The first double-digit hold of 2024 led to $43.4 million of gross sports betting revenue for the Wolverine State in April.
The Michigan Gaming Commission reported a monthly handle of $414.4 million that helped the 13 online and 20 retail sportsbooks combine for a 10.5% win rate, up nearly three points from the previous month.
Without the basketball-heavy that comes with March, action, and profits predictably fell. The amount wagered was down nearly 17% while revenue wasn’t nearly as far off from the $43.5 million produced in March.
The Wolverine State filled its coffers with $1.8 million in taxes, putting Michigan over $5.8 million in tax revenue in the first four months of 2024. The city of Detroit hauled in over $767,000 in taxes and fees, including $724,986 from mobile sports betting.
Draft residuals
Wagering was up 22% compared to the same month in 2023, thanks in part to the 2024 NFL Draft being held in Detroit at the end of April. The host site set an attendance record of 775,000 fans at the three-day event.
The heavily-bet draft is typically rough on sportsbooks, but with NBA and NHL playoffs getting underway and MLB settling into the season, April was a boom for gross revenue, which rose nearly 20% year-over-year.
FanDuel produces high hold
| Operator | April Handle | Revenue |
|---|---|---|
| FanDuel | $153.5 million | $20.4 million |
| DraftKings | $106.3 million | $10.5 million |
| BetMGM | $58.1 million | $5.7 million |
| Caesars | $25.1 million | $1.2 million |
| ESPN BET | $25.1 million | $2.2 million |
| Fanatics Sportsbook | $14.4 million | $882K |
Michigan online sports betting accounted for 96.3% of the overall handle and $41.9 million in revenue.
FanDuel continued to be the market-share leader in Michigan and was the biggest beneficiary in April, nearly doubling up DraftKings in revenue, thanks to a hold of over 13% and generating $153.4 million in wagers.
DraftKings just missed out on a double-digit hold as the only other online sportsbook with over $100 million in monthly handle. BetMGM finished third at $58.1 million in amount wagered.
ESPN BET had a solid month with nearly double the revenue of Caesars with almost an identical handle, but ESPN BET’s market share has lessened every month since reaching 10% in January. It’s not from a lack of trying. ESPN BET’s adjusted revenue after promotional credits was $689,000.
WynnBet fully exited the mobile market in Michigan after the first two days of April.
Casino revenue drops
Online casinos finally couldn’t top the previous month’s revenue. After setting record iGaming highs since Oct. 2023, revenue fell from $215.2 million in March to $192.2 million in April.
That’s still good enough for the second-highest total in Wolverine State history and up 21% year-over-year. FanDuel led the way with $50.7 million in iGaming winnings, and Michigan hauled in $35.8 million in tax revenue from online casinos.
The three Detroit in-person casinos produced $107.9 million in revenue. That’s down 11.7% from March but still the second-highest total in 2024. The city received $12.8 million in tax revenue while the state pulled in $8.7 million.
