An early start to the college football season and the fervor surrounding the reigning national champion University of Michigan were likely factors in a sports betting increase from the Wolverine State in August.
The Michigan Gaming Control Board reported that $289.7 million was wagered in the final month of summer, up 26.8% year-over-year. The commercial and tribal sports betting revenue of $29.1 million was a 23.7% increase from Aug. 2023.
Online and retail operators combined enjoyed a 10% hold, down slightly year-over-year, but August marked the fifth consecutive month with a double-digit win rate.
Compared to July, wagers were up 12.8% while August revenue was on par with the previous month.
The Wolverine State hauled in $935,500 in taxes from the $18 million in adjusted gross revenue while Detroit picked up $365,300.
Retail rallies
Retail sportsbooks bounced back from the previous month’s revenue loss to turn a $1.7 million profit in August. The three brick-and-mortar casino operators took in $9.6 million, up from July’s $6.6 million and the highest since May’s $11.1 million handle.
Meanwhile, online sports betting accounted for $280.1 million of the total handle in August, up 28.2% year-over-year. Michigan’s 15 mobile operators combined to produce $27.4 million in revenue, down from the $29.4 million generated in July.
FanDuel, BetMGM post big win rates
| Operator | August Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $101 million | $11.1 million |
| DraftKings | $78.1 million | $7.6 million |
| BetMGM | $41.2 million | $4.6 million |
| Caesars | $18.4 million | $901,503 |
| Fantatics Sportsbook | $16.5 million | $1.3 million |
| ESPN BET | $14.2 million | $1.1 million |
FanDuel went over $100 million in the amount wagered for the sixth month this year and the first since May. The $11.1 million gross gaming revenue, however, was the lowest of 2024 as the hold fell from 13% to 11% month-over-month.
DraftKings posted the second-best handle at $78.1 million, up $8.4 million from the previous month, but revenue dropped off slightly to $7.6 million.
BetMGM was a big winner in August as the online sportsbook’s 11.3% hold produced $4.6 million of profit on a $41.2 million handle. BetMGM went over $40 million in wagers for the eighth time this year and cleared $4 million in profits for the second consecutive month.
Caesars came in fourth with a handle of $18.4 million, but the online operator’s sub-5% hold led to less than $1 million in revenue. Fanatics Sportsbook and ESPN BET both cleared that profit mark with double-digit handles as well.
iGaming revenue shines again
Online casinos provided a big business in Michigan as revenue of $196.7 million rose 29.2% year-over-year. The third-largest iGaming total in Michigan history was up 2.7% from July.
The Wolverine State filled its coffers with $36.9 million in online casino tax revenue while the city of Detroit pocketed $9.1 million. Tribal operators made $4.6 million in payments to governing bodies.
BetMGM led all operators with iGaming revenue of $52.5 million as Michigan surpassed $6 billion year-to-date in online casino revenue following August’s haul.
