Michigan sportsbooks eclipse $500m in handle for first time in October
Wolverine State’s 14 online operators combine to accept $533m in total wagers as part of banner month
October proved to be a banner month for online sports betting in Michigan, as the state’s 14 operators generated $533m in cumulative handle, according to new data from the Michigan Gaming Control Board (MGCB).
That marked the first time the Wolverine State has eclipsed the $500m mark in monthly handle in its nearly three-year history of online sports betting.
The $533m, which easily topped the previous record of $496.8m from January 2022, represented a 16.5% month-over-month (MOM) increase from September’s $457.7m.
Gross gaming revenue (GGR) for the month amounted to $45m, with adjusted gross revenue (AGR) totaling $23.5m. AGR was up 25.4% MOM but down 26.1% year over year (YOY).
Operators held 8.4% of all wagers – a moderate downtick from 9.6% in September – and paid $1.8m in taxes back to the state.
FanDuel continued to hold pole position in the market, accounting for $173.4m of the total handle (32.5%) and $12.7m of all AGR (54%). DraftKings was next at $147.4m in handle and $8.6m in AGR, followed by BetMGM at $80.1m and $4m, respectively.
On the igaming side, operators combined to generate $160.3m in GGR, a 13.7% YOY increase from October 2022 but a 3.7% MOM decrease from September’s total of $166.4m.
October AGR came in at $144.2m, up 13.7% from the same period last year and down 3.7% from last month.
As a result, Michigan tax coffers received $30.1m from the state’s 15 online casino operators.