Revenue plummeted in December compared to the previous year across Michigan's online and retail sports betting operators. Despite a slight handle increase of less than 1% from Dec. 2023, gross profits of $20.5 million fell 68.9% year-over-year as bettors feasted on another month of success from NFL favorites.
The in-state Detroit Lions covered the spread in two of their four games but won three of them outright while going over the point total each week in December.
The Michigan Gaming Control Board reported $617.5 million in wagers during the month, down 8% from November. Gross revenue, the lowest since June 2023, also decreased 66.3% month-over-month while December's adjusted revenue only reached $267,881.
The month’s 3.3% hold was operators’ worst since Feb. 2021 and the Wolverine State's second-lowest ever. The win rate fell six points lower than November's and more than two points worse than October's when sportsbooks across the U.S. struggled to beat bettors due to an unprecedented NFL favorite run.
The poor profit month meant Michigan operators sent the state less than $215,000 in taxes.
Yearly sports betting totals
Despite the December damper, Michigan sports betting thrived in 2024 behind a record handle and revenue.
Online and retail sportsbooks combined to generate $5.5 billion, up 14.6% from 2023’s handle. Yearly gross revenue reached $470.2 million, an 8.3% bump from the previous year, while the 8.5% hold was below 2023’s 9%.
Online sports betting accounted for $194.4 million in adjusted revenue, leading to $14.7 million in tax income for the state, according to the MGCB.
Online operator setbacks
| Operator | December Handle | Revenue |
| FanDuel | $235.5 million | $7.2 million |
| DraftKings | $162.9 million | $6 million |
| BetMGM | $85.9 million | $3.2 million |
| Fanatics Sportsbook | $34.8 million | $1.6 million |
| ESPN BET | $31.1 million | $458,099 |
| Caesars | $28.5 million | $1.2 million |
Online sports betting accounted for $597.7 million of the total handle. FanDuel’s $235.5 million December handle was down $10 million from November while its $7.2 million in gross revenue fell from the previous month’s $22.1 million.
DraftKings was the only other operator to reach $100 million in handle, generating $6 million in revenue on $162.9 million wagered. BetMGM’s hold fell 67% month-over-month to $3.2 million from an $85.9 million handle.
Fanatics Sportsbook moved up a spot in December with a $34.8 million handle but couldn’t capitalize because of a 4.6% hold. ESPN BET generated $31.1 million in wagers, but the online operator’s revenue reached just $458,099.
Caesars was just one of two online sportsbooks in Michigan to see a month-over-month December revenue increase. The online operator hauled in $1.2 million, more than double November’s revenue, on a $29.5 million handle.
iGaming flourishes
Online casinos helped make up for sports betting’s struggles. The MGCB reported iGaming produced $244 million in December revenue, surpassing the previous $226 million record set in November.
Adjusted revenue for the month increased 35.9% year-over-year to $219.6 million, leading to an annual $2.2 billion total. iGaming filled the state’s coffers with $451.4 million.
