The Detroit Lions to win the NFC North is one of the more popular wagers this NFL season and the excitement from football has been great business for legal sports betting in the state of Michigan.
The Michigan Gaming Control Board announced that the state’s online sports betting handle spiked to $457.7 million, more than double the $228.4 million in both online and retail bets from August. September is now the second highest month of betting action in 2023 for the mobile books.
Although the handle was huge for sports betting in Michigan, the adjusted gross revenue (after deductions) saw a modest increase versus August. Online operators came out with a little less than $19 million in revenue versus the $15.8 million they announced the previous month. From that revenue, the state’s tax bill hit $1.2 million.
DraftKings closes the gap as revenue slumps
When the statewide handle doubles, every sportsbook comes out ahead.
On the mobile side, FanDuel remained the top dog with $144.7 million in bets, a 90% monthly increase. More impressive, however, was the book's adjusted gross revenue, which hit $9.1 million, well above the competition.
DraftKings made gains in handle, reporting $137.3 million, a 137% jump. DraftKings did pay a lot of money to bettors to boost that number, making just $2.2 million in gross adjusted revenue (less than August’s $3.6 million). BetMGM was third with $78.1 million, a 114% increase. From that handle, the book made $2.8 million in adjusted revenue. Caesars saw $33.6 million in action, a 104% jump, while BetRivers supplanted Barstool Sportsbook as the fifth highest operator with $22 million in bets, a 214% increase.
