March brought Michigan sportsbooks a nicely timed boost in handle and revenue.
The Michigan Gaming Control Board announced the state’s online and retail sportsbooks accepted $497.6 million in bets last month, a nearly 20% increase over February.
While January’s handle is still the highest this year, March is king, revenue-wise. It's becoming a trend in Michigan, as 2023 saw the same breakdown. The hold percentage rose from 7.2% to a much more operator-friendly 8.7%.
Revenue for the state’s three casinos was four times greater than the combined numbers from January and February. Again, like in 2023, March’s retail revenue was vastly higher than the year's first two months.
And because of that, the tax bill came to $1.7 million.
The field gains on FanDuel
FanDuel has been the constant leader in Michigan sports betting and again saw the most action. FanDuel accepted $186.2 million in action in March, $60 million more than DraftKings, and over $100 million more than the other sportsbooks.
But when it came to revenue, FanDuel was unchanged compared to January. Meanwhile, the competition enjoyed healthy growth.
BetMGM nearly doubled its January revenue while ESPN Bet reported its first month in the green in 2024.
| Operator | March handle | Adjusted revenue |
|---|---|---|
| FanDuel | $186.2 million | $13 million |
| DraftKings | $126.6 million | $6.8 million |
| BetMGM | $65.9 million | $4.5 million |
| ESPN Bet | $30.7 million | $873,000 |
| Caesars | $31.5 million | $1 million |
| Fanatics | $19.3 million | -$38,000 |
| BetRivers | $11.5 million | $209.000 |
