Michigan sports betting operators hauled in one-fourth less revenue compared to the previous year during a high volume month.
Key Takeaways
- Michigan sportsbooks generated the second $500-million handle of 2025.
- Operators hauled in $6 million less in September than August.
- DraftKings had a rough month in adjusted gross revenue.
The Michigan Gaming Control Board reported on Monday that online and retail sportsbooks generated $44.4 million in gross revenue in September, a 25% year-over-year decrease, from a $537.9-million handle that spiked a mild 2.7% from the same month in 2024.
Sportsbooks were hoping to capitalize more on a September highlighted by the start of the NFL season, the first full month of college football, and the end of MLB’s regular season. That combination produced the second-highest handle of 2025.
However, profits were down by more than $6 million month-over-month. September’s 8.2% hold was down significantly from the 11.3% win rate produced during the same month in 2024.
Other September woes
Michigan online sports betting operators accounted for $43.6 million in gross revenue and $524.3 million of the Wolverine State’s total dollars wagered in September. Adjusted revenue of $13.2 million was down from $27.5 million produced in September 2024.
Detroit’s three retail sportsbooks generated $13.6 million, but Hollywood Casino at Greektown lost over $236,000 on sports wagering in September.
Those factors led to a much lesser tax haul for Michigan. Sportsbooks sent a combined $805,220 in tax revenue to the state, increasing the year-to-date payout to nearly $15 million, and spent more than $420,000 in city taxes and service fees.
DraftKings struggles
| Online Operator | September Handle | Gross Revenue |
|---|---|---|
| FanDuel | $180.6 million | $18.2 million |
| DraftKings | $165.6 million | $10.6 million |
| BetMGM | $66.7 million | $6.8 million |
| Fanatics Sportsbook | $45.6 million | $3.3 million |
| Caesars | $24.8 million | $1.2 million |
| ESPN BET | $24.1 million | $2.2 million |
FanDuel was the top online handle and gross revenue generator in Michigan for September, totaling $180.6 million in wagers and $18.2 million in profit, still reaching a double-digit hold. However, while the handle was a slight increase from the previous September, revenue fell by over $6 million.
DraftKings failed to even reach the industry win-rate standard of 7%, making $10.6 million on a $165.6-million handle. The online operator’s adjusted revenue had a great effect on the state’s total numbers, as DraftKings reported just $462,506 in receipts.
BetMGM had a solid month, generating $6.8 million in gross revenue from a $66.7-million handle. Fanatics Sportsbook went from $2.6 million in August gross revenue to $3.3 million in September from a handle that was up $15 million from the previous month.
Caesars edged ESPN BET for fifth place by about $700,000. However, the PENN Entertainment platform turned a much better hold to reach $2.2 million in gross revenue.
iGaming profits increase
While sports betting revenue sank, iGaming profits soared 28% year-over-year in September. The $259.1 million was up from the previous year’s $202.6 million, but online casino revenue was down a slight 1.6% from August.
Operators still enjoyed $243.4 million in adjusted gross revenue from iGaming, a 33.5% year-over-year spike. After September, the year-to-date adjusted gross revenue total increased to $2.1 billion.
