Michigan sports betting handle continued its monthly decline in May. Bettors spent $305.2 million last month, down from $338.1 million in April.
Betting handle dropped 14% compared to May 2022, when sportsbooks took $356.1 million in bets.
Sportsbook revenue mainly remained flat at $36.1 million in May. According to figures released by the Michigan Gaming Control Board this week, the state collected $2.15 million in MI sports betting taxes.
Entering the dog days of summer
Given the seasonality of the sports calendar, June, July, and August are typically slower months. Michigan sports betting is no different.
Last year, sports betting handle did not exceed $293 million in Michigan during any of the summer months. In 2021, handle did not reach $260 million during that same three-month stretch.
According to LSR data, Ohio sports betting launching in January has also played a role in its neighbor’s monthly handle.
Will DraftKings take more MI sports betting pie?
With its recent $195 million offer to purchase PointsBet‘s US assets, DraftKings could gain a few additional percentage points should its offer be accepted. PointsBet has had little more than 3% market share in Michigan since 2021.
DraftKings acquired Golden Nugget Online Gaming last year, adding less than one-half of 1% in market share via the Golden Nugget sports betting app.
Market access for online casino
Fanatics made the original offer for PointsBet’s US assets at $150 million, which shareholders continue to recommend while still entertaining DraftKings’ offer.
By purchasing PointsBet, Fanatics would save on market access costs and take over an online casino operator in the Lac Vieux Desert Band of Lake Superior Chippewa with less than 1% of market revenue ($1.3 million) in May.
According to online casino revenue data provided by the Michigan Gaming Control Board, DraftKings claimed 22.5% of Michigan online casino revenue in May between its Bay Mills Casino and Keweenaw Bay Casino, which it acquired in the Golden Nugget deal.