Michigan’s Statewide Sports Betting Handle Falls 22% in June

With limited sports for people to bet on, the Great Lakes State took in roughly $236 million in wagers during June — a far cry from May's $305.2 million.

June is always a tough month for the sportsbooks, who like most of us, are ready for football season to start. The Michigan Gaming Control Board reported that the state’s legal sports betting market contracted again — hitting a 10-month low.

The Great Lakes State took in roughly $236 million in bets in June. Specifically, online sports betting sites saw $227.9 million while the retail side accepted $8.1 million. Both markets saw a dip in handle compared to May’s $305.2 million total.

The decline in action is not just a monthly problem. Yearly data shows that 2023 is well behind 2022 in handle, with every single month this year having reported a smaller handle than at the same point in 2022.

But one explanation is sportsbooks offering fewer promotions. This year's revenue is actually higher than 2022, with nearly every month reporting greater profits. And while last month had higher gross receipts compared to June 2022, it was well below May’s numbers.

Michigan sportsbooks in June made just $8.8 million in gross receipts (after adjustments), a 61.5% monthly drop. Not surprisingly, the hold percentage fell to 7.5% compared to May’s 11.8%. On the tax side, the state (and city of Detroit) billed the operators roughly $860,000 — well short of the $2 million from May.

FanDuel Stays Best in Michigan

As statewide handle dropped just about every sportsbook saw its own handle fall as well.

FanDuel was the top operator in Michigan sports betting, leading both handle and revenue. However, its $6.7 million in adjusted receipts was 46% lower than May. DraftKings remained No. 2 in handle but its revenue fell to just under $300,000, a 93% collapse. BetMGM stayed in third and also saw its profits fall by 92% to $270,000.

Caesars was next in handle, but saw its revenue climb to $635,000 after it reported a loss in May. Barstool Sportsbook was the last operator with more than $10 million in bets and its revenue fell by 50% to $552,000.

Retail run down

The state’s three retail sportsbooks also saw bleak revenue numbers.

MGM Grand Detroit reported $30,000 in adjusted gross receipts, which was 93% lower than May’s haul... but at least it was profitable. FanDuel’s MotorCity, for the second time in three months lost money ($708,000). Barstool’s Greektown outperformed the other two in both handle and revenue — making $283,000.