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On Tuesday, the Michigan Gaming Control Board released its gross sports betting revenue report for April, noting that for the first time since 2024, operators throughout the state recorded a double-digit hold rate. Despite the decrease in handle from March to April, revenue was up 19.7% from April 2023 and almost equaled March’s $43.5 million. April’s wagering reached $414.4 million, down 16.7% from the previous month and up 22.6% from a year ago.
The Wolverine State’s 10.5% hold was the most since sportsbooks ended 2023 with a 10.8% win percentage in December. In 46 months of total wagering, it was the 21st occasion when the hold hit double digits. The state was able to tax $29.3 million in adjusted gross revenue after deducting operator loss carryover, promotional credits, and bonuses. State taxes on that amount came to $1.8 million and April saw the greatest level of taxable revenue relative to gross revenue since August of last year.
From the standpoint of both the sports betting app and the physical store, FanDuel had a successful month. Regarding digital, the market leader made $20.4 million in gross sales with a hold of 13.3% on $153.4 million in handle, which is a record high since it reached 13.7% in June of last year. With $3.8 million in bets, its retail location at MotorCity Casino yielded $520,800 with a win rate of 13.6%. FanDuel’s physical book has made $8.5 million in profits and had a 13.6% hold on $62.1 million handle over the last nine months, following a difficult spring and summer of last year.
In contrast, DraftKings managed to sustain its eight-figure revenue totals for an additional eight months. With $106.3 million in bets, it gained $10.5 million, for a 9.9% hold that was its highest for 2024.
In terms of double-digit holding for both retail and mobile betting, BetMGM nearly tied FanDuel. It generated $5.7 million in gross revenue with a 9.8% win rate from $58.1 million in internet handling, while its retail sportsbook at MGM Grand retained $520,800 of the $3.8 million in bets made in-person with a 13.6% win rate.
With a $24,300 advantage over ESPN BET, Caesars took the No. 4 slot in handling, but ESPN BET’s $2.2 million win rate and nearly double the gross revenue were earned by the latter. After earning $1.2 million, Caesars ended with a hold of 4.7%, the seventh consecutive month that it was below 5.5%.
Check out the latest sports betting odds at Caesars.
In recent months, BetRivers, Fanatics Sportsbook, and ESPN BET have all made a strong effort to attract wagerers in Michigan. With $689,000 in adjusted revenue at the end, ESPN BET earned less than one-third of its total revenue.
Fanatics and BetRivers concluded the month with negative AGRs. Fanatics generated $881,700 in gross income with a 6.1% hold off $14.4 million in handle, while BetRivers earned $401,000 from $9.7 million in accepted wagers, resulting in a 4.1% win rate.
With $348,500 in winnings from $2.6 million in handle, Soaring Eagle had its best month financially, with a 13.4% win percentage. Even after paying out $468,300 more than its $4 million handle in January, it is still down $290,500 for the year.
When compared to 2023, Michigan’s sportsbooks appear to be picking up steam after a slow start to 2024. Through the first four months of 2024, the $1.93 billion in handle is up 5.4% from the same period in 2022 and 20% from the same time last year.
Operator gross revenue as of this month is $165.5 million, up 18.9% from 2023; however, adjusted revenue has only climbed by 6.3% to $89.7 million. The state’s tax revenue so far for this year was $5.8 million, $366,000 more than the same period the previous year.Check out the latest sports betting odds at Caesars.
