On Tuesday, the Michigan Gaming Control Board reported that sportsbooks combined for a hold of over 10% in August. This was their fifth consecutive month with a double-digit hold. Their longest streak has a hold of at least 10% since sports wagering started in 2020.  Of the $29.1 million in revenue last month, $27.4 million was from digital sportsbooks. Detroit’s three retail casinos had a 17.6% win rate in August and collected $1.7 million in revenue. 

They had a $289.7 million handle, up 26.8% from August 2023. Gross sports betting revenue was up 23.7% year-over-year. Michigan became the ninth state to surpass $1.5 billion in gross revenue in the post-PASPA era. All-time tax revenue in the Wolverine State surpassed $50 million in August.

What Michigan sportsbooks were the most profitable in August?

While FanDuel is usually the top dog for hold percentage in Michigan, BetMGM was able to snag first place. Their 11.3% hold in August led all 12 online sportsbooks in the state. They claimed $4.6 million in gross revenue from $41.2 million in wagers taken. BetMGM’s yearly hold is now 9.3%, nearly two-thirds higher than it was in August 2023. 

FanDuel was a close second with an 11% hold in August. It was the sixth straight month they had a double-digit hold. In August, FanDuel paced all 12 digital operators with $11.1 million in revenue from $101 million worth of bets. They also surpassed a $5 billion handle since entering the market in Michigan. Additionally, FanDuel has reached eight figures in gross revenue for nine consecutive months. 

DraftKings’ three-month run of double-digit holds came to an end In August. However, they still had a solid 9.7% win rate to collect $7.6 million in winnings from a $78.1 million handle. Their all-time revenue in Michigan is over $300 million. Caesars Sportsbook accepted $18.4 million worth of wagers but was under $1 million in revenue for August in a third straight month. 

Fanatics Sportsbook and ESPN BET both had seven figures of revenue in August. With a $16.5 million handle, Fanatics was able to reap $1.3 million with a 7.6% win rate. Additionally, ESPN BET had $1.1 million in revenue from a 7.7% hold and $14.2 million worth of bets.

iGaming was a prime source of revenue in August

With $196.7 million in revenue last month, online casinos provided a ton of business in Michigan. That was a 29.2% year-over-year increase. It was also their third-largest iGaming total in state history. BetMGM led all online operators with $52.5 million in revenue and surpassed $6 billion in year-to-date online casino revenue