The Michigan Gaming Control Board announced that the state experienced another dip in legal sports betting wagers to end 2022.
Michigan’s retail and online sports betting sites took in $494.7 million in wagers, down slightly from November’s $498.1 million. On the other hand, the gross revenue from Michigan sports bettingrose from $42.7 million in November to $50.4 million, as Michigan's sportsbooks kept 10.2% of the bets made after paying out winners — up from the 8.6% win rate in November.
With more revenue comes a higher tax bill. The bill was $1.88 million for the online sportsbooks, while the three casinos paid $61,877 to the state, not including the fees to the city of Detroit.
Sportsbook leaderboard unchanged
FanDuel has been the top operator in Michigan for three straight months after dropping to second in September. The book's online handle in December was $146.1 million, and it reported $21.1 million in gross revenue.
DraftKings was again in second, taking in $127.1 million in online bets and turning that into $8.8 million in revenue, while BetMGM finished in third with $99.5 million in bets and $11.3 million in revenue.
On the retail side, the MGM Grand Detroit received the most action with $6.4 million in bets. Next was Greektown Casino at $4.9 million, and last was MotorCity Casino at $4.7 million.
2022 in review
A large handle didn't always translate into an equally large revenue for the online operators. Despite being third in handle over nine of the past 12 months, BetMGM made 28% more revenue than DraftKings in 2022.
FanDuel’s revenue in 2022 was dominant thanks to its 14.4% average hold. The sportsbook's $163.4 million was almost more than DraftKings and BetMGM combined ($168.2 million).
How lucky were the less popular sportsbooks? Here are the win rates for operators with more than $30 million in handle in 2022.
- Pointsbet 8.6%
- Barstool 7%
- FoxBet 6.2%
- WynnBet 5.8%
- Caesars 5.8%
- BetRivers 4.9%
The local online sportsbooks took a beating in 2022. Four books finished with an adjusted revenue in the red. Those were Play Gun Lake, FireKeepers, Four Winds, and Eagle Casino.
