The Michigan legal sports betting industry joined the $500 million monthly handle club in October. Our best sportsbooks helped set a new monthly handle record for Great Lake State sports wagering providers.
According to a Michigan Gaming Control Board's October sports betting report released Tuesday, wagering activity was up month-over-month and year-over-year in Michigan as the Michigan sports betting scene continues to grow.
Despite the record monthly handle in Michigan, revenues didn't follow suit. Because of a slightly underwhelming hold rate for Michigan sports betting apps and the state's retail providers, revenues — while up month-over-month — failed to match the handle record.
$533 million October handle for Michigan sportsbooks
Sports bettors in the Great Lake State came out in droves in October. It certainly helped that the Detroit Lions and Michigan Wolverines got off to solid starts and that the NHL and NBA seasons commenced during the month, allowing many bettors to take advantage of Michigan sportsbook promos.
Michigan's $533 million October legal sports betting handle is the first time state mobile providers have combined to eclipse the $500 million mark. Combined retail and mobile sports betting in the state reached $551.1 million. The $18.1 million October retail sports betting handle is also a record for the state.
Michigan sports betting apps were responsible for over 96% of the sports betting activity in Michigan.
The $533 million October handle represents a 16.5% month-over-month increase from the $457.7 million generated in September and a year-over-year 10.9% improvement from September 2022's wagering haul.
Gross gaming revenues not as impressive
Gross gaming revenues for the Michigan legal sports betting industry could not replicate the record handle set during October.
Michigan sports betting providers reported $45 million in gross gaming revenues from their record handle from a slightly disappointing 8.3% hold. The $45 million is an actual 10.6% year-over-year decrease from October 2022's $51.3 million but a slight $1 million month-over-month uptick from the nearly $44 million in sportsbook profits from September.
After deductions and promotions, adjusted gaming revenues came in at $23.5 million in October, a 26.1% year-over-year decrease from October 2022 but a 25.4% increase from September. From that, $1.9 million in taxes was paid by Michigan sports betting sites and retail providers to state and local coffers.
FanDuel stays on top
The battle for sportsbook supremacy in Michigan again came down to FanDuel and DraftKings. They were among 10 Michigan sports betting apps that saw their month-over-month wagering activity increase. The other 4 saw declines despite the record handle.
FanDuel Michigan led the way with $173.3 million in October bets with DraftKings Michigan finishing second with $147.3 million. BetMGM Michigan finished a familiar third in terms of handle with $80.1 million in bets, and BetRivers Michigan doubled their handle in the state month-over-month with $45.5 million in wagers.
Caesars Sportsbook Michigan was overtaken by BetRivers and finished fifth in that market with $42 million in October bets.