Michigan is maintaining its momentum as a robust casino and sports betting market.
The Michigan Gaming Control Board reported a total sports betting handle of $601.6 million in January, a 22.5% increase year-over-year. The Wolverine State posted the year-over-year uptick in revenue as the Detroit Lions won their first playoff game since 1991.
Michigan is home to 14 online sports betting operators, which generated $47.6 million in total gross receipts in January, up from $33.6 million for the same month last year. Online sportsbooks in the Wolverine State reported year-over-year growth but the results in January were down from the $61.1 million in total gross receipts in December 2023.
Last month, retail wagering in Michigan saw operators collect $520,988 in total gross receipts compared to $149,378 in January 2023. Despite the increase, January 2024’s retail results were down from the $4.7 million in gross receipts reported the month prior.
Operators in the Wolverine State finished January with an 8% hold rate on gross revenue.
FanDuel, which partners with MotorCity Casino, emerged as Michigan’s top sportsbook in January with a record $213.9 million handle generating $26.6 million in gross receipts. FanDuel’s results were up from the $150 million handle it posted in January 2023, which saw the Flutter Entertainment-owned brand report $19.9 million in gross receipts.
Bay Mills Indian Community partner DraftKings finished January with the second-highest handle with $166.7 million in accepted wagers, which resulted in $10.9 million in gross receipts. DraftKings reported growth compared to January 2023, which saw the Boston-based operator finish with a $117 million handle and $6.6 million in gross receipts.
BetMGM was the third sportsbook in Michigan last month behind a $73 million handle, which generated $5.8 million in gross receipts. In comparison, the MGM Grand partner posted $3.4 million in gross receipts in January 2023 behind a $110.5 million handle.
ESPN Bet rounded out the top four operators in Michigan. The operator, PENN Entertainment’s rebrand of Barstool Sportsbook, reported a $52.2 million handle in January, which saw the operator generate $1.1 million in gross receipts. ESPN Bet partners with Hollywood Casino at Greektown and launched operations in Michigan last November.
Michigan sportsbooks showed promise in January but the state’s casinos took a step back.
Detroit’s three casinos saw table games and slot revenue decline 9% in January 2024 compared to the same month last year. The results were also down 15.7% compared to December 2023. The casinos generated $94.4 million in aggregate revenue in January.
Michigan is also one of six states in America with regulated iGaming. The Wolverine State saw iGaming operators collect a record $181.9 million in gross receipts in January surpassing December 2023’s previous record of $181.4 million. Last month, iGaming and sports betting combined for $183 million in adjusted gross revenue with iGaming making up $164.2 million.
The iGaming results were a 18.7% increase compared to January 2023.
New face in Michigan
On Thursday, Fanatics Sportsbook launched operations in the Wolverine State, bringing the operator’s reach to 13 jurisdictions across America. Fanatics entered the Michigan gaming market after acquiring PointsBet’s U.S. business in 2023 for $225 million.
The deal, which was approved by 99.2% of PointsBet shareholders, included its workforce.
