Sports Betting

Michigan Reports $40M In Mobile Revenue, Posts 12% Hold In May

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Michigan Reports $40M In Mobile Revenue for Sports Betting, Posts 12% Hold In May

The Michigan Gaming Control Board reported $239.5 million in online gambling revenue, $40.9 million in gross mobile sports betting revenue, and a 12%.1 hold for May on Tuesday. If retail numbers are factored in, operators collected $42.8 million in gross winnings.

Michigan became the 10th state to surpass $16 billion in all-time handle

May’s win rate was the second highest with sports betting apps available behind the 13.2% hold posted in September 2022. Plus, it was the third consecutive May that the state’s sportsbooks combined for a double-digit hold.

Gross revenue also increased 18.4% over last year.

Although the handle dropped 14.4% from April, winnings were down just 1.5% overall.

There are 14 sportsbooks in Michigan: BetMGM, BetRivers, Caesars, DraftKings, Eagle Casino & Sports, ESPN BET, Fanatics, FanDuel, FireKeepers, Four Winds, Golden Nugget, Play Gun Lake (betPARX), TwinSpires (horse racing only), and WynnBET.

Moreover, Michigan became the 10th state to surpass $16 billion in all-time handle, with the $2.28 billion in wagers accepted this year up 19.4% compared to the first five months of 2023.

Seven states finished ahead of the Wolverine State in handle last month: New York ($1.98 billion), New Jersey ($838.9 million), Massachusetts ($587.3 million), North Carolina ($525.5 million), Maryland ($431.5 million), Tennessee ($379.2 million), and Indiana ($361.6 million).

DraftKings attained its first double-digit hold of 2024

Additionally, Michigan levied taxes on almost $30 million in adjusted gross revenue, leading to $1.8 million for state coffers. Detroit received $751,000 in receipts. Of that amount, $665,100 came from mobile operators.

The $7.7 million in state taxes is $743,700 ahead of last year’s pace, with the $119.7 million in AGR up 11.6% from 2023.

FanDuel set an all-time high with $18.2 million in revenue from $123.2 million in handle, resulting in a 14.8% hold. DraftKings attained its first double-digit hold of 2024, making May the ninth straight month the sportsbook had an eight-figure revenue haul.

BetMGM recorded its first win rate over 10% this year. The operator reached 11.7% and generated $5.5 million in revenue from $46.9 million in handle. Last month’s performance propelled BetMGM’s hold for 2024 to 8.8%, considering revenue surpassed $25 million, and the handle went above $300 million.