The summer slowdown for legal sports betting didn’t stop online sportsbooks in Michigan from cashing in on mobile wagering action.
The Michigan Gaming Control Board reported July’s financial figures for the Michigan sports betting industry, and the Wolverine State’s 13 online sports betting sites accomplished a feat they haven’t achieved since 2022.
Online operators reaped $29.4 million on a total mobile handle of $250.2 million. The 11.8% hold was the fourth-straight double-digit win percentage for Michigan online sportsbooks since they hit a streak between July and Oct. 2022.
Maybe this is a sign of what’s to come as the upcoming football season gets underway this month and the ensuing betting barrage that always comes with it?
Retail sportsbooks collected $6.6 million in in-person action during July but gave back nearly $380,000 more than they won thanks to a -5.76% hold.
Total handle across all retail and online sportsbooks in Michigan was $256.8 million for the month, and aggregate gross gaming revenue (GGR) came in at $29 million (11.31% hold).
State coffers enjoyed a tax haul of $113 million too.
Periodic comparisons
July 2023 was the low point for wagering activity in Michigan all of last year, but this year’s monthly total was a 23% year-over-year increase from that mark. GGR came in at a 26.3% year-over-year improvement too, which helped the state bring in over $13,000 more in July tax contributions.
Michigan sports betting operators also managed an 11.2% hold in June, but the month-over-month handle and GGR both declined by 10% and 8.7% respectively in July.
Michigan sportsbooks rake it in
Online sportsbooks in Michigan crossed $2.73 billion and $263.18 million (9.64%) in year-to-date handle and revenue, respectively.
| Operator | July Handle | Revenue |
|---|---|---|
| FanDuel | $93.41 million | $12.15 million |
| DraftKings | $69.73 million | $7.98 million |
| BetMGM | $33.6 million | $4.06 million |
| Caesars | $15.18 million | $974,500 |
| Fanatics | $13.57 million | $1.93 million |
| ESPN BET | $13.24 million | $1.52 million |
| BetRivers | $7.8 million | $366,400 |
FanDuel rules the roost in this market, topping $1 billion in YTD (year-to-date) handle thanks to $93.4 million in collected wagers. The top operator also pushed further past the $100 million revenue mark after bringing in $12.2 million on a 13% hold to notch $124.7 million in YTD revenue. FanDuel has maintained an impressive 12.2% YTD hold in Michigan too.
DraftKings stayed in second place with its $69.7 million and nearly $8 million (11.45%) respective handle and revenue tallies.
Fanatics finished with the best overall win rate at 14.2% and altogether, nine online sportsbooks in Michigan managed a 10%+ hold for July.
BetMGM sits on its own island in third place while Caesars, ESPN Bet, and Fanatics fight it out in the 4-6 slots. ESPN BET actually fell behind the other two month-over-month in handle, and Fanatics jumped both competitors in revenue in July too.
With only six online sportsbooks in Michigan that achieve consistent monthly 8-figure handle metrics, BetRivers is the only other online operator to be comfortably in the 7-figures. Four Michigan online sports betting sites (SI Sportsbook, Four Winds Casino, Fire Keepers, betPARX) didn’t hit $1 million in handle.
