Michigan reported a month-over-month decline in sports betting revenue in February but posted record online casino results.
The Michigan Gaming Control Board reported a $415.8 million total sports betting handle in February, down from $601.6 million for the month prior. Despite the month-over-month drop, last month’s results were a 16.4% uptick compared to February 2023’s handle.
Michigan’s sports betting results in February 2024 were led by online wagers, which reached $402.6 million. In January, online bets for operators closed at $577.4 million.
The Wolverine State is home to 14 online sportsbooks, which generated $30.5 in total gross receipts in February compared to $22.6 million for the same month last year. The total gross receipts reported by operators in February were a 43.9% decline from January.
Michigan’s operators closed last month with a 7.25% hold. In January, the hold was 8%.
Operators in Michigan’s sports betting market
FanDuel emerged as Michigan’s top sportsbook in February behind a $152.3 million handle, down from $213.9 million in January. The MotorCity Casino partner generated $13.8 million in gross receipts in February 2024, a 63.3% month-over-month decline.
DraftKings, which partners with Bay Mills Indian Community, reported the second-highest February handle at $109.8 million, which generated $10 million in gross receipts. In January, the operator posted a $166 million handle and $10.9 million in gross receipts.
Last month, Michigan welcomed a new sportsbook into the market. Fanatics Sportsbook launched operations in the state as part of its takeover of PointsBet’s U.S. business.
Fanatics launched in Michigan on Feb. 22. During the month, PointsBet and Fanatics combined for a $9.2 million handle. The handle was the sixth-best in Michigan and generated $436,068 in gross receipts. In January, PointsBet saw its last full month of operations close with a $11 million handle, which generated $989,310 in gross receipts.
Record iGaming results in Michigan
The Wolverine State is one of seven jurisdictions in America with regulated iGaming.
Michigan saw iGaming operators collect a record $188 million in gross receipts in February surpassing January’s previous record of $181.9 million. Last month, operators statewide reported $37.7 million in taxes and payments with $33.8 million reported from iGaming.
Sports betting operators saw taxes and fees in February close at $922,324.
Michigan joins Connecticut, Delaware, New Jersey, Pennsylvania, Rhode Island, and West Virginia as states in the U.S. that have authorized iGaming in some capacity.
