In Michigan, May has consistently been a successful month for sportsbooks over the past two years. In May 2023, bettors wagered a total of $305.3 million, resulting in $36.1 million in revenue for Michigan sportsbooks.
Despite having the lowest monthly handle of the year in 2023, the 11.8% hold percentage was the highest year-to-date. This trend continued into 2024 when May’s handle saw a remarkable 16.2% year-over-year increase, and revenue surged by more than 18%.
Year-to-date figures reveal that Michigan sports betting has accumulated $2.28 billion in total wagers, generating over $208 million in revenue and contributing nearly $8 million in taxes.
Michigan Establishing Itself as Sports Betting Jaugernaut
Michigan’s sports betting market has firmly established itself as one of the most active in the U.S. legal sports betting landscape.
In May 2024, the Michigan Gaming Control Board reported a monthly handle just shy of $355 million, the lowest for the year so far. Despite this, Michigan sportsbooks achieved impressive results, earning nearly $43 million in gross gaming revenue and a record hold for the year of a little more than 12%. State tax revenues also received a boost, with $1.85 million in tax payouts.
In the past 47 months of wagering, operators achieved the seventh-highest win rate. Among sports betting apps, last May ranked second, trailing only the 13.2% hold recorded in September 2022. Additionally, this marks the third consecutive May where the state’s sportsbooks collectively maintained a double-digit hold.
On top of all of that, Michigan recently joined the ranks of states that have processed over $16 billion in total sports betting wagers.
Sports Betting Apps Generating Huge Revenue
In May, FanDuel dominated Michigan’s betting scene, achieving all-time highs. The digital giant raked in $18.2 million in revenue from a $123.2 million handle, boasting a remarkable 14.8% hold—the best of 2024. Meanwhile, DraftKings secured its first double-digit hold at 10.5%, netting nearly $11 million from $104.5 million in wagers. BetMGM also hit a 10%-plus win rate for the first time this year. Notably, ESPN BET ranked fourth in both revenue and handle.
Michigan Lawmakers Fighting Illegal Betting
With all the success comes a need for lawmakers to ensure everything is above board, and the Michigan Legislature’s recent budget decisions are going to have a direct impact on gaming and gambling.
$1.9 million will be allocated to support the addition of 14 full-time equivalent (FTE) staff positions at the Michigan Gaming Control Board (MGCB).
These new positions are said to be crucial for regulating internet gaming and sports betting in Michigan, which is one of the fastest-growing U.S. gaming markets. The goal is to enhance protections against illegal activity in the industry.
Compulsive Gambling Prevention Fund Also Getting Support
The MGCB will allocate an additional $3 million to improve the 24/7 Gambling Disorder Helpline operated by the Michigan Department of Health & Human Services. It will also support gambling research, education for youth, and existing treatment options for those with gambling addiction.
These funds come from internet gaming and sports betting proceeds.
The bipartisan budget agreement awaits Gov. Gretchen Whitmer’s signature. Funding allocations are set to take effect on October 1, marking the start of the state FY2025 budget calendar year.
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