The Michigan Gaming Control Board reported that the state’s legal sports betting handle and revenue fell month over month.
The Great Lakes State took in $338.1 million in wagers last month vs. the $421.6 million in March, a 23.3% drop off. And when compared to April 2022, last month saw a 14.6% lower handle.
Not surprisingly, the sportsbook’s gross revenue also fell to $36.2 million (a 21% decline), but the operators of sports betting in Michigan maintained a double-digit hold with April's 10.7% mark slightly lower than March’s 10.8%. January and February were luckier months for betters with a hold percentage lower than 7%.
April’s revenue, despite 23% less money wagered, was the second-most profitable month in 2023. That was good for the state’s 15 operators and for the state and local government. Online sports betting sites paid $2.4 million in both state taxes and city fees.
Online vs retail breakdowns
FanDuel was again the top sportsbook in both revenue and handle. In fact, they were the only operator with more than $100 million in wagers. DraftKings was again in second with $86.2 million in bets. Together, the Top 2 operators controlled 59% of the online market share. The other 13 operators had to fight for the remaining 41%.
BetMGM came in third with $55.1, followed by Caesars with $23.4 million, and Barstool Sportsbook with $16.7 million.
While FanDuel dominated the online market in April, its retail presence took a hit last month. FanDuel’s sportsbook at the MotorCity Casino was dead last in handle compared to the other casinos in Michigan. Even worse, it was the only location to report a loss. After $4.1 million in handle, FanDuel was in the red by $1.7 million.
Barstool’s Greektown Casino saw the most handle ($6.8 million) and revenue ($1.4 million). In fact, Barstool’s revenue has basically doubled each of the last two months.
