Michigan Sportsbooks Handle $421.7M Bets in March, Crosses $10B All-Time Handle

The rollercoaster from Michigan sports betting revenue figures continues as the Michigan Gaming Control Board released its report for the month of March. Sportsbooks have been on a steady decline since the beginning of the year, incurring decreases in revenue and betting handle, especially with year-over-year comparisons.

However, March proved to be significantly better with the state hitting multiple milestones with its betting handle and overall revenue. Michigan sports betting platforms smashed a lifetime record of $10 billion worth of bets handled while recording a 18% rise in handle from the previous month.

The month of March has provided a bit of respite to Michigan sports betting stakeholders as the state recorded its highest sportsbooks revenue in 2023. Sportsbooks pooled a total of $46 million, with as much as $44.6 million coming from online sports betting apps. Throughout the first quarter, Michigan sportsbooks brought in almost $101 million, a 15% increase from the $87.7 million revenue reported in Q1 2022.

Not only was March’s revenue the highest in recent times, but it was also the fifth-highest since sports betting became legalized and operative in the state. But while revenue seems to be down, Michigan’s betting handle is struggling to maintain its upward trend.

Sportsbooks in the Wolverine State handled $421.7 million worth of bets in March. Compared to February 2023’s $357.2 million handle, this amounted to an 18.1% increase. But on a year-over-year comparison, there was a noticeable 11.8% decline to the $478 million recorded in March 2022.

It would appear that the Michigan Spartans’ progression through the Big 10 and the NCAA Division I Men’s Basketball tournament proved significant. Many Michigan bettors also staked big and won big during March Madness.

Another milestone was achieved as Michigan sports betting crossed $10 billion in all-time sports betting handle. The total lifetime sports betting handle in Michigan now stands at $10,180,590,830 from March 2020 till date. For the avoidance of confusion, retail sports betting was legalized in Michigan on that date while online sports wagering did not launch until January 2021.

At the start of the year, it was quite unlikely that this record would be attained this quickly. In the first quarter of 2023, Michigan pooled $1.23 billion worth of sports betting handle. This signified a 8.9% drop from Q1 of 2022 where the state saw a whopping $1.35 billion. It is unsure if these positive figures from March are here to stay or it is merely another month with mixed signals.

Sports betting hold in Michigan jumped from 6.5% in February 2023 to 10.9% in March. Sportsbook paid $2 million in taxes to the Michigan state and another $930K to local authorities. Overall, Michigan Gaming Control Board authorities believe March to be a good month in the broader context of how 2023 has been.

FanDuel Sportsbook MI remains the top online sports betting app in Michigan by both revenue and betting handle. It has maintained this position for months now, but the sportsbook’s figures from March have only made the gap wider. FanDuel recorded $146.8 million worth of sports betting handle in March. This figure accounts for about 36% of the total sports betting market share in the state.

It also contributed 45% of Michigan’s total online sports betting revenue, pooling $20 million in March. This figure is more than the revenue of its next two competitors combined. Its lifetime online sports betting revenue is set at a gargantuan $310.4 million, accounting for 39.2% of all-time online sports betting revenue in the state.

The dominant nature of FanDuel in the state is better reflected by the runners-up. FanDuel’s closest competition in terms of betting handle is DraftKings Sportsbook, with $101.1 million bets handled in March. BetMGM is a distant second with revenue, pooling a remarkable $10 million, but not remarkable enough to displace the MotorCity-owned FanDuel Sportsbook.

Not only is FanDuel leading in revenue and handle, but it also had a higher hold than all others, with 13.7% and was the only sportsbook to pay seven figures in taxes.