Michigan sportsbooks bring in $498 million in handle, continuing trend of a plateauing market despite big NFL, college football games locally, and World Cup kicking off
Online casinos in Michigan had their second straight record month in November, bringing in more than $145.4 million in revenue.
Michigan sportsbooks handled $498.1 million in bets during the month, with just under $480 million coming from online sportsbooks. The overall number is incrementally lower than November 2021, continuing the trend of a plateauing market in the state.
“Michigan online casinos continue to be a huge revenue generator, as they set a record for the second straight month,” said Paul Costanzo, lead analyst at PlayMichigan. “Even though it was minimal, November was the second year-over-year drop in sport betting handle in the past three months. It’s a little surprising, as this was a big month for sports both locally and globally, as the World Cup started midway through November, and the Lions were emerging as playoff contender in the NFL. It’s further confirmation that the market in Michigan is plateauing.”
November 2022 Michigan sports betting numbers
Here are the top-line numbers for Michigan sportsbooks in November from the Michigan Gaming Control Board.
- Handle: $498.1 million ($480 million online)
- Revenue: $42.8 million ($40.8 million online)
- Hold: 8.6% (down from 10.2% last month)
- Month-over-month: Handle decreased 1.2%
- November sports betting taxes: $1.64 million to the state and $850,306 to local entities.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $154.2 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $19.97 million
November 2022 Michigan online casino revenue
Online casinos in Michigan set another revenue record in November:
- Online casino revenue: $145.4 million, up 3.2% from October
- November online casino tax payments: $27.1 million to state and $10.4 million to local entities
- Top online casino app by revenue: BetMGM Michigan with $53.6 million
Three takeaways from November Michigan online gambling revenue report
Major sporting events don’t result in betting uptick
Coming out of November, it felt like there was a chance for a surge in sports betting in Michigan. The World Cup started midway through the month. Michigan’s football team was unbeaten and had a monumental matchup with Ohio State. The Detroit Lions were starting to play their way into playoff contention, and had their lone standalone game of the season on Thanksgiving.
But that didn’t pan out.
Online sports betting was up from a year ago, but only slightly, and not enough to equal the dip in retail handle at the Detroit sportsbooks.
As we said earlier this month, the market in Michigan is plateauing. That’s not a bad thing for operators, as there is still plenty of money coming in. It’s simply the reality at this point.
FanDuel pulls away from competitors
FanDuel continued to show that September was an outlier in the race to be the top online sportsbook in Michigan. The state’s all-time leader in sports betting brought in $154.2 million in online sports bets in November, nearly $9 million more than it did in October. FanDuel accounted for 32% of the sports betting handle in the state.
It was also well ahead of No. 2 in market share, DraftKings Sportsbook MI, which brought in a healthy $127.4 million.
FanDuel somehow managed to grab an even larger portion of the state’s revenue, bringing in more than $19 million, a 49% market share. It’s 13% hold was well ahead of competitors, and the state average of 8.6%.
Thirty-day month? No problem for Michigan online casinos
After October came in at a record $141 million, we wrote that it made sense for a 31-day month to bring in record revenue.
Well, so much for that.
Online casinos in Michigan brought in more than $4.8 million per day in November to get to a second straight record. That’s well above the $4.5 million per day that came in during October.
We also didn’t get five weekends of football, something we felt was a reason for the October uptick.
It looks like Michigan online casinos are just that popular, no matter what month it is.
Michigan November 2022 sports betting handle and revenue by operator
|MGM Grand Detroit||BetMGM||$103,087,383||$9,384,610||9.1%||$502,916|
|Lac Vieux Desert||PointsBet||$13,848,735||$1,238,674||8.9%||$35,039|
|Sault Ste. Marie||WynnBet||$3,719,238||-$38,737||-1.0%||$0|
|Little Traverse Bay||Fox Bet||$2,655,973||$102,800||3.9%||$6,189|
|Keweenaw Bay||Golden Nugget||$1,492,072||$133,657||9.0%||$8,692|
Michigan November 2022 online casino revenue by operator
|MGM Grand Detroit||BetMGM||$53,629,009||$5,362,901||$14,117,837|
|Keweenaw Bay||Golden Nugget||$6,294,206||$629,421||$1,586,140|
|Sault Ste. Marie||WynnBet||$5,551,946||$555,195||$1,399,090|
|Little Traverse Bay||Fox Bet||$2,311,924||$231,192||$582,605|
|Lac Vieux Desert||PointsBet||$1,619,915||$135,255||$334,952|