Sparse Events and Games in February Causes Slump in Michigan Sport Betting Handle

The Michigan Gaming Control Board’s report on the activities of February indicated a downturn in sport betting handle for the month even though online casino receipts set a new record. February’s figures continue a history of declines that occur in the second month. This is often attributed to the fact that less games are played within the month asides Super Bowl.

This year, Michigan sportsbooks reported $415.8 million from retail and online betting. It marks a 31% slump from January’s $601.6 million, but a 16.4% rise compared to the $357.2 million record in February last year.

The Michigan Gaming Control Board's (MGCB) report indicated that sport betting handle for February hit $415.8 million. While Michigan online sportsbooks could not achieve $500 million for the month, they recorded $402.6 million in handle. This is a 31% month-on-month decline from January’s $577.4 million. In the same month, hold was 7.3%, down from 8.0% recorded in January.

There were only 13 sports betting platforms available to bettors in the Wolverine State in February. Together, these platforms earned a little over $30 million. FanDuel Sportsbook Michigan emerged as the highest earner with $13.7 million. This is not surprising because FanDuel Sportsbook MI recorded $157 million in handle.

DraftKings, in second place recorded $109.8 million in handle and earned $10 million in revenue while BetMGM recorded $61.8 million and $3.48 million in handle and revenue respectively. ESPN BET received $35,813,122 in handle and earned $2,098,327 in revenue while Caesars recorded $26,333,016 and $64,946 in handle and revenue respectively.

Others who recorded handle above $1 million include Fanatics ($9,255,794), BetRivers ($8,192,453), Eagle ($2,238,085), SI ($1,854,036) and FireKeepers ($1,491,807).

February’s figures are connected to the reduced numbers of games available to bettors. Super Bowl is about the only major game happening within the month. NFL games were sparsely available and NCAA college basketball is nearing the end of its season.

Operators of these sports betting paid a total $1.28 million in taxes to state and local authorities. The state received $922,324 in taxes while the City of Detroit received $356,663 in taxes and fees.

FanDuel Sportsbook MI managed to improve its share of the Michigan gambling market in February despite the drop in handle and revenue. The online sport betting platform pooled 38% of the market share, a major increase from the 37.1% it cornered in January 2024. It also saw Michiganders place bets worth $157 million in February alone. That’s an impressive year-on-year performance despite being unable to repeat January’s record of $214 million.

FanDuel’s rival, DraftKings Sportsbook MI, saw its market share shrink from 29% in January to 27% in February. However, the sportsbook recorded $109.8 million in handle, taking second place. Also, Fanatics rose to sixth position with $9,255,794 in handle, placing it ahead of BetRivers. Fanatics MI resumed operations on February 22 after taking over PointsBet but is already showing signs of long-term success in Michigan.

On the other hand, WynnBet is yet to recover as it finished last in the first couple months. The online sportsbook’s license was recently purchased by Caesars.

Overall, there were only 13 online sportsbooks operating in the Great Lakes State in February. This is because Golden Nugget no longer offers sports betting since January even though it still operates its online casino in Michigan.

Golden Nugget ended its sports betting offer in Michigan after it saw revenue dip below $5,000. In January, the online operator saw sports betting handle around $565,000 and earned $4,515 as revenue. That was the second-lowest sports betting handle for that month.

The Wolverine State has not had this low number of online sportsbooks in almost half a decade. February marked the first time since 2020 that there were less than 15 online sportsbooks operating in the state.