Sports Betting Crosses $16 Billion In Lifetime Handle Amid 16% YoY Increase

Written By Corey Sharp on June 18, 2024
Detroit Tigers outfielder Riley Greene signals to the sky after a 3-run homer. Lifetime sports betting handle exceeded $16 billion and FanDuel became the first operator in Michigan to surpass $5 billion in handle.

The sports betting calendar is starting to approach a dead period as the Michigan Gaming Control Board reported $354.8 million in total bets for May. Without surprise, it’s the lowest total of the year so far.

Michigan online sports betting apps experienced a 14.4% month-over-month decrease but a 16.2% increase year-over-year. In the process, sports betting operators crossed $16 billion in lifetime handle.

Michigan sports betting handle, and most likely revenue, is expected to drop even more as the summer months continue. Other than baseball, the NBA playoffs were the only other notable sports event.

May 2024 Michigan sports betting revenue numbers

  • Handle: $354.8 million ($343.7 million online)
  • Revenue: $42.8 million ($40.9 million online)
  • Hold: 12.1% (up from 10.5% last month)
  • Month-over-month: Handle decreased 14.4%
  • Sports betting taxes: $2.6 million, total, to state and local taxes.
  • Top online sports betting app by handle: FanDuel Sportsbook MI with $126.8 million
  • Top online sports betting app by revenue: FanDuel Sportsbook MI with $19.1 million

Three takeaways from April sports betting revenue report

Sportsbooks reach $16 billion in lifetime Michigan handle

Michigan online sportsbooks reached a milestone in May when, collectively, it achieved $16 billion in total lifetime bets. FanDuel and DraftKings have led the way in the state since launching in January 2021. Here are the top five operators by handle:

  • FanDuel: $5.09 billion
  • DraftKings: $3.97 billion
  • BetMGM: $3.99 billion
  • ESPN BET: $1.50 billion
  • Caesars: $999.6 million

Caesars Sportsbook Michigan is on the cusp of being the fifth operator to cross the $1 billion of lifetime handle, which will happen when June totals get released.

ESPN BET loses even more market share

PENN Entertainment and ESPN BET has been under scrutiny for poor performance in the sports betting vertical. ESPN BET Michigan online sportsbook has lost market share in every month in 2024 so far:

  • January: 10.2%
  • February: 8.6%
  • March: 8.1%
  • April: 7.9%

The same narrative rang true in May, as ESPN BET only captured 7.1% of market share. Since PENN Entertainment is a Pennsylvania-based company, PlayPennsylvania has reported the pressure that is mounting on the company to sell if it does not start to pick up the pace.

Patients are wearing thin for top investors of PENN, as lot will be riding on the upcoming football season. Should PENN continue to falter, ESPN BET could be considered another failure, just like Barstool.

FanDuel first platform to cross $5 billion in lifetime handle

FanDuel Sportsbook Michigan is the first operator to reach the $5 billion plateau in the Great Lakes State.

FanDuel has been the clear leader in Michigan since launching in January 2021. It has lead the state in handle for 29 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 11.3% in the state has helped the operator accumulate $574.2 million in revenue, more than double DraftKings’ revenue ($282.4 million).

FanDuel outdid itself in May, posting a whopping 15% hold percentage.

Online sports betting May 2024 Michigan revenue by operator

LicenseeOnline BrandHandleRevenueHoldTaxes
Bay MillsDraftKings$104,461,859$10,984,80810.50%$608,292
MGM Grand DetroitBetMGM$50,037,944$6,014,76712.00%$457,707
GreektownESPN Bet$25,184,371$2,522,18210.00%$41,038
Grand Traverse Band of Ottawa and ChippewaCaesars$19,280,749$1,514,0627.90%$101,673
Lac Vieux Desert Band of Lake Superior ChippewaFanatics$14,190,841$1,794,92612.60%$28,579
Little River Band of OttawaBetRivers$9,288,082$380,0144.10%$0
Sagniaw ChippewaEagle$2,467,758$284,01811.50%$0
Nottawaseppi Huron Band of PotawatomiFireKeepers$1,154,593$30,3672.60%$0
Pokagon Band of PotawatomiFour Winds$792,548$97,72912.30%$0
Match-E-Be-Nash-She-Wish Band of PottawatomibetParx$726,561$76,23210.50%$0
Keweenaw BayGolden Nugget$0$0$0
Sault Ste. Marie Tribe of ChippewaWynnBet$0$0$0
Little Traverse Bay Bands of OdawaFox Bet$0$0$0
Photo by David J. Phillip / AP Photo
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Corey Sharp

Corey Sharp joined Catena Media in 2022 and is the go-to expert for Michigan gambling. Born and raised in Philadelphia, PA, he previously worked for the Philadelphia Inquirer and NBC Sports Philadelphia as a sports journalist and content producer. In Corey’s role as Lead Writer for PlayMichigan, he works alongside a talented team of expert journalists and analysts to bring you the most comprehensive and accurate coverage of gambling news in Michigan. Corey’s contacts around the industry makes him a trusted source. Corey produces daily stories and features about the gambling space. Corey graduated from Holy Family University in Philadelphia with a bachelor’s degree in sports management.

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