Just when we thought online sports betting had plateaued in Michigan, it surged in the last part of 2023.
With November online numbers set to come out early next week, will we see the continued rise in betting that we’ve seen the past few months?
If so, it’s entirely possible that Michigan online sports betting could surpass 2022’s numbers in both handle and revenue.
2023 online handle closing in on 2022 record
Prior to football season, Michigan online sports betting was definitely well behind pace of 2022.
Through the first eight months, Michigan had just $2.49 billion in wagers. That was 9.5% lower than it was at the same point in 2022 ($2.75 billion).
Then, football season started and sports betting exploded in the state.
September brought in $457.7 million in handle, a 25.6% increase from September of 2022 ($364.5 million).
That was followed by a new monthly handle record of $533 million in October. That was 10.9% greater than last October’s $480.8 million.
Because of these last two months, Michigan has pushed its yearly online handle to $3.48 billion. That sits only 3.1% below where it was in 2022 through 10 months ($3.59 billion).
Ultimately, 2022 finished with $4.55 billion in online handle. For Michigan to get to that it needs a collective $1.07 billion in handle over November and December.
Hitting that won’t be easy, as it would have to average just over the record number it hit in October. However, in 2022 both November and December saw handle right in line with October. They were only separated by about $2 million.
2023 online SB revenue remains ahead of 2022
Through online handle had been down in Michigan for most of the year, online sports betting revenue was not.
Which a stronger push on parlays, multiple operators have seen an increased hold in 2023 that has helped keep revenue up despite lower wagers.
Coming into football season, Michigan online sportsbooks had a collective $236.3 million in revenue from January-August. That was 11% ahead of where they were after August of 2022 ($212.9 million).
As football season has caused a drastic increase in wagers, revenue has actually declined compared to a year ago.
September and October of 2023 had $89 million in revenue. In 2022, those two months combined for $97 million.
Though bettors are cashing in this year, it’s not keeping the state from outpacing 2022’s overall revenue. Michigan is at $325.3 million through October, a 5% increase from the $309.9 million it sat at last year.
Last year’s revenue finished at just under $400 million. So, as long as Michigan puts together average revenue results these last two months, it should comfortably surpass that mark for 2023.
