Michigan Sportsbooks See Year-Over-Year Increases But Monthly Dips in July

Michigan can be added to the list of U.S. sports betting jurisdictions where our best sports betting sites are experiencing a major summer slowdown.

But despite month-over-month drops in both sports betting handle and revenues, the Michigan Gaming Control Board July report did reveal some good news in the form of year-over-year spikes for state operators.

July was the fourth consecutive month of double-digit holds for the Michigan sports betting market. An 11.8% hold for mobile operators certainly helped sportsbooks’ bottom line.

FanDuel Michigan was the top-performing Michigan sports betting site in July. It eclipsed a $1 billion year-to-date handle in the Wolverine State and has generated $124.7 million in revenue this year.

July handle

Michigan sports betting apps and retail providers accepted $256.8 million in wagers in July. Michigan sports betting sites made up $250.2 million, with retail accounting for the rest.

It represents a 10% month-over-month decline from $285.2 million in June but a 23% year-over-year improvement from $208.8 million last July—the worst handle month for Michigan sportsbooks last year.

So far this year, Michigan sports betting sites have accepted $2.73 billion in wagers.

The good news is that September and the start of the NFL season is just around the corner, and handle figures will see a dramatic increase. Residents will have plenty of Michigan sportsbook promos to choose from.

Gross gaming revenue

Michigan’s sports betting apps reported $29.4 million in revenue for July, but a -5.76 hold for retail resulted in a $380K loss for the brick-and-mortar sector, putting overall profits at $29 million.

That number is an 8.7% month-over-month revenue decline from $31.8 million in June, but gross gaming revenues did climb 26.3% from nearly $23 million last July.

The 11.8% hold rate for Michigan sports betting sites helped the state's overall hold rate, with retail added in, reach 11.31%.

From the $16.8 million in adjusted revenues, Michigan’s best sportsbooks contributed $1.1 million in taxes to state and local coffers, $13K more than last year. The City of Detroit also gained $322,900 in tax revenue.

FanDuel rules and hits milestones

FanDuel Michigan was the top-performing Michigan sports betting app in July. It accepted $93.41 million in July wagers and reported $12.15 million in revenues on a 13% hold.

FanDuel eclipsed $1 billion in year-to-date handle in Michigan and $100 million in Great Lakes State market revenues.

DraftKings Michigan finished second with $69.73 million in bets in July and $7.98 million in revenues from an 11.45% win rate. BetMGM Michigan rounded out the top three with $33.6 million in bets and $4.06 million in revenues.

Caesars Sportsbook Michigan was fourth with $15.18 million in July bets and $974,500 in profits. Fanatics Sportsbook Michigan next thanks to a $13.57 million handle and $1.93 million in revenue from a lofty 14.2% hold.

ESPN BET followed with $13.24 million in wagers and $1.52 million in revenues, while BetRivers Michigan posted $366,400 in winnings off of $7.8 million in bets.

SI Sportsbook, Four Winds Casino, FireKeepers, and betPARX all failed to reach a $1 million monthly handle.