Michigan January Sports Betting Handle Tops Half a Billion
LISTEN TO THIS ARTICLE:Players in Michigan wagered a total amount of $601.6m in January, up 22.5% year-on-year. In the month, the 14 online sports betting operators in the state generated a combined $47.6m in total gross receipts. The figure was an increase of 47.67% compared to the $33.6m generated in January last year.
However, the receipts were down by $13.5m from the $61.1m earned in December 2023. The retail wagering sector also experienced an upward trend year-on-year in January. Total retail gross receipts amounted to $520,988, a staggering 349.07% increase from the $149,378 generated in the same month last year.
Despite this significant growth, the gross receipts fell far behind the $4.7m recorded in December 2023. Michigan sportsbook operators had an average 8% hold rate on gross revenue in January.
FanDuel Leads Market with $213.9m Handle
FanDuel, in partnership with MotorCity Casino, was Michigan's leading sportsbook in January, with a record $213.9m in handle and $26.6m in gross receipts. The Flutter-owned operator’s results grew significantly compared to its January 2023 reported receipts of $19.9m from a handle of $150m.
DraftKings, partnered with Bay Mills Indian Community, finished second in January, with $166.7m in total wagers and $10.9m in gross receipts. This marked an increase from January 2023, when the Boston-based operator reported a $117m handle and $6.6m in gross receipts.
BetMGM, partnered with MGM Grand, had the third-highest handle in the Wolverine State in January at $73m. From the total, the operator generated $5.8m in gross receipts. In comparison, the operator recorded $3.4m in gross receipts in January 2023 of a $110.5m handle.
ESPN Bet, in partnership with Hollywood Casino, posted a handle of $52.2m and earned $1.1m in gross receipts to close the list of the top four operators in Michigan in January.
iGaming Gross Receipts Reached $181.9M
In the Michigan gambling market, operators collected a record $181.9m in gross receipts in January. This figure was 0.28% ahead of December’s $181.4m. It also increased by 18.7% year-on-year. The combined adjusted gross revenue from iGaming and sports betting for the month amounted to $183m, with iGaming contributing $164.2m.
Last month, the American Gaming Association (AGA) released its latest data on US gambling, revealing Michigan as the top earner amongst the six states that currently legalize online gaming in the United States.
Land-Based Casino Sector Decline
While Michigan’s sports betting and iGaming market showed improvement in January, the state’s casino gaming sector experienced a decline. Detroit's three casinos collectively generated $94.4m in January. They saw a 9% decrease in table games and slot revenue in the month compared to January 2023. Additionally, the results were down by 15.7% compared to December 2023.
More Finance News
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Michigan January Sports Betting Handle Tops Half a Billion