Revenue and handle numbers for Michigan sports betting declined for the second straight month as bettors failed to fill the football and college basketball void.
Total handle hit $257.7 million in May, the lowest total handle for a full month since online betting launched mid-January. Sports betting revenue was $21.2 million.
May’s handle is down 32.8% from the $383.7 million bet in March, but operators have no reason to worry. The sports betting dip reflects the slow sports calendar, especially with the Detroit Red Wings and Pistons missing their respective postseason tournaments this year.
Despite the dip, online gambling seems perfectly healthy in Michigan. Online casino revenue was just $200 and change off April‘s total, according to Play Michigan.
Mixed results so far from other jurisdictions
So far, six jurisdictions with legal US sports betting reported figures from May. Half of those, including Michigan, reported a sequential decline.
Iowa and West Virginia also saw their handle slide for the second straight month. Indiana, Oregon (which does not offer college betting) and Washington DC all reported growth.
More information is needed to see what the overall trend will be for May. Powerhouses New Jersey and Pennsylvania should both report May results this week.
DraftKings up, Barstool down in Michigan sports betting operator race
FanDuel Sportsbook remains the top online sportsbook in the state with $71.2 million in handle, or 30% of the online sports betting market.
DraftKings Sportsbook increased the gap between second place and third-place BetMGM Sportsbook. DK took $66.7 million in online bets for 28.1% of the online market.
Barstool Sportsbook, meanwhile, continues to see its share tumble. Its 7.7% online market share with $18.2 million in handle is its lowest since Michigan’s online betting market started. Barstool started at 23.9% share in January and had 9.9% of the market in April.
The other eight online sportsbooks in Michigan combined for just over $30 million in online handle, good for 13.6% share.
