Fox Bet Seeking Foothold in Michigan Mobile Sports Betting Market
Fox Bet will launch a mobile sportsbook app in Michigan this month as mobile sports betting becomes available for residents in the Wolverine state. The online betting company will compete in a crowded sports betting market, with the likes of DraftKings and BetMGM also set to launch mobile betting services this month.
The greater competition will lead to increased sports betting activity and revenue in Michigan. As a result, the state could become one of the biggest iGaming markets in the U.S.
However, Fox Bet holds a strong starting point before the launch of mobile sports betting in Michigan. The sportsbook will utilize its long-term connections in football broadcasting to gain a dominant foothold in the Michigan sports betting market in 2021.
Fox Bet Advantage in Michigan’s Mobile Betting Market
Fox Bet provided online sports betting in Michigan for over a year. Fox Bet has been involved with the online sports and casino market in the Wolverine state following an agreement with Little Traverse Bay Bands of Odawa Indians in January 2020,
Additionally, Fox’s broadcasting rights for NFC and NFL conference matches have created ties with fans in the state. The company has broadcasted Detroit Tigers games in the past, while links to the Michigan Wolverines and Michigan State Spartans through the NCAA Big Ten league strengthen the links with Michigan sports fans.
Fox Bet already have foundations in Michigan, which could provide leverage over competitors. In particular, the direct line to football broadcasting opens up access to millions of potential bettors in the state.
But existing national foundations could also be advantageous as Fox is also one of the leading sports broadcasters in the U.S. Tens of millions of sports fans across the country watch NFL matches and Saturday college football televised by Fox.
FOX Bet CEO, Kip Levin, says these broadcasting links have increased bettor participation across the country through the FOX Bet Super Six – a free-to-play contest that rewards players to receive rewards and bonuses for guessing correct results from six games. Levin believes this weekly competition will appeal to the new bettors in Michigan and the ease of mobile sports betting will make the offer more accessible.
Sportsbooks Recognize Michigan Betting Potential
In 2018, after the U.S Supreme Court reversed the federal sports betting ban, online sportsbook companies have battled against each other to tap into an ever-growing market in the U.S.
Retail betting in Michigan began in March 2020. But bettors had to remain patient for mobile betting to launch following regulatory reviews by lawmakers. Michigan officials are expected to announce the opening of online betting in the coming days, meaning bettors will be able to use mobile sportsbooks to bet on this year’s Super Bowl on Sunday, February 7.
14 mobile sportsbooks will launch in Michigan this month, while more companies are looking to enter the mobile sportsbook market in the state. Such expansion shows the lucrative profits for sports betting are lucrative, and online service providers fully understand the stakes of getting a foothold in a new market.
This week, the American Gaming Association reported that New Jersey’s sports betting handle rose from $4.6 billion in 2019 to $6 billion in 2020. The Garden state nearly surpassed $1 billion in sports betting wagers for December 2020 – the third consecutive month where betting wagers increased.
The AAG estimated that 84% of sports wagering took place online in New Jersey throughout 2020 – a sign of the growing demand for online sports betting options from U.S bettors. Also, following the limits and closure of physical casinos due to the COVID-19 pandemic, mobile sports betting is expected to follow suit in Michigan in 2021.