Michigan sports betting continues to bring in greater revenue despite declining wagers from a year ago.
In July, Michigan sportsbooks recorded $208.8 million in handle, an 11.5% decrease from June and a 7.2% decrease from July of 2022.
Still, online sports betting revenue came in at $22.5 million last month, a 4.1% increase from a year ago. It continues a trend for 2023 that sees the state on pace to set a new yearly online sports betting revenue record.
July 2023 Michigan sports betting revenue numbers
Here are the top-line numbers for Michigan sports betting in July from the Michigan Gaming Control Board.
- Handle: $208.8 million ($200.8 million online)
- Revenue: $23 million ($22.5 million online)
- Hold: 11.0% (up from 7.6% last month)
- Month-over-month: Handle decreased 11.5%
- July sports betting taxes: $1.1 million to the state and $415,913 to local entities.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $73.5 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $9 million
Three takeaways from July Michigan sports betting revenue report
Online sports betting revenue continues to grow
Though online sports betting handle continues to decrease year-over-year, the revenue remains on the rise.
July’s total of $22.5 million in revenue was only marginally larger than July of 2022’s $21.6 million. However, it marks the sixth consecutive month that Michigan has produced greater online sports betting revenue year over year.
Through seven months of 2023, Michigan has $213.2 million in online sports betting revenue. That is 12.9% greater than the $188.9 million through the first seven months of 2022.
The state is well on pace to set a new yearly record for online sports betting revenue. Operators have clearly found the right formula to combat the dip in overall betting.
Holds remain strong in 2023
One of the main reasons for the increase in sports betting revenue this year is the improved hold rates for the online operators.
July saw a hold of 11%. This marks the fourth time in five months that Michigan’s operators have collectively had a hold greater than 10%.
What makes July’s number impressive is that 10 different operators had a double-digit hold. That includes all of the big three operators in FanDuel (11.9%), DraftKings (10.0%) and BetMGM (12.1%).
Nobody had a stronger hold though, than Eagle Casino & Sports.
The online operator for Soaring Eagle Casino and Saganing Eagles Landing had a 23.1% hold, producing $182,085 in revenue with just $788,443 in wagers for the month.
The 23.1% hold matches the highest hold an operator has had in a full month of wagers. Golden Nugget Sportsbook MI previously set the record in March of 2022.
Fox Bet closes out on a low note
The month of July closed with Michigan losing one of its 15 online operators.
Flutter announced that it was closing down Fox Bet’s operations on July 31 despite leaving PokerStars Casino open.
The online sportsbook for Odawa Casinos ended its run in Michigan with $816,226 in online handle and $79,157 in online revenue.
The handle was the lowest month for Fox Bet since it launched late in January of 2021. Fox Bet’s revenue was the lowest since October of 2022.
There is no indication as of yet how Fox Bet will be replaced by Odawa Casino, but there are a lot of enticing options. Whether it’s a brand new operator or a name-brand option, don’t expect Michigan this license to remain open for long.
Michigan sports betting July 2023 revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $75,918,720 | $8,997,291 | 11.9% | $630,303 |
| Bay Mills | DraftKings | $55,359,867 | $5,563,546 | 10.0% | $352,628 |
| MGM Grand Detroit | BetMGM | $35,143,672 | $4,235,703 | 12.1% | $290,848 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $14,264,876 | $737,797 | 5.2% | $45,721 |
| Greektown | Barstool | $11,453,880 | $1,410,678 | 12.3% | $123,817 |
| Little River Band of Ottawa | BetRivers | $5,523,080 | $686,025 | 12.4% | $18,394 |
| Lac Vieux Desert Band of Lake Superior Chippewa | PointsBet | $4,417,299 | $631,634 | 14.3% | $40,171 |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $2,000,491 | $228,484 | 11.4% | $18,773 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $1,196,724 | $43,715 | 3.7% | $0 |
| Little Traverse Bay Bands of Odawa | Fox Bet | $816,226 | $79,157 | 9.7% | $6,462 |
| Sagniaw Chippewa | Eagle | $788,443 | $182,085 | 23.1% | $0 |
| Keweenaw Bay | Golden Nugget | $637,317 | $28,081 | 4.4% | $187 |
| Pokagon Band of Potawatomi | Four Winds | $514,306 | $71,967 | 14.0% | $0 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $413,167 | $40,267 | 9.7% | $0 |
| Hannahville | SI | $360,054 | $49,030 | 13.6% | $0 |
| Total | $208,808,123 | $22,985,461 | 11.0% | $1,527,305 |
