Sports Betting

Michigan Sports Betting Handle Hits $497M For March

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Michigan Sports Betting Handle Hits $497M For March

The Michigan Gaming Control Board reported a sports betting handle of $497.6 million for March, a nearly 20% increase over February. Operators also totaled $43.5 million in gross revenue.

Sports betting handle in Michigan increased 18% compared to the $421.7 million in bets from March 2023

The handle increased 18% compared to the $421.7 million in wagers from March 2023. Both Michigan State and Oakland University reached the second round of the NCAA Tournament.

However, adjusted revenue is up only 1% (roughly $60.4 million) as deductions have outpaced taxable revenue by roughly $1.3 million this year, according to Chris Altruda of SportsHandle.

Michigan finished the month of March with the seventh-highest handle, trailing New York ($1.85 billion), New Jersey ($1.33 billion), North Carolina ($659.3 million), Massachusetts ($654.9 million), Maryland ($536.7 million), and Indiana ($500.8 million).

FanDuel, DraftKings, and BetMGM were the most successful sports betting apps in the Great Lakes State last month.

In March 2023, Michigan sports betting saw an 11.8% drop in handle when compared to 2022. The Wolverine State received $421.7 million in bets in March 2023, a decrease from $478 million in March 2022.

Last March’s total was an 18.1% increase in handle over the $357.2 million posted in February 2023. 

In February 2024, about $415.8 million was received in sports betting handle. February’s gross revenue totaled $30.5 million. 

FanDuel accepted $186.2 million in wagers in March, about $60 million more than DraftKings

First off, FanDuel reached above $500 million in all-time revenue while also collecting $4.5 billion in total handle since launch. It accepted $186.2 million in wagers in March, about $60 million more than DraftKings. The adjusted revenue came to $13 million. 

Next, DraftKings extended its streak of $10 million in monthly winnings to seven. The sportsbook has accepted $400 million in wagers through the first quarter of the year, about a 31% increase from the same span in 2023. 

Moreover, BetMGM recorded its best hold of 2024 at 9.3% in generating $6.1 million worth of revenue from $66 million in the handle. Having said that, this year’s total is down from March 2023. Winnings saw a 37.2% decrease and the handle dropped 13.6%. 

Although Caesars Sportsbook reached $795,000 in handle and collected $31.5 million in wagers, ESPN BET produced a 7.9% win rate and pulled in $2.4 million in gross revenue to Caesars’ $1.5 million from a 4.6% hold, per Altruda.

ESPN BET finished with $874,000 in adjusted gross revenue. The sportsbook totaled $17.3 million in gross revenue in its first five months while attaining a 7.9% hold in Michigan.

As for casinos, Greektown Casino began the year with a loss of more than $1 million in January. Though, it managed to eliminate a significant portion of the deficit by winning $731,400 in March. It is currently down $175,000 for 2024.

MotorCity Casino had the best hold of the Detroit casinos at 13.7%. It claimed $546,000 in revenue from $4 million handle and reached $1.6 million in winnings.