Michigan sports betting had another strong month in January. While it came up short of a new record for handle, it crossed the $600 million mark for the second consecutive month with $601.6 million.
That is down about 2% from December’s record of $613.4 million, but up 22.6% from last January’s $490.4 million in handle.
Michigan online sports betting recorded its fourth consecutive month with at least $500 million in handle. In January, Michigan online sportsbook tallied $577.4 million in wagers. That ranks second in the state’s history in terms of sports betting handle.
January 2024 Michigan sports betting revenue numbers
Here are the top-line numbers for Michigan sports betting in January from the Michigan Gaming Control Board.
- Handle: $601.6 million ($577.4 million online)
- Revenue: $48.2 million ($47.7 million online)
- Hold: 8.0% (down from 10.7% last month)
- Month-over-month: Handle decreased 2%
- December sports betting taxes: $1.3 million to the state and $ 685,378 million to local entities.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $214 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $26.7 million
Three takeaways from January sports betting revenue report
FanDuel continues to expand its lead
FanDuel Sportsbook is raising the bar in Michigan once again.
In January, FanDuel posted a new record of just under $214 million in online handle. That also led to a record $26.7 million in online sports betting revenue.
It marks the third consecutive month that FanDuel has surpassed $200 million in online handle. No other sportsbook has reached that milestone even once.
January’s total accounted for 37.1% of the market share in Michigan online betting industry.
This past month’s online handle was also a 42.6% jump in online handle compared to January 2023 ($150 million).
ESPN Bet over $50 million again
ESPN Bet continues to put up impressive online handle numbers in its debut months in Michigan.
In January, the online sportsbook for Hollywood Casino at Greektown recorded $52.2 million in handle. While that was below December’s record of $55.2 million, it is the third consecutive month the PENN online sportsbook has went over $49 million in handle.
Prior to the switch to ESPN, PENN’s Barstool Sportsbook was struggling to get to $30 million in monthly handle.
Over its first three months, ESPN Bet is averaging $52.4 million in monthly handle. While that number is likely to drop with football season over, it’s still an encouraging sign for PENN with March Madness on the horizon.
WynnBET approaching the end
With the news of WynnBET selling its Michigan online licenses to Caesars, it signals the end of its online sportsbook approaching.
Wynn had already shut down its online sportsbook at nine other states since August, so it was no surprise to see it do the same in Michigan.
Over each of the last two months, WynnBET has recorded just over $200,000 in online wagers. It did $209,856 in December and $213,153 in January.
In both cases, WynnBET reported lost revenue, dropping over $4,000 in December and over $2,600 in January.
Its January market share for online handle in Michigan registered at just 0.03%.
Online sports betting January 2024 Michigan revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $223,788,158 | $27,846,311 | 12.4% | $1,416,978 |
| Bay Mills | DraftKings | $166,766,047 | $10,948,099 | 6.6% | $243,816 |
| MGM Grand Detroit | BetMGM | $78,455,921 | $6,232,301 | 7.9% | $284,742 |
| Greektown | ESPN BET | $61,322,331 | $95,514 | 0.2% | -$47,867 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $37,486,758 | $987,123 | 2.6% | $40,348 |
| Little River Band of Ottawa | BetRivers | $12,175,186 | $754,154 | 6.2% | $0 |
| Lac Vieux Desert Band of Lake Superior Chippewa | PointsBet | $11,073,693 | $989,310 | 8.9% | $40,614 |
| Sagniaw Chippewa | Eagle | $4,021,438 | $21,758 | 0.5% | $0 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,727,723 | $153,416 | 8.9% | $0 |
| Hannahville | SI | $1,637,044 | $2,800 | 0.2% | $0 |
| Pokagon Band of Potawatomi | Four Winds | $1,540,637 | $129,025 | 8.4% | $0 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | Play Gun Lake | $811,989 | $36,114 | 4.4% | $0 |
| Keweenaw Bay | Golden Nugget | $565,065 | $4,515 | 0.8% | $0 |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $213,153 | -$2,663 | -1.2% | $0 |
| Total | $601,585,142 | $48,197,778 | 8.0% | $1,978,630 |
