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The Michigan Gaming Control Board reported that Michigan online sportsbooks combined for $469.6 million in handle and $68.5 million in gross revenue in April.
But the month’s biggest storyline belonged to bet365 Sportsbook.
Less than a month after launching in the state during the middle of April, the operator produced one of the market’s most eye-catching debuts, generating $15.5 million in gross revenue on $35.2 million in handle.
Operating through its partnership with Little Traverse Bay Bands of Odawa Indians, bet365 posted a staggering 43.9% hold during its first partial month in Michigan — by far the highest hold percentage among operators in April.
The strong debut immediately positioned bet365 among the top operators by Michigan sports betting revenue, trailing only FanDuel, DraftKings and BetMGM despite being live for only part of the month.
Michigan operators collectively posted a 14.6% hold during April and paid $3.37 million in taxes.
Is bet365’s debut sustainable?
Though the new operator posted eye-popping numbers right off the bat, the rate of success is not likely to continue.
Launching in the middle of the month can skew early revenue figures because operators may book futures wagers immediately while liabilities are settled later. A wave of futures wagers tied to upcoming football season could also influence early revenue results in future months.
Posting $35.2 million in handle is impressive for half the month. It’s difficult to know how much money in Michigan sports betting bonuses bet365 handed out after its launch, but it’ll be monitored as football season approaches in the fall.
March sports wagering by the numbers
- Handle: $469.6 million ($460.9 million online)
- Revenue: $68.5 million ($67.6 million online)
- Hold: 14.6%
- Month-over-month: Total handle decreased 5.0%
- Sports betting taxes: $3.4 million to state and local coffers
- Top online sports betting app by handle: FanDuel Sportsbook with $149.7 million
- Top online sports betting app by revenue: FanDuel with $22.0 million
FanDuel, DraftKings continue to dominate handle
While bet365 generated the month’s biggest story, FanDuel and DraftKings remained firmly atop Michigan’s online sports betting market in wagering volume.
FanDuel led all operators with $149.7 million in handle and $22 million in revenue through its partnership with MotorCity Casino.
DraftKings Sportsbook followed with $127.2 million in wagers and $12.3 million in revenue alongside Bay Mills Resort & Casinos.
BetMGM Sportsbook remained third in handle with $51.8 million wagered and $8.4 million in revenue under MGM Grand Detroit.
Fanatics Sportsbook also continued building momentum in the state, posting $42.6 million in handle and $3.5 million in revenue through Lac Vieux Desert Band of Lake Superior Chippewa.
Competitive middle tier continues to develop
Caesars Sportsbook accepted $19.7 million in wagers and generated $1.65 million in revenue, while theScore Bet handled just over $19 million and produced $1.8 million in revenue.
Hard Rock Sportsbook continued showing efficiency despite lower betting volume, generating nearly $2 million in revenue on $13 million in wagers.
BetRivers Sportsbook added another steady month with $7.2 million in handle and just over $1 million in revenue for Little River Band of Ottawa Indians.
Among smaller operators, FireKeepers Sportsbook generated only $21,524 in revenue despite taking nearly $1.6 million in wagers, resulting in a 1.3% hold.
Handle declines as revenue increases
With regular season basketball winding down and a March Madness championed crowned, April is usually a down month for handle. The month-over-month drop of 5.0% is not surprising, however handle did increase 10.0%.
Despite handle decreasing from March, revenue heightened in a big way at 36.7%.
Revenue increasing and a hold percentage of 14.6% is quite impressive, especially as Michigan won the NCAA national championship in the beginning of the month.
April MI online sports betting revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $149,691,966 | $21,994,836 | 14.70% | $1,532,435 |
| Bay Mills | DraftKings | $127,180,488 | $12,285,370 | 9.70% | $707,934 |
| MGM Grand Detroit | BetMGM | $51,791,208 | $8,390,350 | 16.20% | $504,523 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $42,559,631 | $3,527,396 | 8.30% | $185,875 |
| Little Traverse Bay Bands of Odawa | bet365 | $35,238,755 | $15,465,541 | 43.90% | $0 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $19,657,384 | $1,648,112 | 8.40% | $115,295 |
| Greektown | theScore Bet | $19,099,459 | $1,806,978 | 9.50% | $127,052 |
| Hannahville | Hard Rock Bet | $13,021,343 | $1,952,468 | 15.00% | $110,128 |
| Little River Band of Ottawa | BetRivers | $7,181,192 | $1,083,360 | 15.10% | $65,967 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,597,612 | $21,524 | 1.30% | $0 |
| Sagniaw Chippewa | Eagle | $1,051,783 | $146,852 | 14.00% | $9,808 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $1,047,046 | $130,481 | 12.50% | $9,848 |
| Pokagon Band of Potawatomi | Four Winds | $433,309 | $41,716 | 9.60% | $2,900 |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $0 | $0 | $0 | |
| Keweenaw Bay | Golden Nugget | $0 | $0 | $0 | |
| Total | $469,551,175 | $68,494,983 | 14.60% | $3,371,765 |
