Rough May for Michigan bettors spur sportsbooks to $42.8m in monthly revenue
Wolverine State sees lowest handle since August 2023 but 12.1% hold helps operators remain steady in monthly GGR
The US sporting calendar may have officially entered its slow period but a rough May for Michigan bettors helped the state’s sportsbooks generate $42.8m in gross revenue, according to new figures from the Michigan Gaming Control Board.
The revenue figure was just 1.6% lower than the $43.5m tally from April, despite a 14.4% month-over-month (MOM) drop in handle to $354.8m from $414.4m.
Operators were able to keep pace on the revenue front thanks to a statewide 12.1% hold that registered as one of the best marks – and conversely one of the worst months for bettors – since online sports betting went live in Michigan in 2021.
While monthly handle was down, the nearly $355m in May wagering volume represented a 16.2% year-on-year (YOY) increase from the same period of 2023. Revenue was accordingly up 18.5% YOY.
The solid month pushed Michigan past the $16bn mark in lifetime handle.
Adjusted gross revenue came to just under $30m, resulting in $1.8m in tax payments back to the state.
Operator-wise, FanDuel not only held firm atop the market but enjoyed a banner month as well, with the $18.2m in gross online revenue it accrued on $123.2m in handle equating to a dominant 14.8% hold.
DraftKings also saw strong results in May, accepting $104.5m in total bets while generating just under $11m in revenue for a 10.5% hold.
Rounding out the podium was BetMGM, which notched its own double-digit hold rate (11.7%) after totaling $5.5m in gross revenue on $46.9m in handle.
ESPN Bet ($20.8m handle, $2m revenue), Fanatics ($14.2m handle, $1.8m revenue) and Caesars ($19.3m handle, $1.5m revenue) were all in range of one another as part of the next tier.