. You had the conference championship games and you had the added bonus of a high-profile UFC fight (Dustin Poirier vs. Conor McGregor). So all in all, with the exception of maybe starting on Super Bowl Friday or the first round of the NCAA Tournament, you??™re not going to get a much better opening slot.???
Michigan Gaming Control Board executive director Richard Kalm said revenue and wagering numbers from the opening weekend are not yet available, but there was a high level of activity.
Michigan and Virginia both launched online gambling late last week and combined for 7.5 million online gambling transactions across 400,000 accounts, according to data from GeoComply, which provides geolocation tracking services for the internet gaming industry.
Michigan and Virginia accounted for 25 percent of the overall volume last weekend across the U.S. market, which encompasses 17 states with legal online betting.
With Virginia launching just two operators, Altruda estimated two-thirds of the weekend??™s new accounts and transactions were from Michigan.
Abate was one of many to partake in the jam-packed sports weekend. He said he signed up with two operators and placed about 10 or 12 bets, wagering on the moneyline and points total for the football games while focusing on props and various boost bets on basketball and hockey games.
???It kind of gives you a little bit more incentive to tune into a game that you may not have paid attention otherwise,??? Abate said. ???I??™m not a big fancy guy for basketball, hockey or baseball, but now with online sports betting, it makes it a little bit more enjoyable to maybe turn on a game when any of my teams aren??™t playing and sit down and watch maybe root for an over/under, a prop bet or something like that.
???Moving forward, I think people are gonna tune in to maybe an offseason sport that they may not be into as much now they can put some money on the line, have a little bit more skin in the game.???
Mike Raffensperger, chief marketing officer of FanDuel, which operates an online sportsbook and casino in nine other states, said he is encouraged by the company??™s start in Michigan.
???Honestly, it was a kick-(butt) weekend,??? Raffensperger told MLive. ???I think our projections have proven right. Michigan has launched with incredible fanfare. I think we have exceeded our expectations in terms of consumer appetite for both our sports betting and our online casino product.???
Raffensperger declined to share specific numbers but said Michigan was ???one of if not our most successful state launch.???
Penn National Gaming, Inc. which has partnered with Barstool Sportsbook, said on Twitter that it received more than $2 million in first-time deposits from players over the weekend.
Meanwhile, BetMGM reported that it had more than 200,000 successful logins by customers and more than 2 million casino spins in the first seven hours of going live.
???BetMGM??™s launch in Michigan has been our strongest launch yet, by some margin,??? BetMGM CEO Adam Greenblatt said in a statement. ???The strength of demand has been impressive in both sports and gaming.???
Some of the most popular promotions were near-lock bets some operators were offering. For example, DraftKings offered a prop bet where consumers could double their money (up to a certain amount) if the Pistons made a single 3-pointer in one of their recent games.
FanDuel paid more than $1.7 million to Michigan customers on odds boost wins over the weekend, such as doubling the consumers??™ money if the Pistons scored more than 10 points in the first quarter.
???They made it really fun and easy, whether it was your first time gambling or whether you??™re a seasoned guy at sportsbook,??? Abate said. ???With tailoring things specific to Michigan, like Pistons prop bets or Red Wings, Michigan basketball and all that, I enjoyed that. The boosts made it fun.???
The online sports betting rate in Michigan is 8.4% after winnings are paid out, one of the lowest among states with legal sports betting. The tax and payment rate for internet gaming ranges from about 20% to 28%, depending on how much money a casino generates from online gambling.
Because of the competitive tax rates in the state, operators are enticed by the market. Kalm said five more operators are expected to receive MGCB approval shortly, giving consumers more options.
Overall, Altruda believes Michigan will be a top-five market in the country, along with New Jersey, Pennsylvania, Illinois and Nevada. He said he expects Michigan to reach a monthly handle of about $500 million, but noted that could vary based on different sports seasons.
Online gaming has the potential to bring in tens of thousands of dollars in tax revenue for the state, but Kalm said more time is needed to get an accurate projection.
???You??™re going to need a longer picture at this,??? he told MLive. ???It??™s a few weeks before the Super Bowl. It was a big betting weekend for the football playoffs, March Madness is coming, so there??™s a lot of activity going on. You really have to look at this on a quarterly basis, spread it out a little bit more to see where Michigan is going to be and how they are going to compare to other states and what the actual revenue numbers are. And we don??™t have all our operators up yet.???
Regardless, launching before the Super Bowl was paramount.
???It??™s huge in the sense that you??™re getting in the largest single betting sports event of the year,??? Altruda said. ???You??™re getting attention, you??™re attracting eyeballs, you??™re going to get the normal sports bettors, but you??™re also going to get the average sports bettors. The ability to attract the average bettor, who may only place one or two wagers at the same time, is now a registered user that you can reach out to and still draw from as a potential base in addition to the sports fans who are going to make multiple bets daily, monthly.???
Note to readers: if you purchase something through one of our affiliate links we may earn a commission.

Iowans take advantage of online sports betting for Super Bowl LV.
The general manager of the Diamond Jo Casino in Dubuque says they??™re already seeing betters excited for Sunday??™s big game.
CEDAR RAPIDS, Iowa (KCRG) - New research shows more than 23 million Americans plan to bet on this year??™s Super Bowl.
