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Roman Wilson of the Michigan Wolverines celebrates his first-half touchdown with Colston Loveland while we look at the latest Big Ten title odds.
Roman Wilson of the Michigan Wolverines celebrates his first-half touchdown with Colston Loveland while playing the Indiana Hoosiers. Photo by Gregory Shamus/Getty Images via AFP.

September was a very good month for the broad U.S. legal sports betting industry but was exceptional for the state of Michigan. 

The Michigan Gaming Control Board September sports betting report was released Monday with the figures revealing a huge jump in sports betting activity both month-over-month and year-over-year.

Michigan sports betting apps and the state's retail providers hit the $400 million mark for the first time since March in September and reported their second best monthly handle of 2023. Revenues also increased dramatically month-over-month but because of a big dip in hold rate from September 2022, year-over-year sportsbook profits decreased.

Michigan reports $457.7 million handle 

The return of the NFL and the early-season success of the Detroit Lions provided a huge surge for Michigan sports betting. A September spike was anticipated but it may have exceeded expectations for the consistent top-10 sports betting jurisdiction in the country.

$457.7 million was wagered on sports in the Great Lake State in September, an astounding 109.5% spike from August's total of $228.4 million. To put it in perspective, New Jersey saw a 55% month-over-month increase in September sports wagers, with New York seeing a 40% leap. Only Kansas had a bigger month-over-month sports wagering increase at 122%.

Michigan’s September sports betting handle is also a 25.6% year-over-year increase from the $383.1 million wagered in September 2022 and was the best September ever for the Michigan legal sports betting scene.

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Revenues nearly double

It isn't a shock to see, with the massive jump in overall legal sports betting activity in the Great Lake State that revenues followed suit. Profits for Michigan's best sportsbooks could have been better if not for an underwhelming 9.6% hold rate. Michigan providers saw a 10.3% win rate in August and 13.2% in September 2022.

Revenues came in at $44 million for Michigan’s best sports betting apps in September, almost double the $23.2 million reported in August. However, because of a 3.6% drop year-over-year in the September hold rate, Michigan sportsbook profits slid 7.9% year-over-year from $50.44 million.

Adjusted revenues were reported to be $18.7 million, up 17.8% from August, but a drop of 31.1% from September 2022.

$1.3 million in taxes was collected in September from Michigan sports betting sites for state coffers, while local entities benefitted to the tune of $470,071.

FanDuel comes out on top

FanDuel was September's best Michigan sports betting app in terms of both handle and revenues. FanDuel took in $144.7 million in bets in the Michigan market in September, a 90% month-over-month increase. FanDuel also easily topped Michigan sportsbooks with $9.1 million in gross revenue during the month.

DraftKings came in a familiar second in the Michigan market with $137.3 million in bets with just $2.2 million in revenues, which is nearly $7 million behind FanDuel. Its September handle spiked 137% month-over-month.

BetMGM was third with $78.1 million in September wagers and $2.8 million in adjusted revenues, Caesars was fourth with $33.6 million in September wagers, with BetRivers leapfrogging Barstool Sportsbook for fifth, thanks to $22 million in wagers — a 214% month-over-month jump.