Michigan sports betting handle reaches record $533m

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The Michigan sports betting market enjoyed a fruitful October of trading, achieving record handle last month as the NFL season continued to attract bettors. 

Data from the Michigan Gaming Control Board displayed that sports betting handle was $533m, an increase of 16.5% from September’s tally and up 10.9% year-over-year. 

It also marks a state record for handle, something that is becoming a trend for October 2023 as both Pennsylvania and Louisiana posted record handle last month, while New York’s October handle exceeded $2bn. It also marks the first time Michigan’s handle exceeded $500m in a single month. 

Operators held a fair sum of 8.3% of bets last month, meaning GGR stood at $45m, which actually marks an annual decrease of 10.6% as previous year comparatives had a stronger hold rate. Revenue was up slightly from the $44m made in GGR in September. 

On an adjusted basis, operators made $23.5m which is down 26.1% YoY but up 25.4% from September.

On the online casino front, operators took $160.3m in revenue, marking an increase of 13.7% YoY from the $141m in October 2022. However, it marks a downturn of 3.7% from September’s tally of $166.4m.

On an adjusted basis, operators took $144.2m, up 13.9% YoY but down 3.7% on a monthly basis. 

In total, online gaming and betting generated $205.3m last month, marking a decrease of 2.4% from September, but an annual increase of 7.9%. 

Those online operators paid out $28.2m in state taxes for October trading, $26.3m from online casino and $1.9m from sports betting.