Michigan Sportsbooks Claim $43.4 Million In April Revenue
The post Michigan Sportsbooks Claim $43.4 Million In April Revenue appeared first on SportsHandle.
The Michigan Gaming Control Board reported $43.4 million in gross sports betting revenue for April on Tuesday as operators statewide posted a double-digit hold percentage for the first time in 2024.
Revenue was up 19.7% compared to April 2023 and nearly matched March’s $43.5 million despite the dip in handle that comes from March to April. Wagering totaled $414.4 million in April, up 22.6% from 12 months prior and down 16.7% from the previous month.
The 10.5% hold was the highest in the Wolverine State since sportsbooks closed out 2023 with a 10.8% win rate in December. It was the 21st time in 46 months of total wagering that the hold reached double figures.
After including deductions for promotional credits and bonuses, as well as operator loss carryover, the state was eligible to levy taxes on $29.3 million in adjusted gross revenue. That resulted in $1.8 million in state taxes and $797,600 for the city of Detroit. Taxable revenue as a percentage of gross revenue was 67.6% in April, the highest since reaching 69.1% last August.
FanDuel leads the charge on both fronts
April #SportsBetting numbers for #Michigan via MGCB. Han/GGR/WR by mobile book (2/13)@FDSportsbook $153.41M/$20.37M/13.28%
YTD: ~$706M/$79.56M/11.27%
Total: $4.68B/$526.9M/11.27%
9/x #SportsBettingX #GamblingX
— Chris Altruda (@AlTruda73) May 21, 2024
It was a good month for FanDuel from both the sports betting app and brick-and-mortar perspectives. On the digital side, the industry leader collected $20.4 million in gross revenue thanks to a 13.3% hold — its best since reaching 13.7% last June — on $153.4 million in handle.
Its retail venue at MotorCity Casino had a 13.6% win rate, kicking in $520,800 from $3.8 million in bets placed. After a rough spring and summer last year that included nearly $2 million in losses from April through July, FanDuel’s brick-and-mortar book has collected $8.5 million in winnings while posting a 13.6% hold on $62.1 million handle over the past nine months.
DraftKings, meanwhile, did just enough to extend its run of eight-figure revenue totals to eight months. It won $10.5 million from $106.3 million worth of bets placed, good for a 9.9% hold that was its best of 2024.
BetMGM came close to matching FanDuel in terms of double-digit holds for both mobile and retail betting. It fashioned a 9.8% win rate to claim $5.7 million in gross revenue from $58.1 million in online handle, while its retail sportsbook at MGM Grand had a 13.6% win rate in keeping $520,800 of the $3.8 million in bets placed in person.
Caesars edged out ESPN BET for the No. 4 spot in handle by $24,300, but ESPN BET had nearly double the gross revenue after posting an 8.7% win rate to claim $2.2 million. Caesars finished with a 4.7% hold — the seventh straight month it was below 5.5% — in winning $1.2 million.
ESPN BET, Fanatics Sportsbook, and BetRivers have been aggressively courting bettors in Michigan in recent months. ESPN BET finished with $689,000 in adjusted revenue, less than one-third of its gross.
Fanatics and BetRivers, meanwhile, finished with negative AGR for April, though the reported losses did not exceed $39,000. Fanatics had a 6.1% hold off $14.4 million in handle to claim $881,700 in gross revenue while BetRivers attained a 4.1% win rate in reaping $401,000 from $9.7 million worth of accepted wagers.
WynnBET, which ceased operations in Michigan on April 2, paid out close to $3,000 above the $219 in accepted bets in its final two days. WynnBET totaled $5 million in gross revenue during its run in the Wolverine State, crafting a 5.6% hold on $88.8 million in handle.
Soaring Eagle had its best month in terms of revenue, collecting $348,500 in winnings from $2.6 million in handle to fashion a 13.4% win rate. It is still down $290,500 for the year after paying out $468,300 above its $4 million handle in January, though.
2024 shaping up to be a strong year
After a sluggish start to 2023 when compared to 2022, Michigan’s sportsbooks look to be bouncing back in terms of action. The $1.93 billion in handle through the first four months is up 20% from last year and 5.4% from the same period in 2022.
Year-to-date operator gross revenue is up 18.9% from 2023 at $165.5 million, though adjusted revenue has increased only 6.3% to $89.7 million. Tax revenue for the state has totaled $5.8 million in 2024, $366,000 ahead of last year’s pace.
The post Michigan Sportsbooks Claim $43.4 Million In April Revenue appeared first on SportsHandle.
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