Michigan Gambling Revenue Decline in February
State Shows Similar Results as Others After Football Season Ends
Sports betting handle has taken a downward turn throughout the country in February. Michigan was no exception to the rule, as online sports betting handle dropped to $402.6 million for February. The handle in January was $577.4 million, making it a 30.3% decline.
Revenue also dropped nearly the same amount for the month. February’s online sports betting revenue was $12.9 million compared to $18.8 million for January. The Michigan gambling revenue decline as it pertains to sports betting was expected for the month of February. States across the country are seeing how much money football betting brings to the table.
All sportsbooks have been affected, not just the best sports betting sites. The smaller online sites and retail sportsbooks have also felt the pinch.
A better indicator of the health of sports betting in Michigan is to look at the year-over-year numbers. The month-to-month numbers will show a Michigan gambling revenue decline, just as every state that has reported February’s numbers will show.
Year-over-year is a better indicator, as it allows those vested in sports betting to see what happened in February 2023. From that perspective, Michigan sports betting looks pretty robust. In February 2023, the state’s online sportsbooks took in $334.9 million.
Revenue was $8.4 million for the month. The handle and revenue for February 2024 was up roughly $67.5 million from February 2023, and revenue was $4.5 million higher. Those are some decent numbers.
There was also plenty of good news for Michigan, as iGaming handle was at an all-time high of $188 million. Some sports bettors likely tried their luck at casino games a bit more than normal to make-up for the fact there was no football offered.
FanDuel, DraftKings Top Dogs
It’s no surprise that FanDuel and DraftKings are the two top-performing sportsbooks in Michigan. For those who bet online, those two sportsbooks typically rank 1-2 in every state. DraftKings and FanDuel don’t necessarily have the best sports betting app, but they both market themselves heavily.
FanDuel had the largest online handle of any sportsbook in the state. The sportsbook took in $152.3 million in wagers and reported $7.8 million in adjusted revenue.
Unadjusted revenue was $13.8 million. FanDuel’s handle in January was $213.9 million and adjusted revenue was $13.6 million, so there was a Michigan gambling revenue decline there.
DraftKings was No. 2 in February with a handle of $109.8 million. The company reported $4.3 million in adjusted revenue, which was slightly higher than in January.
BetMGM ranked third with a handle of $58.7 million and adjusted revenue of $1.5 million, down nearly $1 million from January.
It was a rough month for the state’s retail sportsbooks. MGM Grand Detroit reported a loss of $121,206 with a handle of $3.09 million for February. The sportsbook showed revenue of $403,926 in January, but the Super Bowl wasn’t kind to a number of sportsbooks.
MotorCity Casino also reported a loss through its FanDuel retail sportsbook. The location took in slightly more than $4.7 million in wagers but still reported an adjusted loss of $133,311. For the month, Michigan’s retail sportsbooks reported an adjusted loss of $124,852.
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