With football over and the Detroit Pistons hard to root for, there was an unsurprising drop in February wagers for the Wolverine State. Things will pick up in March with the NCAA Tournament, but with just Michigan State and Oakland participating, the rebound may not be substantial.
The Michigan Gaming Control Board announced that the state saw $415.8 million in wagers last month, marking a 30% month-over-month drop.
The online sportsbooks reported a $175 million drop in action compared to January, while retail books saw their action drop by nearly half. However, the good news is that Michigan’s market is still strong, as the Wolverine State grew by 16% year-over-year.
Before adjustments, the operators grossed $30.3 million, equalling a 7.2% hold. In January for comparison, sportsbooks kept 8% of the handle. Ultimately, the state saw $927,000 in taxes, while the city of Detroit took in $362,000.
FanDuel still leads despite declining bets
Online sports betting in Michigan accounted for $402.6 million of the state's $415.8 million handle, and it was FanDuel that led the way.
FanDuel, like almost every sportsbook, saw a drastic decline in wagers in February, losing 28.8% of their January action. Rival DraftKings also fell by 34%, but both operators were the only books to exceed $100 million in wagers. Only SI Sportsbook, which is expected to leave Michigan, reported a greater handle in February ($1.8 million) than in January ($1.6 million).
On the retail side, ESPN Bet’s Greektown Casino saw the most action ($5.3 million), leapfrogging FanDuel’s MotorCity Casino’s $4.7 million. That being said, Greektown was the only profitable physical sportsbook.
| Operator | February Handle | Revenue |
|---|---|---|
| FanDuel | $152.3 million | $7.8 million |
| DraftKings | $109.8 million | $4.3 million |
| BetMGM | $58.7 million | $1.5 million |
| ESPN BET | $30.4 million | -$36,000 |
| Caesars | $26.3 million | -$333,000 |
| Fanatics | $9.2 million | -$293,000 |
| BetRivers | $8.1 million | $23,000 |
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