Michigan sports betting has established itself as one of the more prolific markets in the U.S. legal sports betting space. The Michigan Gaming Control Board released financial performance for May.
The monthly handle came in just under $355 million. This is the lowest monthly handle in 2024 so far, and the only month this year when Michigan bettors wagered less than $400 million.
Despite the relatively low wagering total, Michigan sportsbooks earned $42.8 million in gross gaming revenue thanks to a 12.1% hold that was the best of the year to date.
State coffers benefited from $1.85 million in tax payouts.
Mighty May
May has actually been a winning month for sportsbooks in Michigan for two years running now. May 2023 saw $305.3 million wagered, but Michigan sportsbooks earned $36.1 million in revenue.
Although the monthly handle was the lowest year-to-date in 2023 as well, the 11.8% hold was also the highest YTD in its own right in keeping with 2024’s performance.
May 2024’s handle was a 16.2% year-over-year increase and the revenue number was an 18.4% boost.
Year to date, Michigan sports betting has brought in $2.28 billion in total wagers, $208.3 million in revenue, and $7.66 million in taxes.
Competitive Michigan sportsbooks
Online sportsbooks in Michigan collect the lion’s share of wagers each month, and May was no different. In total, Michigan’s best online sports betting sites had a $343.73 million handle, earning just under $41 million in revenue on an 11.90% hold.
Retail sportsbooks in Michigan accounted for an $11.15 million handle, but fleeced their bettors with a 16.76% hold, producing $1.87 million in total revenue.
FanDuel is the top dog in the field of Michigan online sportsbooks, bringing in a $123.2 million handle and $18.2 million in revenue. DraftKings was the only other online sportsbook in Michigan to eclipse the $100 million handle mark, and also achieved an eight-figure revenue haul for the ninth straight month.
Best online sportsbooks in Michigan
| Operator | May Handle | Revenue |
|---|---|---|
| FanDuel | $123.2 million | $18.2 million |
| DraftKings | $104.5 million | $10.98 million |
| BetMGM | $46.91 million | $5.47 million |
| ESPN BET | $20.75 million | $2.03 million |
| Caesars | $19.28 million | $1.51 million |
| Fanatics | $14.19 million | $1.79 million |
The top handle at a retail sportsbook in Michigan did not dictate the most revenue, as Hollywood Casino at Greektown saw $4.42 million in wagers only yield $488,500 in revenue. Motor City Casino enjoyed an impressive 23.21% hold on its $3.59 million handle, generating $833,400 in revenue from that. Even MGM Grand Detroit outpaced Hollywood Casino’s revenue with a lower $3.13 million handle because its 17.48% hold churned $546,600 in revenue.
Michigan casinos
Wolverine State gamblers definitely love their casino floors.
The three casinos in Michigan, all located in Detroit, collected their second-highest casino revenue figure on the year so far with $111.3 million in casino wagers.
Michiganders have wagered more than $540 million in state casinos year-to-date.
MGM Grand Detroit rules the roost with $252.3 million of that total casino handle. All three casinos have reported nine-figure revenue numbers through the first five months of the year as well.
