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With football season in the rearview, Michigan sports betting handle dropped dramatically month-over-month but remained relatively flat year-over-year in February. Operators produced $391.1 million in handle and $40.4 million in revenue, according to data released by the Michigan Gaming Control Board.
The NBA and college basketball was in full swing last month, which is still keeping operators busy. The success of the Detroit Pistons, along with Michigan and Michigan State in college, is keeping Michigan sportsbooks afloat in February.
February sports wagering by the numbers
- Handle: $391.1 million ($384.6 million online)
- Revenue: $40.4 million ($39.9 million online)
- Hold: 10.3%
- Month-over-month: Total handle decreased 22.2%
- Sports betting taxes: $2.4 million to state and local coffers
- Top online sports betting app by handle: FanDuel Sportsbook with $130.5 million
- Top online sports betting app by revenue: FanDuel with $17.4 million
Slight YoY increase
With just the Super Bowl in February, it was expected for handle to decrease from January. It did so at a 22.2% rate.
Judging from this point last year, handle actually increased ever-so-slightly at a 0.8% rate.
Operators also recorded a hold rate of 10.3%, which means the Super Bowl didn’t hurt all that much. The MGCB does not release specific data on the Big Game.
March Madness betting should create more excitement as Michigan and Michigan State prepare for deep NCAA Tournament runs. Also, the Pistons sit firmly in first place with less than 20 games to go in the season.
Hard Rock lags
Hard Rock Bet‘s iGaming platform is already a top-five operator in the state. However, the Hard Rock Sportsbook has not shown as much success.
The operator finished sixth in handle in January, ahead of Caesars Sportsbook. In February, the latter leapfrogged Hard Rock.
Caesars, theScore Bet and Hard Rock, in that order, are all bunched up, within roughly $3 million of each other in handle.
Hard Rock is the new operator on the block and has a lot more work ahead.
Fanatics improves market share
Fanatics Sportsbook is making a case to to be the No. 3 operator in the Great Lakes State as it chases down BetMGM Sportsbook.
In February, Fanatics improved market share, registering 9.8% compared to 8.8% in January. BetMGM regressed, posting 11.9% in February after 12.6% in January.
BetMGM remains third in the pecking over, producing $46.6 million in handle last month. Fanatics closed the gap, recording $38.4 million.
March Madness is going to be a big month for operators. Can Fanatics run down BetMGM?
Fabruary MI online sports betting revenue by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $130,540,870 | $17,404,221 | 13.30% | $1,219,808 |
| Bay Mills | DraftKings | $113,166,438 | $9,743,999 | 8.60% | $493,322 |
| MGM Grand Detroit | BetMGM | $46,649,724 | $5,487,414 | 11.80% | $261,259 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $38,367,275 | $3,713,853 | 9.70% | $203,880 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $18,792,407 | $1,044,869 | 5.60% | $59,514 |
| Greektown | theScore Bet | $17,517,176 | $1,226,683 | 7.00% | $69,082 |
| Hannahville | Hard Rock Bet | $15,197,736 | $1,040,386 | 6.80% | $36,489 |
| Little River Band of Ottawa | BetRivers | $6,069,615 | $445,780 | 7.30% | $11,992 |
| Sagniaw Chippewa | Eagle | $1,745,135 | $137,923 | 7.90% | $8,429 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $1,622,559 | $98,997 | 6.10% | $5,607 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,176,489 | $35,008 | 3.00% | $0 |
| Pokagon Band of Potawatomi | Four Winds | $285,539 | $61,181 | 21.40% | $4,721 |
| Total | $391,130,963 | $40,440,314 | 10.30% | $2,374,104 |