The American Gaming Association says a third of those, a record 7.6 Americans, will bet with online sportsbooks for this years game. And with Iowa??™s new online sports betting law, it??™s now easier than ever for people to place their bets.
The state first launched legal sports betting in August 2019, but it required gamblers to set foot inside a casino to open an account first.
As of Jan. 1, the in-person sign up requirement was removed, allowing Iowans to download a sports gambling app or open an account online and start betting immediately.
Kevin Washburn is the Dean at the University of Iowa College of Law and has published casebooks primarily focused on the laws of gaming and gambling.
Between advertising and the easy accessibility online betting allows, Washburn said regulators need to work on keeping up with the new online gambling environment.
Washburn says the big game is good news for Iowa??™s revenue, but he is worried, saying being able to download a sports betting app, load it up with money, and start betting instantaneously could create some addiction problems in society later on.
???They don??™t even need to be watching the game to be gambling on it, obviously, so when you divorce the gambling from the entertainment that??™s what starts to make me worried a little bit, because somebody might be betting on 20 different games, none of which they are actually watching. They can lose a lot of money fast,??? Washburn said.
One Dubuque casino says the Super bowl is the single-most betted on event of the year. And with online betting easier than ever, they expect Sunday??™s big game to show big numbers.
In December, legal sports wagering in Iowa topped the $100 million plateau, with 74% of bets placed online.
Diamond Jo Casino??™s General Manager, Wendy Runde, said they??™re already seeing people excited and placing their bets online for the game.
???When numbers came out in December it was the third month in a row for a record setting sports betting month. I would expect that January is likely the fourth consecutive month we set records, especially with that in person component going away,??? Runde said.
Half of the 50 states have legalized sports betting, with markets up and running in time for this year??™s Super Bowl in 21 of them, according to the American Gaming Association. They also report that 56% of betters plan to bet on the Chiefs, while 44% plan to bet on the Buccaneers.
Runde says the Iowa Racing and Gaming Association should be releasing January??™s numbers in about a week.
She says that??™s when we??™ll see how the new law really impacts the online sports betting industry. She said as online betting becomes that much easier, and the pandemic lingers, the challenge becomes finding a way for people to still enjoy their retail space.
She says Diamond Jo Casino in Dubuque will be open for in-person entertainment for Super Bowl LV, with social distancing and masks required.
Copyright 2021 KCRG. All rights reserved.

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?»?Michigan Online Sports Betting Review: How 6 Apps Fared, Plus Early User Data Figures.
Michigan launched online sports betting on January 22, with a handful of companies offering their services in the 10th most populous state in America.
I downloaded six of the sports betting apps to test them out during the first weekend. Here is a look at how they fared in terms of downloads, potential market share and promotional offers.
DraftKings: The app from Draftkings Inc (NASDAQ: DKNG) is incredibly easy to use, which shouldn??™t come as a surprise given the company's strong market share in the states it operates in. What was surprising was how hard it was at first to login and use the app during the first weekend live in Michigan. The app crashed numerous times and unfortunately became the app used the least by me due to tech problems.
DraftKings offered signup bonuses, matching deposits and $100 free to play blackjack in the casino portion of the app. The company had some bets that were pretty close to being guaranteed winners, such as on the chances of a first quarter touchdown or more than 0.5 touchdowns scored in the NFL Conference Championship.
FanDuel: Flutter Entertainment ADR 's (OTC: PDYPY) FanDuel app had several login problems for me, but operated very well during the first few days of legal betting in the state. The app did feature a warning the first couple days that due to increased volume, settlement on some winning bets could take up to 30 minutes.
Barstool Sportsbook: The Barstool Sportsbook was launched by Penn National Gaming, Inc (NASDAQ: PENN) in Michigan. Barstool offered $10 in free bets for new users in the state and another $5 for those who filled out their favorite sports on their profile. One of the things that really sets the app apart from the competition is Barstool's unique personalities for betting ideas, such as odds boosts and suggested bets.
BetRivers: The lesser known BetRivers brand comes from Rush Street Interactive Inc (NYSE: RSI), which went public via a SPAC. The company offered free promotional money to people who signed up on opening weekend. The app was easy to use and offered a wide range of prop bets and odds-boosted events. Many of the boosted bets came with limits of $100, higher than competitors.
PointsBet: Another lesser known company, PointsBet Holdings Ltd. (OTC: PBTHF), puts out one of the apps I was looking forward to testing out. One of the promotions PointsBet offered was betting on the Detroit Pistons spread. For every point the Pistons scored, users got $1 in free bets.
BetMGM: A joint venture between MGM Resorts International (NYSE: MGM) and GVC International, the BetMGM app is very easy to use, and I was surprised with the amount of odds boosts from the company.
Other Options: Other companies that launched in Michigan but whose apps I did not test or download were Golden Nugget Online Gaming (NASDAQ: GNOG), William Hill, Wynn Resorts, Limited (NASDAQ: WYNN) and TwinSpires, owned by Churchill Downs, Inc. (NASDAQ: CHDN).
Michigan also recently approved sports betting and online poker from Fox Bet, which is partially owned by Fox Corp (NASDAQ: FOX) and Flutter Entertainment.
Early App Data: Michigan is expected to release official sports betting figures in late February. Bank of America analyst Shaun C. Kelley is out with some early data about the companies that launched online sports betting and iGaming in Michigan.
