The summer slowdown isn’t stopping the Wolverine State’s sports betting operators from nailing another impressive monthly double-digit hold.
The Michigan Gaming Control Board reported that online and retail sportsbooks combined to produce monthly gross revenue of $31.8 million in June on a handle of $285.2 million, a hold of 11.2%.
That was down less than a point from May’s win rate, despite revenue taking a 25% plunge. Action fell 19.6%, an expected tumble with fewer major sporting events in June.
However, Michigan bettors wagered 20.8% more compared to June 2023, which helped lead to a 77.4% year-over-year increase in revenue and a win rate up more than 3.5 points from the same month in 2023.
With $17.2 million in taxable revenue, the Wolverine State filled its coffers with $1.16 million while $433,000 went to Detroit.
Big-time red
June’s profits didn’t hold up when factoring in deductions. Online sportsbooks totaled -$28.2 million in adjusted gross revenue.
BetMGM rolled over some of its allowable free deductions given by the state, leading to a $45.7 million loss in adjusted gross revenue by a single online operator. FanDuel had the second-most revenue deductions in June at $4.4 million.
Michigan sports betting operators have totaled $2.5 billion in wagers year-to-date with $233.8 million in gross revenue and $86 million in adjusted revenue.
Remaining out front
| Operator | June Handle | Gross Revenue |
|---|---|---|
| FanDuel | $96.2 million | $14.8 million |
| DraftKings | $82.8 million | $8.3 million |
| BetMGM | $40.5 million | $3.6 million |
| ESPN BET | $16.2 million | $1.4 million |
| Caesars | $15.2 million | $817,747 |
| Fanatics | $13 million | $1.3 million |
Online sports betting accounted for $276.8 million of the total handle and claimed $30.9 million in gross revenue.
FanDuel led all operators with a handle of $96.2 million and revenue of $14.8 million for a 15.4% hold in June. DraftKings brought in more than $8 million on a nearly $83-million handle with a win rate of 10%.
BetMGM finished third in handle and had a solid month with a 9% hold for a $3.6 million gross profit but wound up not paying the state June taxes because of the massive deductions claimed.
The bottom three from the top six operators remained in the same order as May, with ESPN BET leading the way on a $16.2 million handle. Caesars had a rough month with a hold of just over 5% while Fanatics made the top five in revenue in June.
Casino profits slip
Michigan’s three retail sportsbooks enjoyed a healthy 10.6% win rate to produce $894,867 of revenue on a handle of $8.4 million. GreekTown took in the most wagers at $4.1 million, but MotorCity hauled in the most revenue with $464,535.
Those three land-based gaming operators also combined to rake in nearly $104.6 million of revenue from the casino floor, down from May’s $111.3 million.
iGaming was down 7.7% month-over-month in the Wolverine State with gross revenue of $183.2 million, the second-lowest total from a single month this year. Total tax revenue for June reached $34.36 million, upping the 2024 total to $210.5 million. Nearly $54 million has been generated in city wagering taxes and municipal fees while tribal operators have received $25.3 million in payments year-to-date.
