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Michigan has Worst Sports Betting Month in 2 Years in July

Dave Bonderoff

Last Updated: August 23, 2023 2:08 PM EDT • 1 min 52 sec read.

A general view of fans during the game between the Michigan Wolverines and the TCU Horned Frogs as we look at our Michigan sports betting report.
A general view of fans during the game between the Michigan Wolverines and the TCU Horned Frogs in the Vrbo Fiesta Bowl. Photo by Chris Coduto/Getty Images/AFP.

The annual legal sports betting slump has reared its ugly head in Michigan. 

Michigan sports betting experienced its lowest handle total in two years in July, although it isn't all bad news for the state's providers.

The trend of slightly higher holds and revenues for nationwide sportsbooks made its way into the Michigan market in July. Thanks to sportsbooks doing better against their customers last month, it led to a nice spike in Michigan sportsbook July profits.

About the disappointing handle

The Michigan Gaming Control Board reported a $208,808,123 July sports betting handle for its state's sports wagering providers, which is the lowest monthly total since $208,565,955 in Aug. 2021. It is a disappointing result for a sports betting scene that has settled in as a reliable member of the national top-10 club in terms of statewide sports betting activity.

The $208.8 million represents an 11.9% drop in for Michigan's best mobile sports betting providers and a 2.4% drop in retail sports betting month-over-month. In June, Michigan’s best sportsbooks took in a combined $235,996,767. 

Year-over-year, the Michigan state sports betting handle dropped about $14 million from the $224,966,256 in wagers reported in July 2022.

Profits another story

While true that the overall legal sports betting activity in Michigan fell to a two-year low, the Great Lakes State sports betting providers can't be too disappointed. Gross gaming revenues for July climbed nearly 25%.

Michigan betting sites made $22,985,461 in gross gaming revenues in July, about $5 million more than June when $17,928,415 was reported. July 2023's numbers are also an ever-so-slight increase from the $22,874,582 in profits from July 2022.

The increase in profits was due to an 11% hold for the state's sports betting providers. It is the second-highest hold for Michigan sportsbooks in the last 10 months and a 3.4% increase from the underwhelming 7.6% hold from June. In July 2022, the hold rate for Michigan legal sports betting providers was 10.2%.

$16.3 million in adjusted gross revenues, after promotions and payouts was reported for Michigan in July. It allowed $1,527,305 in tax contributions from sportsbooks to needy Michigan state and local coffers. Just $825,756 in taxes was collected in June.

FanDuel is July's best

The battle among Michigan’s best sports betting apps continues to be a two-horse race. 

In July, it was FanDuel that took a familiar place on top with $73.4 million in bets, which is a respectable 0.8% month-over-month drop.

DraftKings finished second with $55.3 million in bets in July but suffered a 15.3% month-over-month handle decline. BetMGM was third, despite a 21.2% drop in activity from June. They took in $32.9 million in July.

Caesars suffered a 19.7% monthly drop and produced $14.2 million in wagers, and Barstool, which will eventually be rebranded to ESPN Bet finished fifth with an $8.1 million July handle. It's the first time this year that Barstool hasn't produced at least $10 million in a given month.

Written By:
Dave Bonderoff
Dave Bonderoff and betting go hand-in-hand. Both are characterized by "odds". Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn't found a sport yet that can't contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.