February Sports Betting Handle Down 31% From January, But Up Over 2023

Written By Dave Briggs on March 20, 2024
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Michigan sports betting declined significantly in February compared to the month prior, but the numbers were still up notably from the same month in 2023.

Combining retail and online sports betting, Michigan sportsbooks recorded $415.8 million in bets in February. That was down nearly 31% from January’s $601.6 million, but up 16.4% from February 2023 ($357.2 million).

That means February numbers followed a similar pattern of significant decline, likely due to there being only one NFL game (albeit, it was the Super Bowl) and no college football games.

Regardless, Michigan online sports betting failed to hit at least $500 million for the fifth consecutive month. Last month, Michigan online sportsbooks tallied $402.6 million in sports betting handle. That is down from $577.4 million in online-only wagers in January.

February 2024 Michigan sports betting revenue numbers

Here are the top-line numbers for Michigan sports betting in February from the Michigan Gaming Control Board.

  • Handle: $415.8 million ($402.6 million online)
  • Revenue: $30.4 million ($30.5 million online)
  • Hold: 7.3% (down from 8.0% last month)
  • Month-over-month: Handle decreased 31%
  • Sports betting taxes: $1.28 million, total, to state and local taxes.
  • Top online sports betting app by handle: FanDuel Sportsbook MI with $157 million
  • Top online sports betting app by revenue: FanDuel Sportsbook MI with $13.7 million

Bar chart showing Michigan sports betting handle from Jan. 2023 through Feb. 2024

Three takeaways from February sports betting revenue report

FanDuel increasing its market share in Michigan

Despite seeing a sharp decline in month-over-month handle and revenue in February that followed the total monthly trend, the FanDuel MI online sportsbook continues to increase its market share in the state.

FanDuel had 38% of the online market share. That’s up from 37.1% in January.

Michigan bettors placed $152.4 million worth of wagers through FanDuel in February. That’s down 28.8% from January when FanDuel set a new record with handle of $214 million. Though, FanDuel’s February 2024 handle was up 17% from the same month in 2023 when $126.9 million was bet.

DraftKings MI Sportsbook was second in handle last month with $109.9 million, but slipped to 27% market share, down from 29% in January.

Fanatics jumps over BetRivers into sixth spot

Fanatics, only officially took over the PointsBet brand on Feb. 22, but it is already proving to be successful in Michigan.

For February, the PointsBet/Fanatics sportsbook jumped over BetRivers into sixth spot.

Over $9.2 million was wagered through the Fanatics MI sportsbook last month, down from just over $11 million in January.

And then there were 13 sportsbooks in Michigan thanks to Golden Nugget’s departure

February marked the first time since 2020 that there were 13 or fewer online sportsbooks in the state.

Golden Nugget continues to offer an online casino in Michigan, but stopped offering sports betting close to the end of January.

In January, Golden Nugget only saw sports betting handle of slightly more than $565,000 and revenue of $4,515. It had the second-lowest sports betting handle in Michigan.

WynnBet finished last in Michigan in both January and February sports betting handle.

Caesars recently purchased WynnBet’s Michigan online casino and sportsbook license.

Online sports betting February 2024 Michigan revenue by operator

LicenseeOnline BrandHandleRevenueHoldTaxes
Bay MillsDraftKings$109,871,523$10,058,4439.2%$365,843
MGM Grand DetroitBetMGM$61,806,403$3,489,5925.6%$153,493
GreektownESPN BET$35,813,122$2,098,3275.9%$10,892
Grand Traverse Band of Ottawa and ChippewaCaesars$26,333,016$64,9460.2%$0
Lac Vieux Desert Band of Lake Superior ChippewaFanatics$9,255,794$436,0684.7%$0
Little River Band of OttawaBetRivers$8,192,453$493,6156.0%$0
Sagniaw ChippewaEagle$2,238,085$1,1700.1%$0
Nottawaseppi Huron Band of PotawatomiFireKeepers$1,491,807-$76,799-5.1%$0
Pokagon Band of PotawatomiFour Winds$981,266$10,7441.1%$0
Match-E-Be-Nash-She-Wish Band of PottawatomiPlay Gun Lake$746,924$42,2375.7%$0
Sault Ste. Marie Tribe of ChippewaWynnBet$120,250$9,5097.9%$201
Photo by PlayMichigan
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Dave Briggs

Dave Briggs is a managing editor and writer for Catena Media. His expertise is covering the gambling industry in Michigan with an emphasis on online casino, online sports betting and horse racing sectors. He is currently reporting on the gambling industries in Michigan, Pennsylvania and Canada.

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