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Michigan Earns Sports Betting Increase in August

Perry Sandra

Updated on September 25, 2023 at 2:52 PM EDT, this article is a 2-minute read. For more information, visit our Twitter and Google News links.

Donovan Edwards of the Michigan Wolverines runs the ball as we share how Michigan sports betting fared in August.
Donovan Edwards of the Michigan Wolverines runs the ball against the East Carolina Pirates at Michigan Stadium on Sept. 2, 2023 in Ann Arbor, Michigan. Photo by Gregory Shamus/Getty Images via AFP.

Typically, August is known as the slowest month for legal sports betting nationwide. However, in 2023, there has been a noticeable increase in sports wagering activity in all participating U.S. states.

Michigan saw a month-over-month increase in overall sports betting in August, according to the Michigan Gaming Control Board’s revenue report. The report noted a slight uptick in wagering activity, indicating that the start of the NFL and college football season may have had an early impact on the state’s legal sports betting market.

Nevertheless, due to a disappointing hold rate, the revenues fell short of matching the state’s handle increases.

August handle increases

Michigan sports betting saw a slight uptick in overall activity, but still had its second-lowest month in the past year, with only July performing worse.

In August, sports betting in Michigan saw a total of $228.5 million in wagers, marking a nearly $20 million increase from the previous month. This 9.4% improvement from July’s $208.8 million was a positive trend. However, compared to the same time last year, there was a slight decrease of 0.6% from the $229.8 million wagered in August 2022.

There is a concerning trend coming out of Michigan as their sports betting handle has shown decreases year-over-year in every month of 2023.

The majority of Michigan’s legal sports betting handle in August came from the state’s top sports betting apps, with $218.5 million spent with mobile providers.

Revenues slide 

Due to a decrease in hold rate compared to the previous month, net revenues for Michigan betting sites saw a slight decline year-over-year, starting from July.

The Michigan Gaming Control Board reported $23.5 million in gross gaming revenues for August, with $23.2 million attributed to Michigan sports betting apps. This figure represents an increase from the nearly $23 million reported in July, but a decrease from the $25.65 million reported in August 2022.

Michigan sportsbooks experienced a decrease in net adjusted revenues due to a 10.3% hold, which was lower than the 11% hold in July and the 11.2% hold in August 2022.

In August 2023, net revenues totaled $16.2 million, showing a 3% decrease from July and a 1.3% decline compared to the same period the previous year.

Michigan sports betting providers paid $1.47 million in taxes in August, a decrease from $1.53 million in July and $1.49 million in August 2022.

FanDuel wins the duel

The competition for sportsbook dominance unfolded in Michigan on a national scale, mirroring the battles seen in other sports betting markets. FanDuel emerged as the leader in both handle and revenue in the Great Lakes State.

In Michigan, FanDuel accounted for $76.1 million of the total $229.5 million handle, generating $7 million in revenue with a 12.1% hold. As of the first eight months of 2023, FanDuel has achieved an impressive 13.7% hold in the state.

In August, DraftKings reported $57.8 million in bets with $3.6 million in revenues, BetMGM followed with $36.4 million in wagers and $1.9 million in revenues, Caesars had $15.5 million in bets and $1.6 million in revenue, and Barstool Underscoreg Michigan rounded out the top five with an $11.4 million August handle.

Written By:
Perry Sandra
Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.