Michigan Sportsbooks Produce Best July Handle, Revenue Results Ever

Written By Corey Sharp on August 21, 2024
Detroit Tigers' Zach McKinstry slides head first past New York Yankees catcher Austin Wells. Michigan sportsbooks produced a record for July handle and revenue despite a quieter sports calendar and a mature sports betting market.

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%

bar graph showing ESPN BET 2024 Michigan sports betting market share by handle through July

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

LicenseeOnline BrandHandleRevenueHoldTaxes
MotorCityFanDuel$95,569,722$11,528,31612.10%$797,278
Bay MillsDraftKings$69,728,539$7,983,99711.50%$498,540
MGM Grand DetroitBetMGM$35,427,320$4,116,80311.60%$4,489
GreektownESPN Bet$15,828,731$1,718,58810.90%$16,336
Grand Traverse Band of Ottawa and ChippewaCaesars$15,182,324$974,5236.40%$64,142
Lac Vieux Desert Band of Lake Superior ChippewaFanatics$13,573,232$1,930,54814.20%$65,654
Little River Band of OttawaBetRivers$7,795,305$366,4204.70%$0
Sagniaw ChippewaEagle$1,293,686$187,98214.50%$3,013
Pokagon Band of PotawatomiFour Winds$934,837$115,64012.40%$0
Match-E-Be-Nash-She-Wish Band of PottawatomibetParx$619,656$34,2495.50%$0
Nottawaseppi Huron Band of PotawatomiFireKeepers$609,650$64,40610.60%$0
HannahvilleSI$201,455$20,16210.00%$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
Total$256,764,457$29,041,63311.30%$1,449,451
Photo by Tom E. Puskar / AP Photo
Corey Sharp Avatar
Written by
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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