Michigan reports 19.5% month-on-month drop in online sports betting handle for June
FanDuel continues to take top spot in the Wolverine State during June as other operators across the board struggle to keep up
Michigan reported igaming revenue of $183.2m for the month of June 2024, while gross sports betting receipts stood at $30.9m.
Monthly handle came in at $276.8m, down 19.5% month over month (MOM) from the $343.7m reported in May.
Gross receipts for igaming and sports betting combined dropped 10.6% compared to the previous month, while adjusted gross receipts (AGR) for June came in at $136.4m.
In terms of sports betting for the reporting period, there was a drop of $56.3m MOM to –$28.2m, attributed to a $48.2m free play deduction taken by BetMGM.
Igaming AGR was up 20.2% year over year (YOY), but sports betting was down by $37.4m compared to June 2023.
Operators reported submitting $35.5m in taxes and payments to the State of Michigan during June, of which $34.4m came from igaming and $1.1m from online sports betting.
Breaking handle down by operator, FanDuel continued to lead the way in Michigan with handle of $96.2m and gross online revenue of $14.7m in June, although this was down significantly from May’s figures of $123.2m and $18.2m, respectively.
It was a similar story for DraftKings, that saw handle drop from $104.5m in May to $82.8m a month later, while revenue stood at $8.3m for the reporting period, down from £11m in May.
Taking the final podium spot for June was BetMGM with $40.5m in handle and revenue of $3.6m.
The next tier of operators in Michigan were all in range of one another. These included ESPN Bet with $16.2m handle and $1.4m in revenue, Caesars ($15.2m handle, $817,748 revenue), and Fanatics ($13m handle, $1.3m).