With March Madness all but finished in April, and the lack of football, sports betting handle in Michigan came back down to earth last month. The Michigan Gaming Control Board reported $414.4 million in total bets in April.
Because of the slower sports calendar, Michigan online sports betting apps experienced a 16.7% month-over-month decrease. However, sportsbooks increased handle by 22.6% compared with April of 2023, which is a significant jump.
It’s the first time the state cleared $400 million in Michigan sports betting handle in April.
April 2024 Michigan sports betting revenue numbers
Here are the top-line numbers for Michigan sports betting in March from the Michigan Gaming Control Board:
- Handle: $414.4 million ($399.1 million online)
- Revenue: $43.4 million ($41.7 million online)
- Hold: 10.5% (up from 8.7% last month)
- Month-over-month: Handle decreased 16.7%
- Sports betting taxes: $2.62 million, total, to state and local taxes.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $157.2 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $20.9 million
Three takeaways from April sports betting revenue report
ESPN BET market share keeps decreasing
ESPN BET launched in Michigan in mid-November and has been incredibly up-and-down ever since. However, signs trends are signaling that ESPN BET is a declining operator in the Great Lakes State.
Market share is a better barometer of performance because handle fluctuates from month to month. ESPN BET has lost market share in each of the first four months of 2024:
- January: 10.2%
- February: 8.6%
- March: 8.1%
- April: 7.9%
ESPN BET is behind FanDuel, DraftKings and BetMGM. It could soon fall below Caesars if it doesn’t right the ship.
FanDuel to cross $5 billion handle mark in May
FanDuel Sportsbook Michigan is the clear sports betting leader in Michigan, and has been ever since launching in January 2021.
The market leader is only $38 million shy of reaching $5 billion in lifetime handle in the Great Lakes State.
DraftKings Sportsbook Michigan trails FanDuel by more than $1 billion in all-time handle, and is closing in the $4 billion in lifetime handle itself.
FanDuel has set the bar extremely high for operators in Michigan. It does appear that anyone will pass them in the future.
Fanatics market share decreases in second month since launch
Fanatics has high hopes of being a top-notch sports betting operator in Michigan, along with the rest of the US. After capturing 3.9% of the market share in March, Fanatics dropped to 3.5% last month.
Fanatics prides itself on the brand awareness it has already created in the sports industry with its merchandise brand. The new platform offers an interesting promotional system, centered around building FanCash through the following ways:
- Straight bet: Up to 1% of the amount bet
- Parlay bet: Up to 3% of the amount bet
- Same game parlay: Up to 5% of the amount bet
Players can use the FanCash as bonus bets or to buy team merchandise from its website.
While the promotion might be a good idea, it hasn’t completely resonated with the state just yet. Perhaps with a little more time, and with football season on the horizon, it’ll start to reap the benefits.
Online sports betting April 2024 Michigan revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $157,239,839 | $20,890,997 | 13.3% | $1,523,221 |
| Bay Mills | DraftKings | $106,281,337 | $10,505,841 | 9.9% | $557,375 |
| MGM Grand Detroit | BetMGM | $62,050,023 | $6,143,499 | 9.9% | $415,867 |
| Greektown | ESPN Bet | $32,633,466 | $2,747,693 | 8.4% | $48,563 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $25,110,664 | $1,182,970 | 4.7% | $71,212 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $14,435,019 | $881,654 | 6.1% | $0.00 |
| Little River Band of Ottawa | BetRivers | $9,732,074 | $400,991 | 4.1% | $0.00 |
| Sagniaw Chippewa | Eagle | $2,610,079 | $348,472 | 13.4% | $0.00 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,398,999 | $83,800 | 6.0% | $0.00 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $1,128,292 | $128,890 | 11.4% | $0.00 |
| Pokagon Band of Potawatomi | Four Winds | $912,838 | $79,866 | 8.7% | $0.00 |
| Hannahville | SI | $893,489 | $45,440 | 5.1% | $0.00 |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $219 | -$2,956 | -1349.0% | $0.00 |
| Keweenaw Bay | Golden Nugget | $0.00 | $0.00 | $0.00 | |
| Little Traverse Bay Bands of Odawa | Fox Bet | $0.00 | $0.00 | $0.00 | |
| Total | $414,426,339 | $43,437,160 | 10.5% | $2,616,238 |