App download data shows DraftKings and FanDuel as the early leaders in the state with 40% and 27% market share, respectively. Barstool Sportsbook and BetMGM fought it out for third place with 14% and 13% of app downloads, respectively.
The app downloads showed lower numbers from William Hill, PointsBet and TwinSpires. BetRivers offered an online download and not a mobile app, so downloads were not reported.
Kelley sees Michigan market share shaking out to 30% share for each of FanDuel and DraftKings, and 10% to 15% each for Barstool Sportsbook and BetMGM. Others could have single digit market share, according to Kelley.
Benzinga??™s Take: As you can see, the betting platforms tested offered some large incentives to get users to sign-up as well as place bets on Michigan-related teams.
The question will now turn to which app is the best and easiest to use and which one users stick around for.
The early results show sets of tiers for the sports betting players in Michigan. DraftKings and FanDuel look like early winners, followed by Barstool and BetMGM. The race could be for third place, then shaking out if any other app can gain 5% share in the state.

These Were the 3 Best Sports Betting Stocks of 2020.
Betting online may be the future of sports gambling.
Sports betting is big business around the world, and it's been dominated for decades by traditional land-based casinos. That's changing as betting moves online, and the mobile gambling market took a major step forward in 2020 as more states legalized online gambling, and thousands of people began betting legally at home during the pandemic. A few companies hit public markets as well, bringing even more attention and funding to the industry.
As we look back on the year and forward to 2021, the sports betting market has three clear winners in my eyes: DraftKings (NASDAQ:DKNG) , MGM Resorts International (NYSE:MGM) , and the little known GAN Limited (NASDAQ:GAN) .
Image source: Getty Images.
DraftKings.
The hottest sports betting stock of 2020 was DraftKings, hands down. The company hit the market through a special purpose acquisition company and hasn't looked back. Shares shot higher as the pandemic wore on and sports came back, helped by investors hoping that online betting would begin to replace in-person betting. For the year, shares are up 406%.
In some ways, the boom in online betting is happening faster than expected, and that's helped early movers like DraftKings. In New Jersey, which is the bellwether for online gambling because it was the biggest early state to allow betting, there were $91.8 million in bets in November 2020 alone, up 86.9% from a year ago. If that growth and level of revenue are any indication of the potential for the rest of the country, DraftKings has a long runway ahead.
The third-quarter 2020 results were a small indication of how well things are going for DraftKings. Revenue was up 42% on a pro forma basis to $133 million, and monthly unique users grew 64% to 1 million. Revenue is also expected to be $750 million to $850 million in 2021, up 45% at its midpoint from 2020 guidance. This is a sports betting stock with a lot going for it and maybe just at the beginning of its growth story.
MGM Resorts.
As gambling moves online, companies with a physical presence can sometimes have an advantage over digital-only companies. They have known brands, regulators sometimes require a physical presence to operate in a state, and there can be synergies between real-world and online casinos. That's the space that MGM Resorts is trying to fill, and it's done so relatively well in 2020.
The joint venture MGM Resorts built to enter the space is BetMGM, which is now offered in eight states and is growing as quickly as states will allow. Like DraftKings, the company is limited by what's legal in the U.S., but betting should be opening up in more states long term.
What I like about MGM as a sports betting play is that it has a foundation as a physical casino company. MGM can use the cash flow from its casinos to fund online gambling development, and if it does that successfully it should add a lucrative business to the portfolio.
GAN Limited.
DraftKings and MGM are the companies that are taking bets and building the apps that consumers are using, but GAN is building the background infrastructure that online gambling is built on. Its software services include player identity validation, payment services, regulatory reporting, and even some game content. And with the recently announced acquisition of Coolbet, it'll enter the sports betting market worldwide.
If sports betting continues to grow, GAN will be one of the beneficiaries because it's providing services to multiple players. And I would expect some casinos and game companies that don't have the capital to build their own infrastructure to lean on a company like GAN.
What's exciting about GAN is that it has the opportunity to grow with the online gambling and sports betting industries as well as grow the services it offers to clients. It already has a turnkey solution for infrastructure, but don't be surprised to see more games added to the portfolio so GAN can white-label the entire casino experience. That's where the real money will be made for this gambling stock.

Online gaming, sports betting off to roaring start in Michigan.
In-person sports betting in Michigan launched in March. Last week, bettors were able to place wagers online. (Photo by Edward Pevos | MLive)
Watching last weekend??™s NFL conference championship games and other sporting events was a more enthralling experience than usual for Jack Abate, of Royal Oak.
Abate, 31, was one of thousands of Michiganders to take advantage of the highly anticipated launch of online gaming and sports betting in the state. At noon Friday, 10 Michigan casinos and their platform providers went live, offering either online sports betting, online gaming, or both.
By all accounts, the first few days were a huge success.
???There were no real reports of any outages -- maybe some lag here and there -- but nothing overly out of the norm in that regard. And also you had a great weekend for an opening. You had the conference championship games and you had the added bonus of a high-profile UFC fight (Dustin Poirier vs. Conor McGregor). So all in all, with the exception of maybe starting on Super Bowl Friday or the first round of the NCAA Tournament, you??™re not going to get a much better opening slot.???
Michigan Gaming Control Board executive director Richard Kalm said revenue and wagering numbers from the opening weekend are not yet available, but there was a high level of activity.
