Michigan Underscoregs Experience Best April Ever Despite Declines From March

Michigan released its legal sports betting revenue report for April on Tuesday, showing mixed results typical for this time of year. Overall, the best sports betting sites in the state likely saw improved results compared to last year, with a few exceptions.

The April revenue report from the Michigan Gaming Control Board revealed a decrease in month-over-month handle and revenues compared to March. However, this was overshadowed by the milestone achievement of Michigan sports betting apps and retail providers generating a combined handle of over $400 million in April, a first in the state’s history.

In April, FanDuel Michigan had the highest handle and revenues among operators. ESPN BET’s market share in Michigan continued to decrease monthly, while Fanatics Underscore Michigan saw its market share decrease for the second consecutive month.

$414.4 million April handle

In April, Michigan sports betting sites and physical sportsbooks in the state collectively brought in a total of $414.4 million. This marks the first time in history that sportsbooks in Michigan have surpassed the $400 million mark in the month of April.

It also shows a decrease of 16.7% from March, when the state was heavily involved in the NCAA Men’s and Women’s basketball tournaments. Nevertheless, it marks a significant 22.6% increase from the $338.1 million reported in April 2023.

In April, sports betting apps accounted for $399.1 million of the total handle, while retail betting contributed $15.3 million.

Michigan’s legal sports betting handle has reached $1.93 billion year-to-date, marking a 20% increase compared to the first four months of 2023 and a 5.4% increase from the same period in 2022. Michigan residents have been making the most of various sportsbook promotions available in the state.

$43.4 million in gross sports betting revenue

In April, Michigan sportsbooks saw a gross gaming revenue of $43.4 million, with a 10.5% hold rate – the highest since December. Despite only a slight decrease from March’s revenue of $43.5 million, this marked a 19.7% increase year-over-year from April 2023’s revenue of nearly $36.3 million.

State and local governments received $1.8 million in tax contributions from $29.3 million in adjusted gross revenue, with $797,600 going to Detroit, after accounting for bonuses and promotional credits.

Michigan sportsbooks have seen a significant increase in gross revenue, totaling $165.5 million so far this year. This marks an 18.9% year-over-year growth compared to the first four months of 2023. Adjusted gross revenue has also risen by 6.3% during this period, with tax contributions experiencing a slight increase as well.

FanDuel dominates

FanDuel emerged as the top Michigan sports betting app in terms of monthly handle and revenues, capturing $153.4 million of the state’s total $414.4 million handle and generating $20.4 million in revenues. With a strong 13.3% hold, FanDuel Michigan is the leader in the state’s sports betting market. Check out FanDuel Michigan with our exclusive promo code.

In April, DraftKings Michigan reported $106.3 million in accepted wagers, generating $10.5 million in revenue from a 9.9% hold. This marked the eighth consecutive month that DraftKings Michigan has exceeded $10 million in revenue in the Michigan market.

BetMGM Michigan secured the third spot with $58.1 million in bets and $5.7 million in gross revenue for the month of April.

Caesars underscore Michigan ranked fourth in terms of handle but fifth in revenues, generating $1.2 million with a disappointing hold rate of 4.7%. On the other hand, ESPN BET placed fifth in handle but fourth in gross revenues, bringing in $2.2 million due to a win rate of 8.7%. However, ESPN BET’s adjusted revenue amounted to just $689K, as a result of a significant promotional expenditure during the month.