Michigan ended 2023 with a bang. The Michigan Wolverines and Detroit Lions were a thrill to watch and the state’s sports betting market broke records.
The Michigan Gaming Control Board reported that the state’s sports betting handle (including both mobile and retail operators) hit $613.4 million, a 5% monthly increase. This is Michigan’s third straight month of record-breaking action.
Individually, both the online sportsbooks and the physical books ended the year on a strong note with handles at a 12-month high. The online operators announced a handle of $583 million while the brick-and-mortar locations combined for $30.3 million (nearly double last month’s haul).
While, as a whole, the online operators saw roughly $15 million more in wagers, few companies saw substantial growth. DraftKings and ESPN Bet were the only two major operators who saw a substantial increase. FanDuel, BetMGM, Caesars, and BetRivers all saw monthly declines.
FanDuel still lead all books with $211.5 million in bets followed by DraftKings with $169.8 million. BetMGM stayed in third with $76.6 million followed by ESPN Bet at $55.2 million.
Revenue-wise, it was also a good month in the Wolverine State. Sportsbooks announced an adjusted gross of $40 million thanks to a 10.7% hold.
On the retail side, all the sportsbooks enjoyed an increase in action. FanDuel’s MotorCity led the way with $16 million. Greektown (tied to ESPN et) reported $10 million, as both locations saw their handle double.
2023 rankings
How did Michigan’s operators fare in 2023? Seven mobile operators reported a yearly handle of more than $100 million.
- FanDuel - $1.6 billion
- DraftKings - $1.2 billion
- BetMGM – 774.8 million
- Caesars -$326 million
- ESPN Bet/Barstool - $278 million
- BetRivers - $161 million
- PointsBet - $100 million
Adjusted revenue for these operators was a bit different, mainly due to ESPN Bet’s promotions that was so massive in November and December that the book lost money in 2023.
- FanDuel - $127.4 million
- DraftKings - $54.3 million
- BetMGM - $36 million
- Caesars - $9.1 million
- PointsBet - $2 million
- BetRivers - (-$1.4 million)
- ESPN Bet - (-$8.3 million)
iGaming also up
Gross gaming revenue in the iGaming sector also grew in Michigan, rising 19% and drawing a record $181.4 million. BetMGM led the way with a 25.9% market share, while FanDuel and DraftKings trailed with a 23.7% and 23.5% cut, respectively.
