September 2024 in Michigan was the second-best month on record for gross revenue for both sports betting and iGaming.
The Michigan Gaming Control Board reported $59.2 million in overall gross sports betting revenue last month, a total which is only less than the $65.9 million last December. It’s the sixth time in Michigan’s sports betting history that operators have taken more than $50 million in a month.
The GGR total was more than double what operators made in August and was up 29.8% from last September, far outstripping the 10.1% year-over-year rise in handle. Overall, Michigan sportsbooks took $523.8 million in bets last month amid the start of a new NFL and college football season.
Adjusted revenue was $28.3 million as the state’s online sportsbooks poured their efforts into promotional offers amid the start of a new NFL and college football season.
FanDuel was No. 1 with $24.4 million GGR representing a 13.5% win rate from $180.1 million of wagers. The market leader spent more than $10 million in promotional offers in September.
DraftKings, naturally, was second with $17.4 million from $155.9 million in handle. BetMGM’s best month since March 2023, with $9.3 million in winnings from $74.9 million, was enough for it to complete the podium.
Fanatics was fourth with its best-ever month in Michigan since taking over from PointsBet, reaping $2.8 million from $23.9 million in bets. However, given this was its first football season in the Wolverine State, it’s not surprising to see it spent a ton on offers, claiming just $213,200 in AGR.
Caesars ($26.3 million) and ESPN Bet ($25.7 million) both took more in wagers than Fanatics but won less money ($1.8 million and $1.7 million, respectively).
Michigan eclipses $200M in iGaming revenue for second time ever
On the online casino front, Michigan operators’ gross revenue of $202.6 million was up 20.8% year-over-year and only the second time the state has reported more than $200 million in monthly iGaming GGR, after March 2024’s $215.2 million.
After spending $20.3 million on promos, overall net adjusted revenue was $182.3 million.
It keeps Michigan well on course to smash last year’s annual GGR record of more than $1.9 billion. With three months left to report in 2024, Michigan iGaming has made more than $1.7 billion in gross revenue.
BetMGM, tethered to MGM Grand Detroit, led the way ahead of FanDuel for the top revenue spot with $53.4 million vs. their rival’s $48.8 million.
However, the revenue numbers for both giants were relatively flat compared to August. In comparison, Fanatics was the biggest mover in September, with revenue jumping 34% month-over-month to $5.7 million in September. Golden Nugget also reported a 20% monthly increase.
September marked the final full month in Michigan’s iGaming market for WynnBet, which has vacated and been replaced by Caesars’ new Horseshoe Online Casino.