Michigan and Virginia both launched online gambling late last week and combined for 7.5 million online gambling transactions across 400,000 accounts, according to data from GeoComply, which provides geolocation tracking services for the internet gaming industry.
Michigan and Virginia accounted for 25 percent of the overall volume last weekend across the U.S. market, which encompasses 17 states with legal online betting.
With Virginia launching just two operators, Altruda estimated two-thirds of the weekend??™s new accounts and transactions were from Michigan.
Abate was one of many to partake in the jam-packed sports weekend. He said he signed up with two operators and placed about 10 or 12 bets, wagering on the moneyline and points total for the football games while focusing on props and various boost bets on basketball and hockey games.
???It kind of gives you a little bit more incentive to tune into a game that you may not have paid attention otherwise,??? Abate said. ???I??™m not a big fancy guy for basketball, hockey or baseball, but now with online sports betting, it makes it a little bit more enjoyable to maybe turn on a game when any of my teams aren??™t playing and sit down and watch maybe root for an over/under, a prop bet or something like that.
???Moving forward, I think people are gonna tune in to maybe an offseason sport that they may not be into as much now they can put some money on the line, have a little bit more skin in the game.???
Mike Raffensperger, chief marketing officer of FanDuel, which operates an online sportsbook and casino in nine other states, said he is encouraged by the company??™s start in Michigan.
???Honestly, it was a kick-(butt) weekend,??? Raffensperger told MLive. ???I think our projections have proven right. Michigan has launched with incredible fanfare. I think we have exceeded our expectations in terms of consumer appetite for both our sports betting and our online casino product.???
Raffensperger declined to share specific numbers but said Michigan was ???one of if not our most successful state launch.???
Penn National Gaming, Inc. which has partnered with Barstool Sportsbook, said on Twitter that it received more than $2 million in first-time deposits from players over the weekend.
Meanwhile, BetMGM reported that it had more than 200,000 successful logins by customers and more than 2 million casino spins in the first seven hours of going live.
???BetMGM??™s launch in Michigan has been our strongest launch yet, by some margin,??? BetMGM CEO Adam Greenblatt said in a statement. ???The strength of demand has been impressive in both sports and gaming.???
Some of the most popular promotions were near-lock bets some operators were offering. For example, DraftKings offered a prop bet where consumers could double their money (up to a certain amount) if the Pistons made a single 3-pointer in one of their recent games.
FanDuel paid more than $1.7 million to Michigan customers on odds boost wins over the weekend, such as doubling the consumers??™ money if the Pistons scored more than 10 points in the first quarter.
???They made it really fun and easy, whether it was your first time gambling or whether you??™re a seasoned guy at sportsbook,??? Abate said. ???With tailoring things specific to Michigan, like Pistons prop bets or Red Wings, Michigan basketball and all that, I enjoyed that. The boosts made it fun.???
The online sports betting rate in Michigan is 8.4% after winnings are paid out, one of the lowest among states with legal sports betting. The tax and payment rate for internet gaming ranges from about 20% to 28%, depending on how much money a casino generates from online gambling.
Because of the competitive tax rates in the state, operators are enticed by the market. Kalm said five more operators are expected to receive MGCB approval shortly, giving consumers more options.
Overall, Altruda believes Michigan will be a top-five market in the country, along with New Jersey, Pennsylvania, Illinois and Nevada. He said he expects Michigan to reach a monthly handle of about $500 million, but noted that could vary based on different sports seasons.
Online gaming has the potential to bring in tens of thousands of dollars in tax revenue for the state, but Kalm said more time is needed to get an accurate projection.
???You??™re going to need a longer picture at this,??? he told MLive. ???It??™s a few weeks before the Super Bowl. It was a big betting weekend for the football playoffs, March Madness is coming, so there??™s a lot of activity going on. You really have to look at this on a quarterly basis, spread it out a little bit more to see where Michigan is going to be and how they are going to compare to other states and what the actual revenue numbers are. And we don??™t have all our operators up yet.???
Regardless, launching before the Super Bowl was paramount.
???It??™s huge in the sense that you??™re getting in the largest single betting sports event of the year,??? Altruda said. ???You??™re getting attention, you??™re attracting eyeballs, you??™re going to get the normal sports bettors, but you??™re also going to get the average sports bettors. The ability to attract the average bettor, who may only place one or two wagers at the same time, is now a registered user that you can reach out to and still draw from as a potential base in addition to the sports fans who are going to make multiple bets daily, monthly.???
Note to readers: if you purchase something through one of our affiliate links we may earn a commission.

Iowans take advantage of online sports betting for Super Bowl LV.
The general manager of the Diamond Jo Casino in Dubuque says they??™re already seeing betters excited for Sunday??™s big game.
CEDAR RAPIDS, Iowa (KCRG) - New research shows more than 23 million Americans plan to bet on this year??™s Super Bowl.
The American Gaming Association says a third of those, a record 7.6 Americans, will bet with online sportsbooks for this years game. And with Iowa??™s new online sports betting law, it??™s now easier than ever for people to place their bets.
The state first launched legal sports betting in August 2019, but it required gamblers to set foot inside a casino to open an account first.
As of Jan. 1, the in-person sign up requirement was removed, allowing Iowans to download a sports gambling app or open an account online and start betting immediately.
