Michigan sports betting activity took a major step back in April as the sporting calendar entered a seasonal lull.
Monthly handle dropped 26% to $274.2 million, with revenue dropping 38% to $21.9 million.
That equalled a hold rate of 7.9%, also down from last month’s 9.2%.
For comparison, Indiana sportsbooks saw monthly handle drop 25% in April
Great time to be a Michigan bettor
More than 91% of all wagers were placed online, with the state collecting $258,200 in taxes.
Taxes were so low relative to the amount wagered because of the level of bonusing.
Sportsbook dished out around $9.5 million in bonuses to customers, per the state report.
Who gave out the most bonuses and free cash in the MI sports betting market last month? These sportsbooks doled out at least $1 million in bonuses in April:
- DraftKings: $2.38 million
- FanDuel: $1.8 million
- BetMGM: $1.73 million
- Barstool Sportsbook: $1.24 million
- PointsBet: $1.16 million
Who leads MI sportsbooks?
FanDuel Sportsbook captured the top spot for the fourth straight month with $74.2 million in handle.
That was 27% of all wagers, down around 2.8 percentage points month-on-month.
The operator gave out around 24% of GGR as bonuses.
Tight contest among MI sportsbooks
BetMGM and DraftKings were tied for second in the market by handle at 22% each.
However BetMGM, significantly outperformed DK in turning that handle into net revenue.
BetMGM generated GGR of $6.1 million, with bonuses of $1.7 million, giving net revenue of $4.4 million.
DraftKings meanwhile did $3.4 million GGR with bonuses of $2.4 million, giving $1 million in net revenue.
Barstool on the move
Barstool Sportsbook was fourth place by handle with a 13% share – similar to its figures in Pennsylvania.
However the Barstool brand climbed to third by net revenue, ahead of DraftKings.
The other eight MI sportsbooks combined for the remaining 16% of market share, led by PointsBet.
- PointsBet: $14.1 million
- William Hill: $7 million
- Fox Bet: $5.5 million
- BetRivers: $2.8 million
- TwinSpires: $1.9 million
- WynnBET: $1.6 million
- Golden Nugget: $874k
- Four Winds: $345k
