March Brings Healthy Increase in Sports Betting to Michigan Market

Michigan sports betting apps and the state's retail sector enjoyed a strong bounce back in terms of overall sports betting in March. 

March Madness and the fact that two Michigan teams, Michigan State and Oakland, were included among the 64 teams certainly helped with overall wagering activity in the state, as did the Michigan sportsbook promos. As a 14-seed, Oakland even produced one of the biggest upsets in NCAA Tournament history, knocking off juggernaut Kentucky in the first round. 

Sweet 16 games and Elite 8 action in Detroit also likely contributed to a strong betting month for Michigan's best sports betting sites.

According to the Michigan Gaming Control Board March report, it all resulted in a handle total that nearly hit the half-billion mark again. While far from the $600 million monthly handles seen in December and January, March's numbers did represent a healthy handle increase both month-over-month and year-over-year.

FanDuel has been the dominant Michigan sports betting site since launch of legal online sports betting in the Wolverine State. But with March's numbers came the realization that there are other sportsbooks in the Michigan market that are ready to challenge the betting behemoth.

$497.6 million January handle

Michigan's best sportsbooks accepted $497.6 million in bets in March, the highest wagering total this calendar year. $480.4 million of the total came from Michigan sports betting apps with the remaining coming from retail sports wagering outlets in the state.

March's $497.6 million handle represents a year-over-year 18% spike from the $421.7 million taken in by Michigan sportsbooks in March 2023. It is also a 19.7% month-over-month jump from the $415.8 million from February.

Gross revenues come in at $43.5 million in March

Gross gaming revenue for the Michigan sports betting market was $43.5 million in March off of a reasonable 8.8% hold.

$43.5 million is a 5.4% decrease from $46 million in revenues from March 2023, when the hold rate was 10.9%, two full percentage points higher than reported last month. It is however a nice $13 million month-over-month increase from February's nearly $30.4 million in revenues. 

The handle in February was $415.8 million and the win rate was 7.3%.

Adjusted gross revenue came in at $28.3 million from which $1.7 million in tax contributions from Michigan sports betting sites were made to needy state coffers. $737,000 in taxes went to the City of Detroit.

Year-to-date, Michigan sportsbook revenues stand at $122.1 million, an 18.6% increase from the same three-month period last year.

Top-3 sportsbooks remain the same

It has become a somewhat common theme as to which Michigan sportsbooks remain the top dogs. In March, FanDuel, DraftKings, and BetMGM were once again the top three.

FanDuel Michigan came out on top as the most successful Michigan sports betting site with a $186.2 million March handle and $18.6 million in gross revenues. March totals for FanDuel took it over the milestone $4.5 billion lifetime handle mark and $500 million in lifetime revenues in the Wolverine State market.

DraftKings Michigan was second with $126.7 million in bets in the state last month with nearly $10.9 million in gross revenues. BetMGM Michigan rounded out the top three with $66 million in accepted March bets and $4.5 million in adjusted revenues. 

ESPN BET Michigan was next with $30.7 million wagers last month, along with just $873,000 in adjusted revenues, Caesars Michigan came fifth with $31.5 million in accepted bets in March and $1 million in adjusted revenues.

Fanatics Sportsbook Michigan showed up in its first full month of action in the Wolverine State market with a respectable $19.3 million monthly handle and $1.4 million in winnings. Overall, Fanatics did run a deficit because of start-up, promotional costs and deductions associated with its newfound presence in Michigan.

BetRivers was pushed to last among Michigan sports betting apps with $11.6 million in accepted wagers in March and about $650K in winnings.