Kevin Washburn is the Dean at the University of Iowa College of Law and has published casebooks primarily focused on the laws of gaming and gambling.
Between advertising and the easy accessibility online betting allows, Washburn said regulators need to work on keeping up with the new online gambling environment.
Washburn says the big game is good news for Iowa??™s revenue, but he is worried, saying being able to download a sports betting app, load it up with money, and start betting instantaneously could create some addiction problems in society later on.
???They don??™t even need to be watching the game to be gambling on it, obviously, so when you divorce the gambling from the entertainment that??™s what starts to make me worried a little bit, because somebody might be betting on 20 different games, none of which they are actually watching. They can lose a lot of money fast,??? Washburn said.
One Dubuque casino says the Super bowl is the single-most betted on event of the year. And with online betting easier than ever, they expect Sunday??™s big game to show big numbers.
In December, legal sports wagering in Iowa topped the $100 million plateau, with 74% of bets placed online.
Diamond Jo Casino??™s General Manager, Wendy Runde, said they??™re already seeing people excited and placing their bets online for the game.
???When numbers came out in December it was the third month in a row for a record setting sports betting month. I would expect that January is likely the fourth consecutive month we set records, especially with that in person component going away,??? Runde said.
Half of the 50 states have legalized sports betting, with markets up and running in time for this year??™s Super Bowl in 21 of them, according to the American Gaming Association. They also report that 56% of betters plan to bet on the Chiefs, while 44% plan to bet on the Buccaneers.
Runde says the Iowa Racing and Gaming Association should be releasing January??™s numbers in about a week.
She says that??™s when we??™ll see how the new law really impacts the online sports betting industry. She said as online betting becomes that much easier, and the pandemic lingers, the challenge becomes finding a way for people to still enjoy their retail space.
She says Diamond Jo Casino in Dubuque will be open for in-person entertainment for Super Bowl LV, with social distancing and masks required.
Copyright 2021 KCRG. All rights reserved.

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?»?Michigan Online Sports Betting Review: How 6 Apps Fared, Plus Early User Data Figures.
Michigan launched online sports betting on January 22, with a handful of companies offering their services in the 10th most populous state in America.
I downloaded six of the sports betting apps to test them out during the first weekend. Here is a look at how they fared in terms of downloads, potential market share and promotional offers.
DraftKings: The app from Draftkings Inc (NASDAQ: DKNG) is incredibly easy to use, which shouldn??™t come as a surprise given the company's strong market share in the states it operates in. What was surprising was how hard it was at first to login and use the app during the first weekend live in Michigan. The app crashed numerous times and unfortunately became the app used the least by me due to tech problems.
DraftKings offered signup bonuses, matching deposits and $100 free to play blackjack in the casino portion of the app. The company had some bets that were pretty close to being guaranteed winners, such as on the chances of a first quarter touchdown or more than 0.5 touchdowns scored in the NFL Conference Championship.
FanDuel: Flutter Entertainment ADR 's (OTC: PDYPY) FanDuel app had several login problems for me, but operated very well during the first few days of legal betting in the state. The app did feature a warning the first couple days that due to increased volume, settlement on some winning bets could take up to 30 minutes.
Barstool Sportsbook: The Barstool Sportsbook was launched by Penn National Gaming, Inc (NASDAQ: PENN) in Michigan. Barstool offered $10 in free bets for new users in the state and another $5 for those who filled out their favorite sports on their profile. One of the things that really sets the app apart from the competition is Barstool's unique personalities for betting ideas, such as odds boosts and suggested bets.
BetRivers: The lesser known BetRivers brand comes from Rush Street Interactive Inc (NYSE: RSI), which went public via a SPAC. The company offered free promotional money to people who signed up on opening weekend. The app was easy to use and offered a wide range of prop bets and odds-boosted events. Many of the boosted bets came with limits of $100, higher than competitors.
PointsBet: Another lesser known company, PointsBet Holdings Ltd. (OTC: PBTHF), puts out one of the apps I was looking forward to testing out. One of the promotions PointsBet offered was betting on the Detroit Pistons spread. For every point the Pistons scored, users got $1 in free bets.
BetMGM: A joint venture between MGM Resorts International (NYSE: MGM) and GVC International, the BetMGM app is very easy to use, and I was surprised with the amount of odds boosts from the company.
Other Options: Other companies that launched in Michigan but whose apps I did not test or download were Golden Nugget Online Gaming (NASDAQ: GNOG), William Hill, Wynn Resorts, Limited (NASDAQ: WYNN) and TwinSpires, owned by Churchill Downs, Inc. (NASDAQ: CHDN).
Michigan also recently approved sports betting and online poker from Fox Bet, which is partially owned by Fox Corp (NASDAQ: FOX) and Flutter Entertainment.
Early App Data: Michigan is expected to release official sports betting figures in late February. Bank of America analyst Shaun C. Kelley is out with some early data about the companies that launched online sports betting and iGaming in Michigan.
App download data shows DraftKings and FanDuel as the early leaders in the state with 40% and 27% market share, respectively. Barstool Sportsbook and BetMGM fought it out for third place with 14% and 13% of app downloads, respectively.
The app downloads showed lower numbers from William Hill, PointsBet and TwinSpires. BetRivers offered an online download and not a mobile app, so downloads were not reported.
