Michigan sportsbooks booked plenty of bets in December but weren’t able to turn that into revenue gains because of a downturn in hold percentage. The Michigan Gaming Control Board (MGCB) reported that operators produced $617.5 million in total bets and $20.5 million in revenue last month.
The December handle record beats the previous high of $613.4 million back in December 2023. With a hold rate of 10.7% that month, Michigan sportsbooks made $65.9 million in revenue.
However, last month was a different story. Operators posted a 3.3% hold rate, which resulted in only $20.5 million in revenue. Many states across the country experienced a tough December. Michigan might have had the worst luck. It’s the second-lowest hold rate ever Great Lakes State. February 2021 was the lowest at 2.9%.
December 2024 Michigan sports betting revenue numbers
- Handle: $617.5 million ($597.7 million online)
- Revenue: $20.5 million ($20.2 million online)
- Hold: 3.3% (down from 9% last month)
- Month-over-month: Handle decreased 8%
- Sports betting taxes: $250,497 total to state and local taxes
- Top online sports betting app by handle: FanDuel Sportsbook MI with $235.5 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $7.2 million
2024 stats for Michigan sportsbooks
The Great Lakes State had a banner year across the board for sports betting. Operators produced a record of $5.51 billion in handle and $470.3 million in revenue. That equates to a hold percentage of 8.3%.
Michigan sportsbooks, like other markets, had an inconsistent football season. Platforms posted the following hold percentages since September:
- September: 11.3%
- October: 5.5%
- November: 9%
- December: 3.3%
Sportsbooks certainly had their way with with the public in September and November. However, bettors got the books back in October and December.
ESPN BET market share dips below 6%
ESPN BET had gotten off to a decent start for football season. September’s market share came in at 6.8%, which built on July’s 6.1% and August’s 6.2%. However, the operator has dipped since.
ESPN BET posted a market share of 5.9% in December, which is a slight increase from 5.8% in November.
It seems as if momentum has stopped for ESPN after a promising summer, which carried over into September.
Fanatics is right on ESPN’s heels
Fanatics is becoming a formidable operator in both the sports betting and online casino vertical. In December, Fanatics came within less than $2 million of overtaking ESPN BET in handle.
Here is how the two operators have come closer together since September:
Fanatics | ESPN BET | |
---|---|---|
September | $23.7 million | $35.5 million |
October | $29.5 million | $38 million |
November | $36.2 million | $38.8 million |
December | $34.8 million | $36.4 million |
Fanatics is certainly trending in the right direction. Should it continue to do so, and ESPN’s downslide continues, Fanatics could climb ahead rather quickly in 2025.
Michigan sports betting handle for December by operator
Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
---|---|---|---|---|---|
MotorCity | FanDuel | $245,354,531 | $7,544,337 | 3.10% | $28,782 |
Bay Mills | DraftKings | $162,864,413 | $5,989,328 | 3.70% | $125,081 |
MGM Grand Detroit | BetMGM | $90,500,546 | $3,000,023 | 3.30% | $0 |
Greektown | ESPN Bet | $36,411,205 | $546,485 | 1.50% | $7,424 |
Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $34,783,797 | $1,550,452 | 4.50% | $0 |
Grand Traverse Band of Ottawa and Chippewa | Caesars | $28,458,900 | $1,237,317 | 4.30% | $75,535 |
Little River Band of Ottawa | BetRivers | $10,615,245 | $297,977 | 2.80% | $0 |
Sagniaw Chippewa | Eagle | $2,531,968 | $198,610 | 7.80% | $13,675 |
Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,812,769 | $16,858 | 0.90% | $0 |
Pokagon Band of Potawatomi | Four Winds | $1,712,612 | $44,557 | 2.60% | $0 |
Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $1,647,300 | $78,358 | 4.80% | $0 |
Hannahville | SI | $807,558 | ($18,219) | -2.30% | $0 |
Total | $617,500,845 | $20,486,082 | 3.30% | $250,497 |