Sports betting in Michigan continues to show a plateau, recording $490.9 million in handle for January.
That’s just under 1% lower than December’s $494.8 million, and a 7.8% year-over-year drop from $532.7 million in January 2022.
Online sports betting brought in $475.6 million, which is a 4.3% drop from the all-time online handle record of $496.8 million set the previous January.
“The January revenue release was highly anticipated, particularly when it comes to sports betting,” said Paul Costanzo, lead analyst for PlayMichigan. “It was the first month with Ohio in the mix, and we have a comparison to a year ago, when January set the state record for sports betting handle. The 7% year-over-year drop in total handle is somewhat in line with recent trends, but Ohio being a factor certainly can’t be ruled out.”
January 2023 Michigan sports betting revenue numbers
Here are the top-line numbers for Michigan sports betting in January from the Michigan Gaming Control Board.
- Handle: $490.9 million ($475.6 million online)
- Revenue: $33.8 million ($33.6 million online)
- Hold: 6.9% (down from 10.2% last month)
- Month-over-month: Handle decreased 0.8%
- January sports betting taxes: $1.2 million to the state and $544,689 to local entities.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $150 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $19.9 million
Three takeaways from January Michigan sports betting revenue report
BetRivers Sportsbook MI sets record
While most operators are seeing a plateau in January, BetRivers Sportsbook MI put up a new online handle record.
In January, BetRivers recorded $11.14 million in online wagers. It bested the previous record, which was just last December, of $10.8 million.
BetRivers has seen six consecutive months of growth in handle. January’s performance allowed it to pass PointsBet for sixth in the state in monthly handle.
That’s the first time BetRivers has finished ahead of PointsBet Sportsbook in the handle race.
Adding to the joy for BetRivers is that the $643,116 in revenue is also a monthly record for the operator.
PointsBet Michigan focused on sports betting
If one thing is clear, it’s that PointsBet has firmly settled into its sportsbook operation.
You won’t find much more of a drastic difference in online sportsbook performance to online casino performance than PointsBet.
In January, PointsBet handled $11.1 million in wagers, landing it seventh among the state’s 15 operators.
That is pretty well in line with where it usually fits in. Over Michigan’s history, PointsBet sits sixth in all-time handle with $294.4 million in wagers.
However, PointsBet online casino sits last in Michigan’s all-time revenue race with just $17 million. That’s below even Eagle Casino & Sports, which has earned $21.8 million and only been operational since April of 2022.
Michigan bettors bounce back in January
After seeing a 10.2% hold in December, Michigan’s sportsbooks collected just 6.9% in January.
The online hold was just a slight bit higher at 7.1%.
That hold is a nice drop from the 8.4% the state has averaged since sports betting was legalized.
It is also the lowest hold for the state since June of last year, which was 5.4%.
However, that came in one of the lowest handle months of the year for Michigan. For this number to come in a big wagering month like January, it’s a nice win for the state’s bettors.
Michigan sports betting January 2023 handle and revenue by operator
|MGM Grand Detroit||BetMGM||$116,237,136||$3,350,190||2.9%||$57,469|
|Lac Vieux Desert||PointsBet||$11,064,978||$609,092||5.5%||$4,761|
|Sault Ste. Marie||WynnBet||$3,313,477||-$110,340||-3.3%||$0|
|Little Traverse Bay||Fox Bet||$2,426,618||$187,243||7.7%||$15,272|
|Keweenaw Bay||Golden Nugget||$1,160,091||$20,877||1.8%||$0|