The lazy, hazy days of summer have hit the sports betting industry and it’s no surprise that Michigan is not immune. Figures released by the Michigan Gaming Control Board show total sports betting handle was down 20% from May, but up 21% when compared to June 2023.
Through the first six months of 2024, Michigan has posted record sports betting handle of $2.6 billion and record revenue of $240 million. It is on pace for its first $5 billion handle year.
Michigan sportsbooks had total handle of $285.2 million in June. That’s down, as expected, from $354.8 million in May due to a lighter sports betting calendar, but compares favorably with handle of $236 million in June of 2023.
PlayMichigan expects Michigan sports betting handle, and most likely revenue, to drop even more as the summer months continue with baseball as one of the few marquee sports on which to bet.
June 2024 Michigan sports betting revenue numbers
- Handle: $285.2 million ($276.8 million online)
- Revenue: $31.8 million ($30.9 million online)
- Hold: 11.2% (down from 12.1% last month)
- Month-over-month: Handle decreased 20%
- Sports betting taxes: $1.6 million, total, to state and local taxes.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $98.4 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $15.2 million
Four takeaways from June sports betting revenue report
#1 Sportsbooks on record $5 billion pace in 2024; set six-month handle record of $2.6 billion
Through six months, Michigan sportsbooks are on a record-setting pace. Through June of 2024, the combined handle of $2.6 billion and total revenue of $240 million are both all-time highs in the Great Lakes State for the first half of the year.
It’s a little tough to know exactly how much Michigan sportsbooks could collect in bets in 2024 due to the fact the most profitable months are typically the final four months of the year during the NFL season. But, currently, sportsbooks are averaging handle of about $428.2 million monthly. At that clip, Michigan sports betting handle will exceed $5 billion for the first time ever.
The best handle years since online sportsbooks launch in Michigan in 2021 are:
- 2022 — $4.814 billion
- 2023 — $4.810 billion
- 2021 — $3.965 billion
#2 DraftKings surpasses $4 billion in lifetime handle
With handle of $82.8 million in June, DraftKings Sportsbook Michigan surpassed $4 billion in lifetime bets in the Great Lakes State.
DK will also surpass $700 million in bets on the year in July. Michigan’s second-ranked operator sits at $697 million through June.
In other milestone news, Caesars Sportsbook Michigan surpassed $1 billion in lifetime handle in Michigan thanks to June handle of $15.2 million.
#3 FanDuel will top $1 billion in bets in 2024 in Michigan in July
In May, FanDuel became the first operator to reach the $5 billion handle plateau in the Great Lakes State. Now, FanDuel is on the cusp of hitting $1 billion in bets in 2024.
The operator sits at $953.6 million on the year, which means it will top $1 billion in July.
FanDuel has been the clear leader in Michigan since launching in January 2021. It has lead the state in handle for 30 straight months.
In addition to handle, FanDuel is also the only platform that has a hold percentage more than 10%. It’s lifetime hold of 11.4% in the state has helped the operator accumulate $589.4 million in revenue, more than double DraftKings’ revenue ($290.7 million).
After a whopping hold of 15% in May, FanDuel did even better in June with hold of 15.5%.
#4 ESPN BET market share slide finally halted
Until June, ESPN BET Michigan online sportsbook had lost market share in every month in 2024 so far. However, perhaps the slide has finally hit bottom. In June, ESPN BET had 7.1% of the market, the exact same share it had in May.
That’s down from a yearly high of 10.2% in January. The operator’s market share numbers for 2024 look like this:
- January: 10.2%
- February: 8.6%
- March: 8.1%
- April: 7.9%
- May: 7.1%
- June: 7.1%
ESPN BET is operated by embattled PENN Entertainment, which laid off some of its interactive employees recently amid rumors that the Pennsylvania-based company would be sold.
Michigan sports betting handle for June by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $98,437,568 | $15,220,721 | 15.5% | $1,041,992 |
| Bay Mills | DraftKings | $82,836,201 | $8,304,842 | 10% | $450,135 |
| MGM Grand Detroit | BetMGM | $42,598,407 | $3,773,315 | 8.9% | $12,958 |
| Greektown | ESPN Bet | $20,299,917 | $1,686,738 | 8.3% | $23,021 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $15,199,111 | $817,748 | 5.4% | $43,194 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $12,962,787 | $1,321,034 | 10.2% | $27,493 |
| Little River Band of Ottawa | BetRivers | $8,803,830 | $386,125 | 4.4% | $0 |
| Sagniaw Chippewa | Eagle | $1,691,014 | $76,596 | 4.5% | $0 |
| Pokagon Band of Potawatomi | Four Winds | $845,105 | $42,492 | 5% | $0 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $726,966 | $74,952 | 10.3% | $0 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $499,241 | $80,351 | 16.1% | $0 |
| Hannahville | SI | $270,116 | $17,529 | 6.5% | $0 |
| Keweenaw Bay | Golden Nugget | $0 | $0 | $0 | |
| Sault Ste. Marie Tribe of Chippewa | WynnBet | $0 | $0 | $0 | |
| Little Traverse Bay Bands of Odawa | Fox Bet | $0 | $0 | $0 | |
| Total | $285,170,266 | $31,802,442 | 11.2% | $1,598,793 |
