High May Hold Rate Helps Michigan Sportsbooks During Lowest Monthly Handle of the Year

The seasonal summer sports betting slowdown has officially begun in Michigan, with May's handle being the lowest monthly total of the year. Our best sports betting sites did not escape the month unscathed, but the news wasn't as bad as it could have been.

According to the Michigan Gaming Control Board report, revenues for Michigan's best sportsbooks were not affected as dramatically as they could have been. A combined 12.1% win rate and a 13.2% hold for Michigan sports betting apps helped mitigate any major profit dropoff.

The Michigan sports betting scene reached a couple of milestones in May. The state became the 10th to eclipse the $16 billion lifetime handle mark. FanDuel Michigan became the first operator in the Great Lake State to surpass $5 billion in accepted wagers since launching in January 2021.

$354.8 million May handle

Great Lake State bettors spent $354.8 million with Michigan sports betting apps and the state’s retail providers in May; $343.7 million came from the state’s mobile sports betting operators, with retail making up the rest. It was the lowest total of the year for the Michigan scene.

That total is a 14.4% month-over-month drop in overall sports betting activity from the $414.4 million reported in April but is a 16.2% year-over-year improvement from the $305.3 million in May 2023. Residents must be taking advantage of Michigan sportsbook promos.

The state’s lifetime sports betting handle reached $16 billion in May, $2.28 billion of which came in 2024. The year-to-date handle total represents a 19.4% spike from the same five-month period last year.

$42.8 million in gross sports betting revenue

Michigan mobile and retail sportsbooks combined to report $42.8 million in gross sports betting revenue in May, with $40.9 million coming from Michigan sports betting apps and the remainder being generated by brick-and-mortar facilities.

May’s gross revenue total is an 18.4% year-over-year improvement from $36.1 million in May 2023 and just a 1.5% month-over-month drop from the just over $43.4 million reported in April.

The slight percentage dip in month-over-month revenues, compared to the state’s overall handle, was the 12.1% hold for Michigan’s best sportsbooks in May. It is the seventh-best win rate ever for the Michigan legal sports betting scene - a 13.2% mobile hold is the second-best ever recorded in Michigan.

Michigan sportsbooks have now recorded double-digit holds three straight months.

Michigan state providers had $30 million in adjusted gross revenue, which led to $1.8 million in tax contributions for state coffers in May. Detroit was paid an additional $751K in taxes. Year-to-date, Michigan sportsbooks have paid $7.7 million in taxes, just under $747K more than through the first five months of last year.

FanDuel rules the month

FanDuel was once again the top performing Michigan sports betting app during May. It made out exceptionally well against the public last month with a 14.8% win rate. FanDuel Michigan accepted $126.8 million in wagers during the month, making it the first Great Lake State sportsbook to hit $5 billion in lifetime bets. See what it has to offer by using our FanDuel promo code.

May revenues of $19.1 million nearly put FanDuel at $100 million in year-to-date revenues. The operator came up just $2.3 million short of that mark.

DraftKings Michigan was second in the race to be the most successful Michigan sports betting site. It took in $104.5 million in bets in May and, thanks to a 10.5% hold rate, reported $11 million in revenues. DraftKings now has a $3.87 billion lifetime handle in Michigan.

BetMGM Michigan checked in third with $46.9 million in May bets and $5.5 million in revenue from an 11.7% hold. BetMGM hit $3.99 billion in lifetime handle in the Michigan market in May.

ESPN BET Michigan was fourth, with $20.8 million in accepted wagers in May and $2 million in revenue from a 9.8% hold. Of concern, ESPN BET has seen its market share drop every month in 2024, from 10.2% in January to 8.6% in February, 8.1% in March, 7.9% in April and 7.1% in May.

Fanatics Sportsbook Michigan took in $14.2 million in May wagers (sixth best) and $1.8 million in winnings (fifth best) from a 12.7% win rate. Caesars Sportsbook Michigan was fifth in handle with $19.3 million but, thanks to an unflattering 7.9% hold, was sixth in revenues with $1.5 million.