Admin September 17, 2024
The Michigan Gaming Control Board reported a $289.7 million handle and revenue of $29.1 million for the Wolverine State in the final full month of summer.
An early start to the college football season and the fervor surrounding the reigning national champion University of Michigan were likely factors in a sports betting increase from the Wolverine State in August.
The Michigan Gaming Control Board reported that $289.7 million was wagered in the final month of summer, up 26.8% year-over-year. The commercial and tribal sports betting revenue of $29.1 million was a 23.7% increase from Aug. 2023.
Online and retail operators combined enjoyed a 10% hold, down slightly year-over-year, but August marked the fifth consecutive month with a double-digit win rate.
Compared to July, wagers were up 12.8% while August revenue was on par with the previous month.
The Wolverine State hauled in $935,500 in taxes from the $18 million in adjusted gross revenue while Detroit picked up $365,300.
Retail rallies
Retail sportsbooks bounced back from the previous month’s revenue loss to turn a $1.7 million profit in August. The three brick-and-mortar casino operators took in $9.6 million, up from July’s $6.6 million and the highest since May’s $11.1 million handle.
Meanwhile, online sports betting accounted for $280.1 million of the total handle in August, up 28.2% year-over-year. Michigan’s 15 mobile operators combined to produce $27.4 million in revenue, down from the $29.4 million generated in July.
FanDuel, BetMGM post big win rates
| Operator | August Revenue | YTD Revenue |
|---|---|---|
| FanDuel | $101 million | $11.1 million |
| DraftKings | $78.1 million | $7.6 million |
| BetMGM | $41.2 million | $4.6 million |
| Caesars | $18.4 million | $901,503 |
| Fantatics Sportsbook | $16.5 million | $1.3 million |
| ESPN BET | $14.2 million | $1.1 million |
FanDuel went over $100 million in the amount wagered for the sixth month this year and the first since May. The $11.1 million gross gaming revenue, however, was the lowest of 2024 as the hold fell from 13% to 11% month-over-month.
DraftKings posted the second-best handle at $78.1 million, up $8.4 million from the previous month, but revenue dropped off slightly to $7.6 million.
BetMGM was a big winner in August as the online sportsbook’s 11.3% hold produced $4.6 million of profit on a $41.2 million handle. BetMGM went over $40 million in wagers for the eighth time this year and cleared $4 million in profits for the second consecutive month.
Caesars came in fourth with a handle of $18.4 million, but the online operator’s sub-5% hold led to less than $1 million in revenue. Fanatics Sportsbook and ESPN BET both cleared that profit mark with double-digit handles as well.
iGaming revenue shines again
Online casinos provided a big business in Michigan as revenue of $196.7 million rose 29.2% year-over-year. The third-largest iGaming total in Michigan history was up 2.7% from July.
The Wolverine State filled its coffers with $36.9 million in online casino tax revenue while the city of Detroit pocketed $9.1 million. Tribal operators made $4.6 million in payments to governing bodies.
BetMGM led all operators with iGaming revenue of $52.5 million as Michigan surpassed $6 billion year-to-date in online casino revenue following August’s haul.
