Michigan online sportsbooks see September spike with return of football
Operators generate nearly $48m in online revenue while igaming numbers hold steady
The return of football in Michigan resulted in a requisite spike in betting activity for the month of September, with the state’s online sportsbooks accounting for $47.8m in gross gaming revenue (GGR).
The nearly $48m in revenue effectively doubled the $24m generated in August. Online handle, meanwhile, totaled $364.5m, a 66.6% month-over-month (MoM) increase from August’s $218.8m.
When factoring in igaming, combined online GGR for the month came to $176.5m, up 14% from $154.9m in August.
That led to $25.6m in tax payments back to the state, with igaming accounting for $24m and online sports betting the remaining $1.6m.
Overall igaming receipts held steady at $128.7m, with that revenue figure representing a slight 1.7% downtick from $130.9m last month.
It was the sports betting haul, however, that led the charge, with September marking Michigan’s highest-handle month since April.
Bettors also didn’t fare too well, as sportsbooks held a robust 13.1% of all online wagers, well above the industry average of around 7%.
Football was undoubtedly the primary driver of the surge in betting activity, but with only three full NFL weekends in the month, there’s likely room for additional growth.
On the operator side, DraftKings slightly outpaced FanDuel with $108.2m in online handle, the first time since last December that DraftKings has occupied the top spot.
FanDuel nonetheless won the revenue battle, generating $19m in GGR.
Through the first three quarters of 2022, igaming revenue stands at $1bn, while adjusted GGR from online sports betting has totaled $131.4m.