Michigan Sports Betting Handle and Revenues Increase Year-Over-Year

A recent earnings report revealed consistent year-over-year growth in Michigan’s legal sports betting industry, providing a boost to several top sports betting sites.

The February earning report from the Michigan Gaming Control Board indicated a decrease in sports wagering activity compared to the previous month. This decline can be attributed to the limited number of NFL games scheduled in February and the shorter betting period of 29 days. Despite these factors, Michigan sports betting apps and retail providers had a solid performance during the month.

In February, the Wolverine State experienced double-digit growth in both handle and revenue figures. This marks the second consecutive month of increased betting activity in Michigan’s sports betting industry compared to the previous year.

$415.8 million February handle

Michigan sports bettors wagered a total of $415.8 million in February with both mobile apps and retail providers, marking a 31% decrease from January’s $601.1 million. However, this still represents a 16.4% increase from February 2022’s total of $357.2 million.

Michigan sports betting sites accounted for an impressive $402.6 million of the total $415.8 million handle in February, with the remaining amount coming from retail locations.

February ended Michigan’s four-month streak of $500 million monthly handles, but there are still numerous sportsbook promos available for residents to capitalize on in Michigan.

$30.4 million in gross sports betting revenue

The Michigan Gaming Control Board reported that the state generated $30.4 million in gross sports betting revenue in February. This represents a decrease of $17.8 million from January’s total of $48.2 million, but a 31.2% increase from February 2023’s total of $23.1 million.

In February, Michigan sports betting apps generated $30.5 million in revenue, while the state’s retail sector experienced losses.

Michigan providers’ share decreased to 7.3% in February from 8% in January, but it was higher than the 6.5% reported in February 2023.

Due to a significant increase in promotional spending during the Super Bowl season, Michigan’s top sportsbooks saw adjusted taxable revenue of only $12.8 million in February.

Michigan sportsbooks contributed $1.28 million in taxes to support state and local tax coffers for those in need.

FanDuel maintains its edge

Not surprisingly, FanDuel Michigan and DraftKings Michigan were the top players in the legal sports betting market in Michigan in February, accounting for more than 75% of the state’s total gross revenue.

In February, FanDuel dominated the market with $152.4 million in accepted bets, capturing a 38% market share. Additionally, FanDuel Michigan generated the highest revenue among state providers, bringing in $13.9 million with a 9.1% hold.

In February, DraftKings Michigan saw $109.9 million in wagers with $10.1 million in revenues, achieving a 9.2% hold. BetMGM Michigan came in third with $58.7 million in wagers and $3.6 million in revenues, boasting a 6.2% win rate.

In February, ESPN BET Michigan ranked fourth with a $30.4 million handle, generating nearly $2 million in revenue with a 6.5% hold, marking a 4.3% increase from the previous month.

Caesars underscored Michigan’s top five ranking with $26.3 million in wagers and $65K in winnings in February, despite a low 0.3% hold rate.

In February, the partnership between Fanatics and PointsBet in Michigan generated $9.3 million in bets, ranking sixth in the state. Fanatics assumed control of PointsBet on Feb. 21.

Notably, five Michigan sports betting apps, including ESPN BET, Caesars, Fanatics Underscoreg, betPARX, and Soaring Eagle, concluded February with negative Adjusted Gross Revenue. Despite this, none of these providers were required to pay any state taxes.