Two of Michigan’s top sports betting sites have remained unfazed despite the downward trend across the industry. FanDuel Sportsbook MI saw the highest increase in sports betting handle across all 15 sportsbooks in Michigan. The operator generated $534.4 million worth of wagers in the first three months of 2023 and is now on course to top $3 billion lifetime online betting handle.
DraftKings Sportsbook MI came a distant second with a total online betting handle of $394.2 million in 2023, albeit a decrease from the same period in 2022. However, DraftKings recorded the highest revenue growth over the same period in comparison. Its revenue in 2023 grew by $10.8 million to $27.7 million. FanDuel also experienced a $25.3 million positive growth, generating $71.2 million in revenue in 2023 so far.
Other sportsbooks have unfortunately been unable to recreate the revenue growth shown by these two leading sites. BetMGM saw a $10.8 million decrease in its revenue year-over-year from the first four months of 2022. About eight other sportsbooks witnessed massive decline, including Barstool Sportsbook that was down $6.5 million from the period in review.
Michigan online sports betting generally posted a better revenue outlook than its wagering handle in April, and indeed the entirety of the year so far. Revenue from sportsbooks amounted to $36.3 million in April only, and $137 million in the first four months of the year.
These four-month figures are indicative of a 16% growth from a year-over-year perspective. However, considering that the bulk of the revenue have come from only two sportsbooks raises some concern about the general profitability of the industry in the Wolverine State.