The Wolverine State’s sportsbooks had never seen a month like November before.
The Michigan Gaming Control Board reported a monthly handle of $671.2 million, the most ever wagered on sports betting in the state. November’s total surpassed the previous high set in Deccember 2023 by nearly $58 million.
It’s only the third time since online wagering began in January 2021 that the Wolverine State’s operators have combined to generate at least $600 million in wagers. The November handle was up 15% year-over-year and month-over-month.
Gross revenue increased 62.7% year-over-year to $60.2 million. Compared to October, when Michigan went through a whopping 45.8% revenue drop from September, sportsbook profits were up more than 80%. November’s more sportsbook-friendly NFL outcomes than in October helped spur the shift.
Adjusted revenue of $39 million from online and retail Michigan sports betting jumped a massive 333% month-over-month. The 9% hold on gross revenue was up from the 5.5% produced in October.
The Wolverine State filled its coffers with $1.9 million while another $564,069 in tax revenue went to the city of Detroit.
More highs
The $650.2 million wagered online at 12 sportsbooks in November is also a new high in Michigan. The previous best was $583 million set in December 2023.
The Wolverine State’s three retail sportsbooks enjoyed a profitable resurgence as well. A 9% hold on a $21 million handle produced $1.9 million in gross revenue, the most in 2024.
FanDuel sets new mark
| Operator | November Handle | Revenue |
|---|---|---|
| FanDuel | $245.6 million | $22.1 million |
| DraftKings | $182.8 million | $18.4 million |
| BetMGM | $93.8 million | $9.7 million |
| Caesars | $36.9 million | $553,234 |
| Fanatics Sportsbook | $36.6 million | $4.1 million |
| ESPN BET | $31.3 million | $2.4 million |
FanDuel blew past its own handle records by generating $245.6 million in dollars wagered and placed first for the month with $22.1 million in gross revenue. DraftKings finished November in second place with a handle of $182.8 million and produced a double-digit hold.
BetMGM’s $93.8 million handle is the online operator’s highest in 2024. Caesars went from sixth in October to fourth in November behind $36.9 million in wagers, but the mobile sportsbook produced just a 1.5% hold.
Fanatics Sportsbook used an 11.2% win rate to make $4.1 million in gross revenue on a $36.6 million handle. ESPN BET was the only other online sportsbook to reach $30 million in wagers.
BetRivers generated a handle of more than $10 million for the first time since March.
iGaming record falls for third consecutive month
The MGCB also reported a new iGaming revenue record for the third consecutive month. The Wolverine State’s 15 online casino operators hauled in $226 million in November, besting October’s revenue mark by more than $5 million.
The adjusted revenue of $203.3 million increased 29% year-over-year and pushed the year-to-date adjusted total to just under $1.9 billion. iGaming produced $42.5 million in taxes for the state of Michigan and $10.6 million for Detroit in November.