Kelley sees Michigan market share shaking out to 30% share for each of FanDuel and DraftKings, and 10% to 15% each for Barstool Sportsbook and BetMGM. Others could have single digit market share, according to Kelley.
Benzinga??™s Take: As you can see, the betting platforms tested offered some large incentives to get users to sign-up as well as place bets on Michigan-related teams.
The question will now turn to which app is the best and easiest to use and which one users stick around for.
The early results show sets of tiers for the sports betting players in Michigan. DraftKings and FanDuel look like early winners, followed by Barstool and BetMGM. The race could be for third place, then shaking out if any other app can gain 5% share in the state.

These Were the 3 Best Sports Betting Stocks of 2020.
Betting online may be the future of sports gambling.
Sports betting is big business around the world, and it's been dominated for decades by traditional land-based casinos. That's changing as betting moves online, and the mobile gambling market took a major step forward in 2020 as more states legalized online gambling, and thousands of people began betting legally at home during the pandemic. A few companies hit public markets as well, bringing even more attention and funding to the industry.
As we look back on the year and forward to 2021, the sports betting market has three clear winners in my eyes: DraftKings (NASDAQ:DKNG) , MGM Resorts International (NYSE:MGM) , and the little known GAN Limited (NASDAQ:GAN) .
Image source: Getty Images.
DraftKings.
The hottest sports betting stock of 2020 was DraftKings, hands down. The company hit the market through a special purpose acquisition company and hasn't looked back. Shares shot higher as the pandemic wore on and sports came back, helped by investors hoping that online betting would begin to replace in-person betting. For the year, shares are up 406%.
In some ways, the boom in online betting is happening faster than expected, and that's helped early movers like DraftKings. In New Jersey, which is the bellwether for online gambling because it was the biggest early state to allow betting, there were $91.8 million in bets in November 2020 alone, up 86.9% from a year ago. If that growth and level of revenue are any indication of the potential for the rest of the country, DraftKings has a long runway ahead.
The third-quarter 2020 results were a small indication of how well things are going for DraftKings. Revenue was up 42% on a pro forma basis to $133 million, and monthly unique users grew 64% to 1 million. Revenue is also expected to be $750 million to $850 million in 2021, up 45% at its midpoint from 2020 guidance. This is a sports betting stock with a lot going for it and maybe just at the beginning of its growth story.
MGM Resorts.
As gambling moves online, companies with a physical presence can sometimes have an advantage over digital-only companies. They have known brands, regulators sometimes require a physical presence to operate in a state, and there can be synergies between real-world and online casinos. That's the space that MGM Resorts is trying to fill, and it's done so relatively well in 2020.
The joint venture MGM Resorts built to enter the space is BetMGM, which is now offered in eight states and is growing as quickly as states will allow. Like DraftKings, the company is limited by what's legal in the U.S., but betting should be opening up in more states long term.
What I like about MGM as a sports betting play is that it has a foundation as a physical casino company. MGM can use the cash flow from its casinos to fund online gambling development, and if it does that successfully it should add a lucrative business to the portfolio.
GAN Limited.
DraftKings and MGM are the companies that are taking bets and building the apps that consumers are using, but GAN is building the background infrastructure that online gambling is built on. Its software services include player identity validation, payment services, regulatory reporting, and even some game content. And with the recently announced acquisition of Coolbet, it'll enter the sports betting market worldwide.
If sports betting continues to grow, GAN will be one of the beneficiaries because it's providing services to multiple players. And I would expect some casinos and game companies that don't have the capital to build their own infrastructure to lean on a company like GAN.
What's exciting about GAN is that it has the opportunity to grow with the online gambling and sports betting industries as well as grow the services it offers to clients. It already has a turnkey solution for infrastructure, but don't be surprised to see more games added to the portfolio so GAN can white-label the entire casino experience. That's where the real money will be made for this gambling stock.

Online gaming, sports betting off to roaring start in Michigan.
In-person sports betting in Michigan launched in March. Last week, bettors were able to place wagers online. (Photo by Edward Pevos | MLive)
Watching last weekend??™s NFL conference championship games and other sporting events was a more enthralling experience than usual for Jack Abate, of Royal Oak.
Abate, 31, was one of thousands of Michiganders to take advantage of the highly anticipated launch of online gaming and sports betting in the state. At noon Friday, 10 Michigan casinos and their platform providers went live, offering either online sports betting, online gaming, or both.
By all accounts, the first few days were a huge success.
???There were no real reports of any outages -- maybe some lag here and there -- but nothing overly out of the norm in that regard. And also you had a great weekend for an opening. You had the conference championship games and you had the added bonus of a high-profile UFC fight (Dustin Poirier vs. Conor McGregor). So all in all, with the exception of maybe starting on Super Bowl Friday or the first round of the NCAA Tournament, you??™re not going to get a much better opening slot.???
Michigan Gaming Control Board executive director Richard Kalm said revenue and wagering numbers from the opening weekend are not yet available, but there was a high level of activity.
Michigan and Virginia both launched online gambling late last week and combined for 7.5 million online gambling transactions across 400,000 accounts, according to data from GeoComply, which provides geolocation tracking services for the internet gaming industry.
Michigan and Virginia accounted for 25 percent of the overall volume last weekend across the U.S. market, which encompasses 17 states with legal online betting.
