March Brings Healthy Increase in Sports Betting to Michigan Market

In March, Michigan sports betting apps and the state’s retail sector experienced a significant rebound in overall sports betting activity.

The participation of Michigan State and Oakland in March Madness boosted betting activity in the state, along with the help of Michigan sportsbook promotions. Oakland, a 14-seed, pulled off a historic upset by defeating Kentucky in the first round of the NCAA Tournament.

The Sweet 16 games and Elite 8 action in Detroit probably played a significant role in boosting the betting activity for Michigan’s top sports betting websites.

Based on the March report from the Michigan Gaming Control Board, the total handle nearly reached half a billion dollars once again. Although it fell short of the $600 million handles seen in December and January, the numbers for March showed a significant increase in handle compared to both the previous month and the previous year.

Since the launch of legal online sports betting in Michigan, FanDuel has been the leading sports betting site. However, recent numbers from March have shown that there are other sportsbooks in the Michigan market that are prepared to compete with the dominant betting platform.

$497.6 million January handle

In March, Michigan’s leading sports betting establishments took in a total of $497.6 million in wagers, marking the highest amount for the year so far. Of this total, $480.4 million was contributed by Michigan sports betting apps, while the rest came from retail sports wagering locations within the state.

In March, Michigan sportsbooks saw a 18% increase in handle compared to March 2023, reaching $497.6 million. This also marked a 19.7% increase from the previous month, when the handle was $415.8 million in February.

Gross revenues come in at $43.5 million in March

The Michigan sports betting market generated a gross gaming revenue of $43.5 million in March, with a solid 8.8% hold.

In March 2023, revenues totaled $46 million, representing a 5.4% decrease from the previous month. The hold rate was 10.9%, which was two percentage points higher than the previous month. Despite this, there was a significant increase of $13 million compared to February’s revenue of nearly $30.4 million.

In February, the total amount wagered was $415.8 million and the winning percentage was 7.3%.

Adjusted gross revenue totaled $28.3 million, with Michigan sports betting sites contributing $1.7 million in taxes to the state and $737,000 to the City of Detroit.

Michigan sportsbooks have generated $122.1 million in revenue year-to-date, reflecting an 18.6% growth compared to the same three-month period last year.

Top-3 sportsbooks remain the same

The top Michigan sportsbooks are consistently FanDuel, DraftKings, and BetMGM, maintaining their positions as the top dogs in March.

FanDuel Michigan emerged as the top-performing sports betting site in Michigan, boasting a $186.2 million March handle and $18.6 million in gross revenues. FanDuel’s success in March pushed its lifetime handle in the Wolverine State market over $4.5 billion and lifetime revenues over $500 million.

In Michigan last month, DraftKings came in second place with $126.7 million in bets and almost $10.9 million in gross revenues. BetMGM Michigan took the third spot with $66 million in accepted bets and $4.5 million in adjusted revenues.

In March, ESPN BET Michigan recorded $30.7 million in wagers, while Caesars Michigan accepted $31.5 million in bets. Despite the high betting volume, ESPN BET Michigan only saw $873,000 in adjusted revenues, while Caesars Michigan generated $1 million in adjusted revenues.

Fanatics made a strong debut in Michigan, bringing in a monthly handle of $19.3 million and $1.4 million in winnings. However, the company operated at a deficit due to start-up costs, promotional expenses, and deductions related to its entry into the Michigan market.

In March, BetRivers fell to the bottom of the list of Michigan sports betting apps, with only $11.6 million in accepted wagers and approximately $650K in winnings.