DraftKings must have been eating its Wheaties in September. One of Michigan’s most prominent online operators exploded with record numbers on multiple fronts.
DraftKings finishes second in Michigan online casino revenue
While the recent focus has been on FanDuel Casino Michigan making a run at BetMGM Casino Michigan for the top spot in Michigan’s online casino hierarchy, DraftKings threw a new wrinkle into plans in September.
DraftKings Casino Michigan recorded $37.1 million in revenue in September, which was a new record for the online operator. That bested its previous record by $5.5 million ($31.6 million in March).
Along with the record revenue, DraftKings bested FanDuel in revenue for the first time since August of 2022. DraftKings earned the second spot behind BetMGM, which finished with $48.6 million.
The record number accounted for 22.3% of the market share for September. It’s the highest market share DraftKings has had since January 2021, the first month that online casinos were legal in the state. Since that time, DraftKings hasn’t even crossed 19%.
September’s numbers are part of a continued strong year for DraftKings. Its $260.9 million in revenue through nine months is a 48% increase from where it sat a year ago at this time ($176.3 million).
DraftKings’ record handle aids September sports betting boom
If the online casino revenue wasn’t good enough, DraftKings had to be very happy to see September’s sports betting numbers as well.
As part of a huge jump up in online wagers collectively for Michigan, DraftKings Michigan Sportsbook put up a new record handle with $137.3 million in wagers in September. The total bested its previous record of $132 million in January of 2022.
FanDuel Michigan Sportsbook took the top spot for wagers last month with $144.7 million. However, DraftKings’s gap of $7.4 million is as close to the top spot as it has been since September of 2022, when it was just $2 million shy of FanDuel.
The record handle for DraftKings led to $11.7 million in revenue, which was the second-highest monthly total it has recorded in Michigan.
Can DraftKings continue its surge in Michigan?
September’s numbers have to be encouraging for DraftKings, but can the online operator build on it in the months to come?
The online casino numbers have been strong throughout the year. With Eliers & Krejcik Gaming reporting that DraftKings Casino was one of the most downloaded apps during the summer, it makes sense to see it hitting new standards here in Michigan.
Last year saw DraftKings start to take its revenue up another level, similar to the state totals. Since December of 2022, DraftKings has had at least $26 million in revenue over 10 consecutive months.
Sports betting is where DraftKings has built its name and it’s still a strong sportsbook product in 2023.
Through nine months DraftKings’ online handle is up just 2.9%. However, its online sports betting revenue is up 34% through nine months, sitting at $60.6 million.
Football season has always been a strength for DraftKings. During the stretch of September-January dating back to September 2021, DraftKings has recorded at least $120 million in handle in eight of those 10 months.
It’s definitely not out of question to see DraftKings set more handle records in the months to come.