Michigan Sports Betting Handle Declines by 14 percent
The Michigan sports betting handle declined by 14.6% year-on-year to $338.1 million in April, according to new figures from the Gaming Control Board.
It represented a 23.3% decline compared to March, although that decrease was anticipated, as April is a quieter month in the sporting calendar.
Operators may be more concerned by the 14.6% drop compared to April 2022, as it maintained a worrying trend.
For the first four months of 2023, online sports wagers have declined by 9.7% compared to the first four months of 2022, with decreases of more than $40 million each month so far.
However, the revenue figures look healthier for operators. Michigan sportsbooks held 10.7% of the wagers they handled last month, resulting in gross revenue of $36.2 million.
It was a 21% decline on March’s total, but it was nevertheless their second best month of 2023 for revenue thus far.
FanDuel maintained its market leading status. It handled more than $100 million last month, and it is one of only two operators – along with BetRivers – to enjoy an increase in handle in Michigan this year.
The company has also earned $71.2 million in revenue so far in 2023, which represents an increase of $25.3 million compared to the first four months of 2022.
DraftKings took the runner-up spot in April, with $86.2 million handled. It has earned revenue of $27.9 million in 2023, up $10.8 million from the same period last year, despite taking a smaller handle. DraftKings has now pulled clear of BetMGM, cementing its status as the second-largest sportsbook in the Great Lakes State.