High May Hold Rate Helps Michigan Underscoregs During Lowest Monthly Handle of the Year

The summer slowdown in seasonal sports betting has started in Michigan, as May’s handle marked the lowest monthly total of the year. While our top sports betting sites were not immune to the effects of the slowdown, the news was not as negative as anticipated.

The Michigan Gaming Control Board report indicates that revenues for Michigan’s top sportsbooks were not as severely impacted as expected. With a combined win rate of 12.1% and a 13.2% hold for Michigan sports betting apps, any significant decrease in profits was mitigated.

In May, Michigan’s sports betting market achieved two significant milestones. It became the 10th state to exceed $16 billion in total wagers, and FanDuel Michigan became the first operator in the region to surpass $5 billion in accepted bets since its launch in January 2021.

$354.8 million May handle

In May, bettors in the Great Lake State of Michigan wagered a total of $354.8 million through sports betting apps and retail providers. Of this amount, $343.7 million was placed through mobile sports betting operators, while the remaining was from retail locations. This marked the lowest betting total of the year for Michigan.

The total represents a 14.4% decrease in sports betting activity compared to April’s $414.4 million, but it is a 16.2% increase from the $305.3 million reported in May 2023. It appears that residents are making the most of Michigan sportsbook promotions.

In May, the state’s lifetime sports betting handle hit $16 billion, with $2.28 billion of that total coming in 2024. The year-to-date handle shows a 19.4% increase compared to the same period last year.

$42.8 million in gross sports betting revenue

In May, Michigan’s mobile and retail sportsbooks collectively generated $42.8 million in gross sports betting revenue. Of this total, $40.9 million was attributed to Michigan sports betting apps, while the remaining revenue was generated by brick-and-mortar facilities.

The gross revenue for May shows an 18.4% increase compared to May 2023, with a slight decrease of 1.5% from the previous month’s total of just over $43.4 million in April.

In May, Michigan’s top sportsbooks experienced a slight decrease in month-over-month revenues, with a 12.1% hold. This marks the seventh-best win rate in the state’s legal sports betting history. Additionally, a 13.2% mobile hold was recorded, making it the second-highest ever in Michigan.

Michigan sportsbooks have achieved double-digit holds for three consecutive months.

In May, Michigan state providers generated $30 million in adjusted gross revenue, resulting in $1.8 million in tax contributions to the state. Detroit received an extra $751,000 in taxes. So far this year, Michigan sportsbooks have paid $7.7 million in taxes, nearly $747,000 more than the same period last year.

FanDuel rules the month

FanDuel once again dominated in Michigan’s sports betting market in May, boasting a impressive 14.8% win rate against the public. The app accepted $126.8 million in wagers, solidifying its position as the first sportsbook in Michigan to reach $5 billion in lifetime bets. Explore FanDuel’s offerings with our exclusive promo code.

FanDuel’s May revenues of $19.1 million brought their year-to-date revenues close to $100 million, falling just $2.3 million short of reaching that milestone.

DraftKings Michigan came in second place in the competition to become the top Michigan sports betting platform. With $104.5 million in bets in May and a 10.5% hold rate, the site reported $11 million in revenue. DraftKings has now amassed a lifetime handle of $3.87 billion in Michigan.

In May, BetMGM Michigan ranked third with $46.9 million in bets and $5.5 million in revenue, holding at 11.7%. The lifetime handle for BetMGM in the Michigan market reached $3.99 billion in May.

In May, ESPN BET Michigan recorded $20.8 million in accepted wagers and generated $2 million in revenue from a 9.8% hold. However, there is a trend of declining market share for ESPN BET in 2024, dropping from 10.2% in January to 7.1% in May.

In May, Fanatics Underscoreg Michigan saw $14.2 million in wagers, ranking sixth, and $1.8 million in winnings, ranking fifth, with a win rate of 12.7%. Caesars Underscoreg Michigan ranked fifth in handle with $19.3 million, but due to a lower hold of 7.9%, they only brought in $1.5 million in revenues, ranking sixth.