Michigan Sports Betting Handles May Dip Well With Strong Revenue – Legal Sports Report

While the Detroit Tigers are off to a dismal start to the baseball season, Michigan sports betting enjoyed a decent May.

Michigan sportsbooks handled $356.1 million in May, according to a Michigan Gaming Control Board report released Thursday. The total is a 10% drop from April 2022, but a 38% increase compared to May 2021.

May is a predictably slow month and Michigan sports betting likely will not see month-over-month increases again until the NFL betting and college football seasons start later this summer. May was the lowest Michigan handle since August 2021.

Despite the low handle, MI sportsbooks held 10.1% to generate $35.9 million in sports betting revenue. It is the third-highest revenue figure since Michigan launched online sports betting in January 2021.

Operators deducted nearly $11.1 million in promotions, bringing taxable revenue to $24.8 million.

Michigan collected almost $1.2 million in taxes.

Online sports betting accounted for nearly $333.4 million, or 93.6%, of the overall action.

FanDuel controlled 29.8% of the online wagers, taking $99.4 million in bets.

FanDuel held an impressive 15.2% during May to generate $15.2 million in revenue.

BetMGM was second in the market, making $8.8 million in revenue off of just under $80 million in wagers, an 11% hold.

It was the third straight month BetMGM slotted in at No. 2. Prior to that DraftKings Sportsbook was nearly even with FanDuel in market share. In January, FanDuel and DraftKings clocked in with 26.7% and 26.6% market share, respectively.

DraftKings nailed down the No. 3 spot in Michigan, taking $69.1 million in bets. The operator held 7.3% for $5 million in revenue.

May was the first full month of Soaring Eagles PlayEagle Casino & Sports platform. It is the states 15th online sportsbook.

The operator took $994,747 in bets and posted a $14,884 loss.

The three commercial retail sportsbooks in Detroit took $22.8 million in bets during May. The sportsbooks generated $2.4 million in revenue, a 10.5% hold.

Greektown Casinos Barstool Sportsbook took $13.1 million in wagers, or 57.5% of the overall retail handle.

The BetMGM Sportsbook at MGM Grand Detroit handled $5.4 million, while the FanDuel Sportsbook at MotorCity Casino accepted $4.2 million in bets.

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Michigan Sports Betting Handles May Dip Well With Strong Revenue - Legal Sports Report