Michigan Sports Betting Handle Falls For First Time In Six Months

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Michigan sports betting

Michigan sports betting took a step back in February as a slow sporting calendar saw handle drop by 20%.

Michigan sportsbooks took $424 million in bets in February, down 20% from January.

It was the first time in six months the state did not set a new handle record.

Did anyone make money in Michigan?

Sportsbooks held 5% of those wagers for $21.6 million in GGR, per the state report.

However, books gave out around $26.4 million in promos, suggesting a negative net gaming revenue for the month.

Given those bonuses – which are tax-deductible in MI – the state earned just $581,000 in taxes for the month.

How does MI compare to other states?

The 20% dropoff in handle sounds steep, but MI was similar to other states.

February, of course, has just one NFL game – albeit a big one. The NBA and NHL also take their All-Star breaks.

New Jersey sports betting handle was down 26.9% from January while Iowa was down 28.8%. Tennessee and Indiana saw declines of 18.8% and 18.2%, respectively.

Even the new mobile betting market in New York saw a 9% handle decline month-over-month.

Who led MI sports betting?

FanDuel Sportsbook was the clear market leader with 31% of online handle.

Next was DraftKings Sportsbook with a 24% share, just ahead of BetMGM with 22%.

Caesars Sportsbook and Barstool rounded out the top five with 9% and 8% respectively.

Michigan online handle share among top five operators (LSR)

King of Michigan sports betting?

By revenue, BetMGM was the largest operator, with $5.8 million, ahead of FanDuel with $4.4 million.

Barstool also outperformed its handle share with $4.2 million in GGR.

DraftKings was the most aggressive bonuser in the market, giving away $11.1 million in promos. That was well clear of BetMGM who gave away $5.8 million.

Brick-and-mortar battle

Elsewhere, the retail market continued to motor along. Barstool’s Greektown Casino in Detroit was far and away the largest retail book, with $15.8 million in bets.

That beat BetMGM’s $5.2 million at the MGM Grand Detroit and FanDuel’s $4.4 million at MotorCity.