The Michigan Gaming Control Board (MGCB) reported that operators produced $289.7 million in handle and $29 million in revenue in August. Overall, the industry eclipsed $3 billion in total bets for the year.
Given the circumstances of a slow sports calendar, August was a solid month. Michigan sportsbooks are on pace to generate at least $5 billion in 2024, which would set a record. Sports betting handle was up 12.8% month-over-month and 26.8% year-over-year.
Michigan sports betting revenue also experienced a 23.4% year-over-year bump but remained flat from July.
August 2024 Michigan sports betting revenue numbers
- Handle: $289.7 million ($280.1 million online)
- Revenue: $29.1 million ($27.4 million online)
- Hold: 10% (down from 11.2% last month)
- Month-over-month: Handle increased 12.9%
- Sports betting taxes: $1.3 million, total, to state and local taxes.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $103.7 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $12 million
Three takeaways from June sports betting revenue report
#1 Sportsbooks get help from calendar
August usually ticks up in terms of handle because football is just starting up again. Michigan sportsbooks certainly benefitted from the NFL preseason, but more so, they got a full slate of college football on August 31. Both Michigan and Michigan State each played their Week 1 games in August.
Week 0 of the college season started on August 24, usually a smaller sample of games. However, those games got the ball rolling. Last year, the first week of a full slate of college football started on Sept. 2.
#2 Handle expected to exceed $5 billion in 2024
With August’s handle total of $289.7 million, that put the yearly number at $3.1 billion as of now. Since handle has increase year-over-year in each month in 2024, operators are expected to cross the $5 billion threshold by the end of the year.
With four months left, as long as sportsbooks produce 2023’s totals, they easily achieve the milestone. Its handle totals over the last four months of last year include:
- September 2023: $475.3 million
- October: 2023: $551.1 million
- November 2023: $584.1 million
- December: 2023: $613.4 million
Just doing 2023’s numbers for the rest of the year would put Michigan at $5.3 billion in handle. However, that total is expected to be higher.
#3 ESPN BET heads into football season with slight momentum
ESPN BET has increased its market share month-over-month for the first time all year. In July, the operator recorded a 6.1% market share, and last month, it rose to 6.2%. Despite being a small jump, it’s certainly a step in the right direction.
Here are the market share numbers by month:
- January: 10.2%
- February: 8.6%
- March: 8.1%
- April: 7.9%
- May: 7.1%
- June: 7.1%
- July: 6.1%
- August: 6.2%
The upcoming football season is a huge month for PENN Entertainment and ESPN BET. There have been rumors of the company possibly selling assets if the online product doesn’t perform in the fall.
Michigan sports betting handle for August by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $103,861,500 | $12,042,766 | 11.60% | $813,104 |
| Bay Mills | DraftKings | $78,070,971 | $7,587,155 | 9.70% | $372,345 |
| MGM Grand Detroit | BetMGM | $44,191,390 | $5,164,974 | 11.70% | $43,808 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $18,429,056 | $901,514 | 4.90% | $52,436 |
| Greektown | ESPN Bet | $18,011,001 | $1,340,503 | 7.40% | $20,248 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $16,468,268 | $1,250,312 | 7.60% | $0 |
| Little River Band of Ottawa | BetRivers | $6,245,002 | $611,718 | 9.80% | $0 |
| Sagniaw Chippewa | Eagle | $1,517,894 | $51,214 | 3.40% | $1,924 |
| Pokagon Band of Potawatomi | Four Winds | $881,518 | $30,018 | 3.40% | $0 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $878,896 | ($7,393) | -0.80% | $0 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $837,971 | $57,683 | 6.90% | $0 |
| Hannahville | SI | $287,183 | $22,726 | 7.90% | $0 |
| Total | $289,680,651 | $29,053,190 | 10.00% | $1,303,865 |