With Virginia launching just two operators, Altruda estimated two-thirds of the weekend??™s new accounts and transactions were from Michigan.
Abate was one of many to partake in the jam-packed sports weekend. He said he signed up with two operators and placed about 10 or 12 bets, wagering on the moneyline and points total for the football games while focusing on props and various boost bets on basketball and hockey games.
???It kind of gives you a little bit more incentive to tune into a game that you may not have paid attention otherwise,??? Abate said. ???I??™m not a big fancy guy for basketball, hockey or baseball, but now with online sports betting, it makes it a little bit more enjoyable to maybe turn on a game when any of my teams aren??™t playing and sit down and watch maybe root for an over/under, a prop bet or something like that.
???Moving forward, I think people are gonna tune in to maybe an offseason sport that they may not be into as much now they can put some money on the line, have a little bit more skin in the game.???
Mike Raffensperger, chief marketing officer of FanDuel, which operates an online sportsbook and casino in nine other states, said he is encouraged by the company??™s start in Michigan.
???Honestly, it was a kick-(butt) weekend,??? Raffensperger told MLive. ???I think our projections have proven right. Michigan has launched with incredible fanfare. I think we have exceeded our expectations in terms of consumer appetite for both our sports betting and our online casino product.???
Raffensperger declined to share specific numbers but said Michigan was ???one of if not our most successful state launch.???
Penn National Gaming, Inc. which has partnered with Barstool Sportsbook, said on Twitter that it received more than $2 million in first-time deposits from players over the weekend.
Meanwhile, BetMGM reported that it had more than 200,000 successful logins by customers and more than 2 million casino spins in the first seven hours of going live.
???BetMGM??™s launch in Michigan has been our strongest launch yet, by some margin,??? BetMGM CEO Adam Greenblatt said in a statement. ???The strength of demand has been impressive in both sports and gaming.???
Some of the most popular promotions were near-lock bets some operators were offering. For example, DraftKings offered a prop bet where consumers could double their money (up to a certain amount) if the Pistons made a single 3-pointer in one of their recent games.
FanDuel paid more than $1.7 million to Michigan customers on odds boost wins over the weekend, such as doubling the consumers??™ money if the Pistons scored more than 10 points in the first quarter.
???They made it really fun and easy, whether it was your first time gambling or whether you??™re a seasoned guy at sportsbook,??? Abate said. ???With tailoring things specific to Michigan, like Pistons prop bets or Red Wings, Michigan basketball and all that, I enjoyed that. The boosts made it fun.???
The online sports betting rate in Michigan is 8.4% after winnings are paid out, one of the lowest among states with legal sports betting. The tax and payment rate for internet gaming ranges from about 20% to 28%, depending on how much money a casino generates from online gambling.
Because of the competitive tax rates in the state, operators are enticed by the market. Kalm said five more operators are expected to receive MGCB approval shortly, giving consumers more options.
Overall, Altruda believes Michigan will be a top-five market in the country, along with New Jersey, Pennsylvania, Illinois and Nevada. He said he expects Michigan to reach a monthly handle of about $500 million, but noted that could vary based on different sports seasons.
Online gaming has the potential to bring in tens of thousands of dollars in tax revenue for the state, but Kalm said more time is needed to get an accurate projection.
???You??™re going to need a longer picture at this,??? he told MLive. ???It??™s a few weeks before the Super Bowl. It was a big betting weekend for the football playoffs, March Madness is coming, so there??™s a lot of activity going on. You really have to look at this on a quarterly basis, spread it out a little bit more to see where Michigan is going to be and how they are going to compare to other states and what the actual revenue numbers are. And we don??™t have all our operators up yet.???
Regardless, launching before the Super Bowl was paramount.
???It??™s huge in the sense that you??™re getting in the largest single betting sports event of the year,??? Altruda said. ???You??™re getting attention, you??™re attracting eyeballs, you??™re going to get the normal sports bettors, but you??™re also going to get the average sports bettors. The ability to attract the average bettor, who may only place one or two wagers at the same time, is now a registered user that you can reach out to and still draw from as a potential base in addition to the sports fans who are going to make multiple bets daily, monthly.???
Note to readers: if you purchase something through one of our affiliate links we may earn a commission.

Iowans take advantage of online sports betting for Super Bowl LV.
The general manager of the Diamond Jo Casino in Dubuque says they??™re already seeing betters excited for Sunday??™s big game.
CEDAR RAPIDS, Iowa (KCRG) - New research shows more than 23 million Americans plan to bet on this year??™s Super Bowl.
The American Gaming Association says a third of those, a record 7.6 Americans, will bet with online sportsbooks for this years game. And with Iowa??™s new online sports betting law, it??™s now easier than ever for people to place their bets.
The state first launched legal sports betting in August 2019, but it required gamblers to set foot inside a casino to open an account first.
As of Jan. 1, the in-person sign up requirement was removed, allowing Iowans to download a sports gambling app or open an account online and start betting immediately.
Kevin Washburn is the Dean at the University of Iowa College of Law and has published casebooks primarily focused on the laws of gaming and gambling.
Between advertising and the easy accessibility online betting allows, Washburn said regulators need to work on keeping up with the new online gambling environment.
Washburn says the big game is good news for Iowa??™s revenue, but he is worried, saying being able to download a sports betting app, load it up with money, and start betting instantaneously could create some addiction problems in society later on.
