Michigan bettors had a successful start to 2023 as legal sports betting revenue fell for operators.
The Michigan Gaming Control Board reported that the Great Lakes State saw a decline in sports betting for the month of January as online and retail companies struggled to stay profitable.
Online sports betting in Michigan accepted $475.6 million in bets, while the retail side brought in $15.2 million. Both are in the midst of a three-month drop and together suffered a 1% decline compared to the month prior.
Revenue (both gross and adjusted) took a hit as well. The combined gross receipts equaled $33.7 million and adjusted revenue came in at $17.9 million — a stark decrease from December numbers.
The hold percentage also came down from 10.2% in December to just 6.8% for last month. Sports betting in Michigan saw retail casinos take the largest hit, holding just 1% of wagers.
Not surprisingly, Michigan’s tax bill was for the month was quite smaller. Online operators paid $1.1 million while retail casinos totalled $8,939 — marking an 11-month low.
Risers and fallers
FanDuel continued to extend its lead as the state’s most popular sportsbook. Their online handle in December came in at $150 million, which was a slight increase from December’s $146.1 million.
DraftKings' handle dropped to $117.2 million after accepting $127.1 million in online bets the previous month. Meanwhile, BetMGM saw a decent rise, hitting $110.5 million versus $99.5 million in bets for December.
Barstool Sportsbook and the Greektown Casino also took over MGM Grand Detroit's December lead, seeing $5.8 million in bets to MGM's $5.6 million.
