Football’s return could also show definitive signs of the maturation of Michigan sports betting.
In September, Michigan sportsbooks handled $383.1 million in wagers, according to a Michigan Gaming Control Board report Tuesday. While that is a 66% jump from the $229.8 million in August bets, it is a 1% drop from the $386.8 million handle from September 2021.
Michigan online sports betting launched in January 2021. At least two other mature markets have also reported year-over-year September dips, including New Jersey and Iowa.
MI sports betting revenue up year-over-year
Along with a more mature market, the handle decline could be attributed in part to a likely pullback in sportsbook promotional offers. That would also help explain the 86% year-over-year jump in sports betting revenue, with promo deductions also down.
Michigan sportsbooks held 13.2% for $50.4 million in revenue in September, up from $27.1 million, a 7% hold, in September 2021.
The sportsbooks paid $2.6 million in taxes during the month.
Michigan bettors gravitate toward DraftKings
Since the January 2021 Michigan sports betting launch, FanDuel Sportsbook largely maintained the lead in online market share. In August, FanDuel controlled 33% of the market, while DraftKings Sportsbook clocked in with 24%.
With a strong football push drawing $108.2 million in handle, DraftKings erased the 9% gap and barely edged out FanDuel ($106.3 million) in September, 29.7% to 29.2%, respectively. A more dramatic swing occurred with last year’s NFL betting push, with DraftKings taking more than a 30% market share in August and September, while FanDuel dipped below 25%.
FanDuel did maintain its revenue lead this September, generating nearly $19 million, a 17.8% hold. DraftKings held 9.7% for $10.5 million in revenue.
BetMGM solidifies third place
BetMGM was a distant third in September 2022 with a 21% market share, or $74.8 million.
No other operator had more than a 6% market share. Barstool Sportsbook and Caesars brought in $22.3 million in wagers, which is good for a 6% share each.
| Sportsbook | Online Handle | Online Revenue | Hold | Market Share |
|---|---|---|---|---|
| DraftKings | $108.2 million | $10.5 million | 9.7% | 30% |
| FanDuel | $106.3 million | $19.0 million | 17.8% | 29% |
| BetMGM | $74.8 million | $9.8 million | 13.1% | 21% |
| Barstool | $22.3 million | $3.3 million | 14.8% | 6% |
| Caesars | $22.3 million | $2.4 million | 10.6% | 6% |
| PointsBet | $11.0 million | $1.3 million | 11.5% | 3% |
| BetRivers | $5.5 million | $541,547 | 9.9% | 2% |
| WynnBet | $4.5 million | (-$7,926) | — | 1% |
| Fox Bet | $2.5 million | $251,392 | 10% | 1% |
| FireKeepers | $2.1 million | $119,207 | 5.7% | 1% |
| Eagle | $1.7 million | $300,748 | 18.1% | <1% |
| Parx | $1.1 million | $117,810 | 10.4% | <1% |
| Golden Nugget | $917,485 | $90,526 | 9.9% | <1% |
| TwinSpires | $766,064 | $83,014 | 10.8% | <1% |
| Four Winds | $534,858 | $71,790 | 13.4% | <1% |
Michigan online sports betting hot
Online sports betting accounted for more than 95% of the Michigan handle, or $364.5 million.
Outside of the online sportsbooks, the three Detroit area retail sportsbooks took $18.6 million in wagers. They generated $3.6 million in revenue.
The Barstool Sportsbook at Greektown Casino led the way with $8.8 million in bets.
