Sports betting in Michigan saw a notable decrease in handle from one year ago.
Three commercial sportsbooks and 15 online sportsbooks combined for $305.3 million in handle. That was down 9.7% from April and 14.2% from May 2022.
Online sports betting accounted for $288.3 million in handle, the lowest mark since August of last year, which was $218.8 million. Last May had $333.4 million in online sports betting handle.
“While May has historically been the slowest of the non-summer months for sports betting in Michigan, the 13.5% year-over-year drop in online handle shows the continued slowdown of the industry in Michigan,” PlayMichigan Lead Analyst Paul Costanzo said.
May 2023 Michigan sports betting revenue numbers
Here are the top-line numbers for Michigan sports betting in May from the Michigan Gaming Control Board.
- Handle: $305.3 million ($288.3 million online)
- Revenue: $36.1 million million ($35.2 million online)
- Hold: 11.8% (up from 10.7% last month)
- Month-over-month: Handle decreased 9.7%
- May sports betting taxes: $1.5 million to the state and $683,713 to local entities.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $99.7 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $17.6 million
Three takeaways from May Michigan sports betting revenue report
Online sports betting falls below $300 million
It’s not uncommon for summer months to see a slow down in sports betting, but that started a little early in 2023.
Last year, Michigan had $333.4 million in online sports betting handle, so the $288.3 million this year is a little eye-catching.
Michigan had three months with below $300 million in online handle in 2022. That was June ($270.0 million), July ($206.1 million) and August ($218.8 million).
While the May online handle is down 13.6% from 2022, it still is 21.3% greater than the May 2021 mark of $237.6 million.
Prior to the start of the new year, PlayUSA projected that 2023 would see a decline in sports betting handle compared to 2022.
Through five months of 2023, online sports betting handle has dipped 10.3% compared to 2022 ($1.84 billion to $2.05 billion).
Overall sports betting handle is down 12.5% over the first five months of 2023.
Michigan sports bettors continue to struggle
For the third consecutive month, Michigan sportsbooks have collected a hold over 10%.
May 2023 saw an 11.8% hold, the largest number since September of 2022 when the sportsbooks collected 13.2%.
Six different sportsbook operators posted a hold over 10%. Leading the way was FanDuel/MotorCity Casino, which had collected revenue for 17.2% of its wagers.
Eagle Casino & Sports had its highest hold since September 2022 as well with 14.8% of the wagers going to the house.
Despite the high collective hold, FireKeepers online sportsbook actually lost $23,219 to the bettors in May, a -2.5% hold. Caesars Sportsbook narrowly made money, posting a hold of just 0.4% in May.
DraftKings creating distance at No. 2
The battle to be the second-biggest online sportsbook in Michigan seems to be settled.
DraftKings had a $28 million jump on BetMGM/MGM Grand Detroit in May, marking the 12th consecutive month that DK has held down the second spot for handle.
The gap DraftKings has on BetMGM is widening as well. Over the last fourth months, DraftKings has generated at least 25% more handle than BetMGM/MGM Grand.
- February 2023: 34.9% ($66.4 million to $89.6 million)
- March 2023: 25.8% ($80.4 million to $101.2 million)
- April 2023: 45.2% ($59.4 million to $86.3 million)
- May 2023: 56.1% ($50.5 million to $78.8 million)
Michigan sports betting May 2023 revenue by operator
|MGM Grand Detroit||BetMGM||$50,491,831||$6,794,349||13.5%||$367,802|
|Grand Traverse Band of Ottawa and Chippewa||Caesars||$25,115,895||$89,831||0.4%||$0|
|Little River Band of Ottawa||BetRivers||$7,699,653||$529,852||6.9%||$4,925|
|Lac Vieux Desert Band of Lake Superior Chippewa||PointsBet||$6,146,702||$812,916||13.2%||$21,435|
|Sault Ste. Marie Tribe of Chippewa||WynnBet||$1,776,994||$158,180||8.9%||$13,092|
|Little Traverse Bay Bands of Odawa||Fox Bet||$1,397,800||$111,012||7.9%||$8,903|
|Keweenaw Bay||Golden Nugget||$1,339,316||$70,814||5.3%||$3,768|
|Match-E-Be-Nash-She-Wish Band of Pottawatomi||betParx||$1,302,966||$87,360||6.7%||$0|
|Nottawaseppi Huron Band of Potawatomi||FireKeepers||$912,071||-$23,219||-2.5%||$0|
|Pokagon Band of Potawatomi||Four Winds||$467,539||$22,322||4.8%||$0|