???They don??™t even need to be watching the game to be gambling on it, obviously, so when you divorce the gambling from the entertainment that??™s what starts to make me worried a little bit, because somebody might be betting on 20 different games, none of which they are actually watching. They can lose a lot of money fast,??? Washburn said.
One Dubuque casino says the Super bowl is the single-most betted on event of the year. And with online betting easier than ever, they expect Sunday??™s big game to show big numbers.
In December, legal sports wagering in Iowa topped the $100 million plateau, with 74% of bets placed online.
Diamond Jo Casino??™s General Manager, Wendy Runde, said they??™re already seeing people excited and placing their bets online for the game.
???When numbers came out in December it was the third month in a row for a record setting sports betting month. I would expect that January is likely the fourth consecutive month we set records, especially with that in person component going away,??? Runde said.
Half of the 50 states have legalized sports betting, with markets up and running in time for this year??™s Super Bowl in 21 of them, according to the American Gaming Association. They also report that 56% of betters plan to bet on the Chiefs, while 44% plan to bet on the Buccaneers.
Runde says the Iowa Racing and Gaming Association should be releasing January??™s numbers in about a week.
She says that??™s when we??™ll see how the new law really impacts the online sports betting industry. She said as online betting becomes that much easier, and the pandemic lingers, the challenge becomes finding a way for people to still enjoy their retail space.
She says Diamond Jo Casino in Dubuque will be open for in-person entertainment for Super Bowl LV, with social distancing and masks required.
Copyright 2021 KCRG. All rights reserved.

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?»?Sports Betting Indicators.
College Basketball.
College Basketball is one of the workhorses for the professional sports bettor. Once the season starts in November, hundreds of teams play about two games a week ??” vying for a spot in the Final Four. This frenzy leading into March Madness means that there are college hoop games almost every day of the week ??” and especially Saturdays! Lots of opportunity??¦and lots of data overload. This makes college hoops a slightly different animal. We??™ll review some of the sports betting tools that might help you wade through the oceans of data.
Betting Against the Public and Square Plays.
Betting Against the Public has proven to work across all of the major sports. Its consistency is remarkable; we have seen that Betting Against the Public and Sports Insights??™ Square Plays have consistently won in the 54%-57% range, on average. As we know, winning streaks and losing streaks happen. For example, last year was a difficult year for many professionals in the NFL, as it has been called ???The Year of the Favorites.??? This year, the NFL has bounced back strongly, with Sports Insights??™ Square Plays achieving 69% winning percentage!
Number of Bets.
SportsInsights shows numerous indicators, with Betting Percentages being its most popular. We agree that Betting Percentages are very useful at helping to uncover value in the sports marketplace. We also feel, however, that other sports betting indicators ??“ such as the Number of Bets and Line Movement ??“ are important as well. At Betting Charts, we feel that this is particularly true in sports such as College Basketball. There are just SO many games, that this indicator can help to drive you to the games that the public is following most. We performed a test to look at how this factor can help improve results.
Using a simple system that typically takes College Hoops underdogs, we overlaid a filter that played only the top 1/3 of games in terms of number of bets. The winning percentage increased by more than 2%! This makes sense because games with public interest will lead to overpriced favorites. The moral of the story: if you are Betting Against the Public, focus on the games where there is a lot of Public interest.
Line Moves.
Smart Money Techniques.
Summary.
Disclaimer.
We do not guarantee that the trends and biases we??™ve found will continue to exist. It is impossible to predict the future. Any serious academic research in the field of ???market efficiencies??? recognizes that inefficiencies may disappear over time. Once inefficiencies are discovered, it is only a matter of time before the market corrects itself. We do not guarantee our data is error-free. However, we??™ve tried our best to make sure every score and percentage is correct.

Sports Betting Charts.
Wednesday, December 25, 2013.
Soccer - Converting 1x2 Moneyline Into Asian Handicap.
True Odds, A [1]
Notes and Sources [1] To find true odds of Team B, use the following equation: 1-TO(A|X).
Tuesday, November 26, 2013.
NBA - Home Win Probability Using SRS.
The following equations can be used to determine true money-line and true point spreads for the NBA. The basis of them are using Adjusted Simple Rating System (aSRS), which can be calculated by:
Where: aSRS = adjusted simple rating system G = games played SRS = simple rating system Simple Rating System??”from what I've seen??”is only published on Basketball-Reference, and is calculated by adding the team's margin of victory and strength of schedule. Justin Kubatko of Statitudes compiled the results of the 1976??“1977 through 2012??“2013 NBA seasons using aSRS, and created the following logit equation to predict the probability of the home team winning:
Where: e = Euler's number, the base of natural logarithm dSRS = Home team's aSRS ??“ Away team's aSRS This answer will produce a decimal (i.e. 0.5277) which can be multiplied by 100 to get the implied probability (i.e. 52.77%). This implied probability can be converted into a true money-line by using a convertor. Finally, this probability can be converted into a point spread using the following equation:
NFL Playoff Predictions - Week 12.
Methodology: At NFL-Forecast, there is a program that uses a monte carlo simulator to simulate the remainder of the season 5,000 times. It also takes the team efficiency ratings from Advanced NFL Stats .

Sports betting chart.
Who Does the Public Like? The following feature monitors wagering activity at many of the largest online sportsbooks. These

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