With the July sports schedule keeping the Michigan sports betting market cool, the race between the state’s top two online sportsbooks stayed hot with football around the corner.
Overall, MI sports betting handle dropped 20.5% in July, to $206.3 million, according to a Michigan Gaming Control Board report released Monday. The state’s sportsbooks brought in $20.8 million in sports betting revenue, good for a 10.1% hold.
Revenue was down 23% from June. The state collected $808,027 in taxes.
Two-headed online race in Michigan sports betting
Online sportsbooks brought in $188 million in bets in July. That is down 20% from $235.1 million in June. While the overall drop was significant, the gap in market share between the top two sportsbooks in the Mitten, FanDuel Sportsbook and DraftKings Sportsbook, tightened.
FanDuel nabbed 29% of the online market, while DraftKings secured 28%. In June, the gap was 33% to 24%. The race could become more interesting as DraftKings prepares to open a new sports betting lounge near Comerica Park, Ford Field, and Little Caesars Arena in Downtown Detroit.
BetMGM followed in third with 22%. Barstool Sportsbook trailed in a distant fourth with 7%.
|Sportsbook||Online Handle||Retail Handle||Revenue||Hold||Online Market Share|
|FanDuel||$54.5 million||$4.5 million (MotorCity)||$8.5 million||14.4%||29%|
|DraftKings||$53.4 million||--||$3.1 million||5.8%||28%|
|BetMGM||$41.0 million||$5.2 million (MGM Grand Detroit)||$5.1 million||11.1%||22%|
|Barstool||$13.6 million||$8.6 million (Greektown)||$1.9 million||8.6%||7%|
|William Hill||$7.5 million||--||$252,708||3.4%||4%|
|Fox Bet||$2.7 million||--||$252,873||9.4%||1%|
Three-way retail race stays warm
Michigan bettors wagered $18.3 million at the three commercial sportsbooks in Detroit. That figure is down almost 25% from June.
The Barstool Sportsbook at Greektown led the way in July with $8.6 million in bets. BetMGM Sportsbook at MGM Grand Detroit drew $5.2 million in bets, while Michiganders bet $4.5 million at the FanDuel Sportsbook at MotorCity.
It is the third month Barstool has topped the list in 2021, with FanDuel leading the other three. Retail sports betting in Michigan launched in March 2020, while online sports wagering did not start until January 2021.
Fall push coming in Michigan sports betting?
July was the third time in four months the state’s handle dropped, with June being the outlier. That is no real surprise, as July is normally the bottom of the sports betting calendar in mature markets.
Now, the NFL preseason is heating up and August will likely start an upward trend as Michiganders prepare for another Detroit Lions season. The state also has significant NCAA football fanbases, including Michigan and Michigan State.
It will be the first football season with online Michigan sports betting, so March‘s record handle of $359.5 million could be in danger this fall.