Michigan sports betting handle improved slightly in August compared to July as sportsbooks rode out the quieter summer months.
Handle improved to $208.6 million last month. That’s up 1.1% after handle hit its lowest total since January when online Michigan sportsbooks launched toward the end of the month.
Sports betting revenue did not hold up as well, falling 15.5% month-over-month to $17.5 million on 8.4% hold, according to the state report. Operators paid $679,308 in taxes for the month.
First full football season for online Michigan sports betting
Michigan quickly showed its strength as an online US sports betting market when online sportsbooks launched during the NFL Playoffs in January.
Now, the market gets its first real chance to flex its muscles with its first full season of online football betting. Michigan ranked third in online gambling transactions from Thursday through Sunday with 12.9% of all transactions across 18 states and Washington DC, according to GeoComply.
Operators deducted $8.3 million in promotional costs in August, up from $7.2 million in July. That is not a surprise with college football betting starting late last month with NFL betting now in full swing.
Those promotional numbers could get higher as operators fight for market share throughout the football season.
DraftKings grabs top online share
For the first time, FanDuel Sportsbook is no longer the top online sportsbook by handle in Michigan.
That distinction went to DraftKings Sportsbook in August. DraftKings took $61.4 million in online bets, good for 31.9% of the $192.3 million bet online last month. It’s also worth noting DraftKings had the highest promo costs last month at $2.2 million.
FanDuel, meanwhile, saw online handle fall to $47.7 million for the month. That was good for 24.8% of the online market.
BetMGM Sportsbook was third with 22.7% of the online market with $43.7 million bet in August. The brand spent the second-most on promos with $1.9 million, passing FanDuel’s $1.6 million.
The other 11 sportsbooks in the state accounted for the remaining 20.6% of online handle. Barstool Sportsbook held the distant fourth-place spot with $13.1 million in handle, or 6.8% of the market.
