Michigan Sportsbooks Experience Best April Ever Despite Declines From March

On Tuesday, Michigan's legal sports betting April revenue report was released, and like many states at this time of year, the results are mixed. One thing is sure: our best sports betting sites must be happy with the results compared to last year, with a few notable exceptions.

The Michigan Gaming Control Board April revenue report showed an expected drop in month-over-month handle and revenues from March. But that news was offset by the news that for the first April ever, Michigan sports betting apps and the state’s retail sports betting providers combined for a handle of over $400 million.

On the operator front, FanDuel Michigan led the way in April in terms of handle and revenues. ESPN BET’s market share continued to drop month-over-month in Michigan, and Fanatics Sportsbook Michigan experienced its second straight month of decreases in market share.

$414.4 million April handle

Michigan sports betting sites and the state’s brick-and-mortar sportsbooks combined to take in $414.4 million in April, which is the first April ever that Wolverine State sportsbooks have eclipsed the $400 million barrier.

It also represents a 16.7% decline from March, when the state was in the thick of the NCAA Men’s and Women’s basketball tournaments. However, it is an impressive 22.6% year-over-year increase from the $338.1 million reported in April 2023.

Sports betting apps contributed $399.1 million of April’s handle total, with retail making up the remaining $15.3 million.

Year-to-date, Michigan’s legal sports betting handle stands at $1.93 billion, which is a 20% year-over-year improvement from the first four months of 2023. It is also up 5.4% from wagering activity through the first four months of 2022. Residents have taken advantage of plenty of Michigan sportsbook promos.

$43.4 million in gross sports betting revenue

Michigan sportsbooks benefitted to the tune of $43.4 million in gross gaming revenue in April. Thanks to a 10.5% hold rate (the highest since December), April’s revenue totals only fell about $100K from $43.5 million in March while jumping 19.7% year-over-year from nearly $36.3 million in April 2023.

Needy state and local coffers received $1.8 million in tax contributions from $29.3 million in adjusted gross revenue after bonuses and promotional credits were paid out, including $797,600 that flowed to Detroit.

Michigan sportsbooks have reported $165.5 million in gross revenue so far this year. This is an 18.9% year-over-year increase from totals through the first four months of 2023. Adjusted gross revenue is up 6.3% for the four-month period, and tax contributions are up slightly over that period.

FanDuel dominates

The battle for the best Michigan sports betting app belonged to FanDuel in terms of overall monthly handle and revenues. FanDuel Michigan made up $153.4 million of the state’s overall $414.4 million handle and $20.4 million of the overall revenues. It managed a very good 13.3% hold, and you can check out Michigan's leader with our FanDuel promo code.

DraftKings Michigan was next with $106.3 million in accepted wagers in April with $10.5 million in revenues off of a 9.9% hold. It was the eighth consecutive month that it has reported over $10 million in revenues in the Michigan market.

BetMGM Michigan rounded out the top three with $58.1 million in April bets and $5.7 million in gross revenue.

Caesars Sportsbook Michigan was fourth in handle but fifth in revenues, with $1.2 million off a disappointing 4.7% hold. ESPN BET was fifth in handle but fourth in gross revenues with $2.2 million thanks to an 8.7% win rate. ESPN BET’s adjusted revenue came in at just $689K because of a high promotional output during the month.