Michigan sportsbooks set new handle record in December

Michigan sports betting put up another record-breaking month in December as sportsbooks across the state combined to post over $500 million in handle for the second consecutive month.

According to a report published by the Michigan Gaming Control Board (MGCB) on Tuesday, the state’s betting handle for the month of December tallied $514.6 million, eclipsing the previous record of $500.5 million achieved in November by $2.9%.

Online sportsbooks accounted for nearly 94.5% or $484.6 million of the sports wagers staked in the month, topping November’s record $473.8 million internet handle by 2.3%. The three commercial casinos in Detroit also saw an increase in in-person betting action as the retail handle climbed by an impressive $12.7% month-on-month. The facilities posted a combined $30.1 million in sports bets for the month, up from $26.7 million in November.

The total revenue generated by the market in the month of December amounted to $12 million, a decrease of 69.1% from the record $38.8 million held in November. The online market accounted for the lion’s share of the gross wins at $10.9 million, while retail betting generated $1.1 million in hold for operators.

A total of $785,564 of the revenue generated by the industry went to the state’s coffers. The tax revenue generated in November was nearly $1.8 million, indicating a decrease of 55.5% month-on-month.

DraftKings edges out FanDuel to retain top spot

DraftKings Sportsbook, which operates in Michigan via a partnership with the Bay Mills Indian Community, was the top online operator in terms of betting handle after posting $120.3 million in wagers for the month. The licensee’s gross wins from sports betting totalled $7.3 million, which translates to a win rate of 6.1%.

FanDuel Sportsbook finished a strong second after reporting $119.9 million in mobile wagers, up from $115.2 million in November. The operator’s gross internet sports betting wins for the month ended December tallied $9.6 million, down from $18.3 million in the previous month.

FanDuel Sportsbook is tethered to the Detroit Entertainment LLC-owned MotorCity Casino. The facility is one of the three legal commercial casinos operating in the city of Detroit.

BetMGM reported the third-highest betting handle in the month at $108.7 million, up from $100.8 million in November. The sportsbook, which is tied to MGM Grand Detroit, held 8.64% of the bets to post a hold of $9.4 million. MGM Grand is owned by MGM Resorts International, one of the two entities that co-own the BetMGM brand.

Barstool Sportsbook clinched the fourth spot after reporting $45.9 million in online wagers, up from $41.3 million in November. The activity generated $2.6 million in profits for the operator in December, down from $2.9 million in the month prior. The fifth spot went to Caesars sportsbook, which generated $38.4 million in online betting handle and $2.6 million in hold for the month.

Barstool partners with Penn National’s Greektown Casino Hotel in Detroit, while Caesars is licensed through the Grand Traverse Band of Ottawa and Chippewa Indians. The tribe runs three casinos in Michigan – Grand Traverse, Turtle Creek Casino, and Leelanau Sands Casino.

Mobile betting drives Michigan market to new heights

Michigan is one of the best performing markets in the US sports betting scene currently, thanks to its robust mobile industry.

The state launched in-person sportsbooks in March 2020, but the real action began when the online market got off the ground on January 22, 2021. Throughout last year, industry experts hailed the launch, terming it as the single largest debut for sports betting in the country’s history due to its impressive success after rollout.

According to the MGCB, licensees across the state handled $3.97 billion in wagers in 2021, with $3.66 million coming in via mobile sportsbooks. Retail betting at the three Detroit casinos accounted for just $310.6 million of the bets.

The taxable revenue generated by the industry in 2021 was $137.5 million, while the total paid to the state in taxes amounted to $8.3 million.