March Madness went the way of the bettors in 2025 across Michigan, as year-over-year sports betting gross revenue plummeted 22.7%.
Key Takeaways
- Michigan sportsbooks generated a $487.2 million handle, down 2% from the previous March
- The 6.9% hold is the third lowest in Michigan over the last 17 months
- iGaming revenue surges in March and sets another new record
The Michigan Gaming Control Board reported that commercial and tribal sportsbooks generated $33.6 million during college basketball’s premier postseason month. It’s the second-lowest profit output during March Madness since Michigan sports betting began in 2021.
The Wolverine State produced a $487.2 million handle, the sixth above $400 million in the last seven months, but down 2% from March 2024. Online and retail operators won back 6.9% of the amount wagered. A lack of upsets and moneyline parlays cashing during the NCAA tournament contributed to a more customer-friendly win rate.
March’s hold was down from the previous year’s 8.7% and the third lowest in Michigan over the last 17 months. The $15.2 million in adjusted revenue led to $900,000 in tax revenue for the Wolverine State.
Heading the wrong way
Michigan online sports betting generated $475.1 million of March’s total handle. Compared to February, when the Super Bowl was held, wagering was up 25.1%, but mobile operator revenue was down from the previous month’s $46 million.
After January’s all-time revenue record of $85.5 million, March marked the second consecutive month-over-month drop. Operators enjoyed a 13.5% hold during the first two months.
Despite a rough March, that win rate has led to $166 million in gross revenue during the first three months of 2025, a 36% year-over-year increase.
FanDuel, DraftKings account for 70% of revenue
| Online Operator | March Handle | Revenue |
|---|---|---|
| FanDuel | $179 million | $14 million |
| DraftKings | $129 million | $9.5 million |
| BetMGM | $69.9 million | $3.9 million |
| Fanatics Sportsbook | $32.8 million | $2.3 million |
| ESPN BET | $24.2 million | $1.4 million |
| Caesars | $23.7 million | $734,245 |
The top two online operators accounted for 63.2% of the total handle and 70% of the gross revenue.
FanDuel led all Michigan online operators with a $179 million March handle, but that was down from February’s $218.2 million. The sportsbook’s $14 million took a much more drastic turn, falling month-over-month by 65.5%.
DraftKings had a similar hold of under 8% that produced $9.5 million in gross revenue from a $129 million handle.
BetMGM continued its stronghold with the third-highest handle, nearly approaching $70 million. A 5.5% hold led to just $3.9 million in profit. Fanatics Sportsbook made $2.3 million from a 32.8 million handle, while ESPN BET was the only other online operator to reach $1 million in revenue.
iGaming sets new record again
The monthly record for Michigan online casino gross revenue set in January didn’t last long. March produced $260.5 million of iGaming profit, surpassing the previous high of $248.2 million and up from February’s $222.5 million.
Online casinos have generated $731.2 million year-to-date. Combined with March’s tax payout of $50.5 million, iGaming operators have sent $136.4 million to the Wolverine State in 2025, a 32% increase from the first three months of 2024.
