Four Michigan sports betting apps set individual highs in October, pushing the market to a record $533 million in online handle.
According to figures recently released by state regulators, FanDuel took in $173.4 million last month, the most ever by a single operator in Michigan sports betting history.
DraftKings was next in line with $147.4 million, besting its previous record of $137.3 million set in September.
Michigan sports betting records fall
Caesars popped for big handle gains in October, jumping 25% over September to $42 million in bets. Bettors fared better than Caesars though, winning $306,000 more than they wagered in October.
It was a similar story for BetRivers, which took in six times more dollars in October compared to last year. Last month’s handle hit $45.5 million, compared to $7.4 million during the same month the previous year.
Despite being the highest monthly handle total for BetRivers ever in Michigan, the app lost money. BetRivers paid out nearly $750,000 more than it received during the month.
BetMGM handled the third-most betting dollars in October with $80.1 million. It was BetMGM’s second-most handle this year, behind $110.5 million in January.
Barstool departs Michigan sports betting mix
Barstool Sportsbook closed out its final full month of MI sports betting operations in October. Its $20.5 million handle was mostly flat with September.
Barstool’s parent company, Penn Entertainment, did not offer much in promos last month. Penn stopped promoting the app after severing its relationship with Barstool over the summer.
Penn and new sports betting partner ESPN rebranded, and relaunched as ESPN Bet in mid-November.
Fanatics increases market share
Fanatics-owned PointsBet posted solid gains in October. It took in $12.5 million in bets, up from $8.9 million in September.
October’s total was the highest monthly total since the app began operating as “PointsBet, a Fanatics experience” earlier this year.
Fanatics handle grew in multiple markets last month, thanks in part to a recent advertising push and promotional offering.
Revenue run for MI sports betting apps
FanDuel topped the Michigan sports betting revenue list in October. It cleared $20.5 million online.
DraftKings was next with $16.3 million, while BetMGM made $6.9 million online last month.
The three apps combined for 97% of the market’s $45 million revenue total in October.
Promos dip, taxes increase
Michigan sports betting apps offered $21.5 million in October free bets, credits, and odds boosts. It was a few million dollars off from September, which approached record-high promo spending.
After deducting free play promotions from gross revenue, Michigan collected $2.4 million in sports betting taxes.
It is the second-highest tax total this year, behind only $2.9 million paid to the state in March.
