Unibet-Logo-black U-Icon-black
FanDuel Extends Lead as Michigan’s Most Popular Online Sportsbook

FanDuel Extends Lead as Michigan’s Most Popular Online Sportsbook

FanDuel cemented its status as Michigan’s market leading online sportsbook by handling $150 million in sports wagers during January.

That left it comfortably ahead of rival DraftKings, whose handle dropped from $127.1 million in December 2022 to $117.2  million last month.

Online sportsbooks accepted $475.6 million worth of bets in January, while their retail counterparts handled $15.2 million.

In total, it represents a slight 1% decline compared to the sports betting volumes reported for the previous month.

The hold rate also plummeted from 10.2% in December to a more typical 6.8% last month, causing the gross gaming revenue to drop to $33.7 million.

When promotions were deducted, it resulted in adjusted revenue of $17.9 million – a considerable decline compared to the previous month’s figures. Operators paid around $1.1 million in taxes for the month.

Further declines are expected when the Michigan Gaming Control Board reports February figures, as it is a shorter month with only one NFL game – the Super Bowl.

Basketball and hockey are now the only major sports in action, but sportsbooks will soon gain a boost thanks to March Madness and the start of the MLB season.

Meanwhile, January was a record month for online casino gaming in Michigan. Operators earned revenue of $153.7 million, beating the record of $152.8 million set the previous month.

Latest news