One of America’s largest sports markets is continuing to drive profits from regulated betting.
The Michigan Gaming Control Board announced that the state’s total sports betting handle reached $584 million in November 2023 — up from $498 million for the same month last year. The results in November were also an increase from last month’s $551.1 million betting handle.
Michigan, like many other sports betting markets across America, has benefited from an influx of online wagering. The Wolverine State, which is home to 12 online sportsbooks, reported an internet handle of $568.2 million for November while its retail handle closed at $15.3 million.
Michigan’s gambling operators are reaping the benefits of a state flooded with sports fans. The state generated — for both online and retail wagering — more than $37 million in total gross receipts for November. The Wolverine State, which sees casinos pay an 8.4% tax on adjusted gross receipts, posted roughly $856,000 in tax revenue from Michigan sports betting for November 2023.
Another growing industry
Michigan has also emerged as a hub for daily fantasy sports. Between January and October, DraftKings and FanDuel combined for more than $7 million in adjusted revenue from fantasy contests. The MGCB has yet to release fantasy contest adjusted revenue figures for November.
Michigan’s daily fantasy sports results come amid a change in administrative rules. In October, the MGCB put into effect new rules for fantasy sports contests, which are required under the Fantasy Contests Consumer Protection Act. The new rules provide a regulatory framework for fantasy sports contests in the Wolverine State while ensuring fair play for its consumers.
Michigan’s desire to change its fantasy contest rules was sparked by a state legislative committee that accepted new terms regarding the industry. The committee’s new terms ban fantasy contests “that involve, result in, or have the effect of mimicking betting on sports.”
The terms have been met with backlash from Michigan residents and fantasy sports operators.
