Though sports betting in Michigan collectively dipped in January, BetRivers Sportsbook MI set a new record.
Historically a middling online sportsbook option in Michigan, BetRivers had its best month in over two years of operation in January.
Is it a sign of what’s to come for BetRivers?
January brings record handle, revenue for BetRivers Sportsbook Michigan
BetRivers Sportsbook MI recorded $11.14 million in online handle for January 2023.
That marked the third consecutive month that BetRivers recorded a record monthly handle.
In November 2022, BetRivers recorded $8.86 million in handle, which was a new record at the time. That was bested in December with $10.83 million in handle.
Since a quiet month collectively for the state in July of 2022, where BetRivers had just $3.53 million in handle, the operator has increased its monthly handle since.
Along with the record handle, BetRivers also had a record month of online sports betting revenue in January. It collected $643,116 in revenue, which topped the previous record of $550,026 in December 2021.
BetRivers historically in the middle for Michigan
Another victory for BetRivers in the January revenue report is that it passed PointsBet Sportsbook in the online handle race.
This marked the first time BetRivers had gotten ahead of PointsBet in online handle. PointsBet finished with $11.06 million. That landed BetRivers sixth of the 15 Michigan online sportsbooks in January.
All-time, BetRivers is seventh in Michigan sportsbooks when it comes to handle. It has received $134.4 million in wagers over the two years of operation. That has led to just under $8 million in revenue.
BetRivers does have a lot of ground to make up to catch PointsBet in all-time handle. PointsBet is sixth with $294.4 million.
Rush Street stock not netting much value
Rush Street Interactive, the parent company of BetRivers, is set for its 2022 Q4 investor call next week.
Currently, Rush Street stock is sitting at just $4.04.
The stock hasn’t had much success over the last year. It sat at $24.24 back on Jan. 15, 2021. That was just a week before online gambling was legalized in Michigan.
Rush Street stock took a hard dip late in 2021. It went from $21.07 in late November down to $7.91 by early March of 2022.
Since then it’s been slowly declining to where it sits now.
There has been some slight growth over the last couple months. Rush Street stock hit a low of $3.02 on Dec. 23 of last year.