With sports betting already legalized in Ohio, and operations beginning on January 1, 2023, many feared that Michigan sportsbook would take a huge hit. However, the difference in betting handles between December 2022 and January 2023 have not been all that significant. According to recent data from the Michigan Gaming Control Board, the total sports betting handle from the Wolverine state amounted to $490.9 million.
Compared to the figures from the last month of the outgone year, the new handle figures showed a 0.8% decline. From a year-over-year perspective, there was a 7.8% dump from the $532.7 million pooled in January 2022. Online sports betting accounted for most of the betting handle recorded in January 2023. As a standalone statistic, online sportsbooks raked in wagering amounts worth $475.6 million.
However, the online sports betting handle revealed a 7.8% decrease from the all-time record of $496.8 million that was set across a year-over-year period in January 2022. The average hold for the outgone month stood at 6.9% as against 10.2% in December 2022.
Revenue figures were slightly more discouraging, as retail sportsbooks contributed very little to the total earnings in the state. While online sportsbooks brought in a revenue of $33.6 million, retail casinos barely pooled $200,000 to bring the total revenue to $33.8 million. A huge sum of $1.2 million was paid as taxes to the Michigan state while another $540,000 went to local authorities.