The major sports calendar is the quietest in July, which makes it no surprise that Michigan sportsbooks temporarily suffer. Figures released by the Michigan Gaming Control Board show that operators produced $256.8 million in July handle, which, as expected, is the lowest total of 2024.
Michigan sports betting handle is down nearly 10% from June. However, handle is up 23% from last July.
Revenue also delivered similar trends, as July’s total of $29 million was down 9.1% month-over-month, but up 26.1% year-over-year.
It ended up being the best July ever for Michigan sportsbooks, in terms of handle and revenue.
July 2024 Michigan sports betting revenue numbers
- Handle: $256.8 million ($250.2 million online)
- Revenue: $29 million
- Hold: 11.3% (up from 11.2% last month)
- Month-over-month: Handle decreased 10%
- Sports betting taxes: $1.4 million, total, to state and local taxes.
- Top online sports betting app by handle: FanDuel Sportsbook MI with $95.6 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $11.5 million
Three takeaways from June sports betting revenue report
#1 Hold percentage reaches double digits for fourth straight month
Hold percentage is an important category that is a key indicator of the revenue operators make in a single month. For Michigan platforms, hold percentage has certainly been kind.
It reached double digits for the fourth straight month. In July, it reached 11.3%, yielding $29 million in revenue. Here are percentages over the last four months:
- April: 10.5%
- May: 12.1%
- June: 11.2%
- July: 11.3%
Sportsbooks are hoping for this kind of success during football season, which would drive huge results.
#2 ESPN BET’s worst month of the year
ESPN BET finally stopped its slide last month. However, in July, it wasn’t able to build momentum. The operator recorded 6.2% of market share, in terms of handle, which is its worst output of the year. ESPN has lost market share in nearly every month this year:
- January: 10.2%
- February: 8.6%
- March: 8.1%
- April: 7.9%
- May: 7.1%
- June: 7.1%
- July: 6.2%
Rumors have been swirling about the future of PENN Entertainment selling its online product because of poor performance. However, PENN appears to be going full steam ahead into football season, the busiest time of year. It’s going to be a sink or swim season for PENN.
#3 Fanatics finishes top four in revenue
In terms of handle, Fanatics placed sixth in Michigan. However, it came within roughly $2 million of ESPN BET and Caesars. And, it finished ahead of both operators in the revenue vertical.
Because of an impressive 14.2% hold rate, Fanatics generated $1.9 million in revenue, which came behind the following operators:
- FanDuel: $11.5 million
- DraftKings: $8 million
- BetMGM: $4.1 million
There is certainly no shame in finishing behind the market leaders. Fanatics could be a formidable operator come football season. It’ll be interesting to see what kind of noise the company could make.
Michigan sports betting handle for July by operator
Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
---|---|---|---|---|---|
MotorCity | FanDuel | $95,569,722 | $11,528,316 | 12.10% | $797,278 |
Bay Mills | DraftKings | $69,728,539 | $7,983,997 | 11.50% | $498,540 |
MGM Grand Detroit | BetMGM | $35,427,320 | $4,116,803 | 11.60% | $4,489 |
Greektown | ESPN Bet | $15,828,731 | $1,718,588 | 10.90% | $16,336 |
Grand Traverse Band of Ottawa and Chippewa | Caesars | $15,182,324 | $974,523 | 6.40% | $64,142 |
Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $13,573,232 | $1,930,548 | 14.20% | $65,654 |
Little River Band of Ottawa | BetRivers | $7,795,305 | $366,420 | 4.70% | $0 |
Sagniaw Chippewa | Eagle | $1,293,686 | $187,982 | 14.50% | $3,013 |
Pokagon Band of Potawatomi | Four Winds | $934,837 | $115,640 | 12.40% | $0 |
Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $619,656 | $34,249 | 5.50% | $0 |
Nottawaseppi Huron Band of Potawatomi | FireKeepers | $609,650 | $64,406 | 10.60% | $0 |
Hannahville | SI | $201,455 | $20,162 | 10.00% | $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 | $256,764,457 | $29,041,633 | 11.30% | $1,449,451 |