Sports Betting
In September, Michigan sportsbooks generated $59.2 million in gross sports betting revenue
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished11 hours ago on October 21, 2024
Last week, the Michigan Gaming Control Board (MGCB) reported $59.2 million in gross sports betting revenue for September. This was Michigan’s second-highest monthly revenue total with a solid 11.3% hold last month. Their highest revenue was in December 2023 when they generated $65.9 million. This was Michigan’s sixth time in 51 months of legal wagering that their revenue total surpassed $50 million.
That revenue total was a 29.8% increase year-over-year. Michigan’s handle rose 10.1% in September 2024 to $523.8 million. The state’s revenue total in September was more than double the $29.1 million reported in August. This was the state’s ninth time clearing $500+ million in monthly wagers.
In September, Michigan only levied $28.3 million in adjusted revenue. It’s common for mobile sportsbooks to up the amount of promotional offers during the NFL season. Besides a write for BetMGM, this was the first time since February that AGR was less than 50%. Through the first nine months of 2024, Michigan has claimed $12.4 million in tax revenue. That is up 1.4% year-over-year.
What Michigan sportsbooks saw the most revenue in September?
September 2024 was the fourth time in the last five months that mobile operators in Michigan combined for at least an 11% hold. The state’s 12 mobile operators totaled $501.7 million in the handle and collected $58.4 million in gross sports betting revenue. FanDuel led the way for all mobile operators in September with $24.4 million in revenue from a 13.5% win rate and a $180.1 handle.
This was FanDuel’s seventh consecutive month with a double-digit hold and their fifth straight with a hold of 13% or greater. FanDuel surpassed $600 million in all-time winnings in Michigan. Not far behind FanDuel for revenue in Michigan was DraftKings. They generated $17.4 million in revenue from an 11.2% hold and $155.9 million worth of wagers. DraftKings is now over $1 billion wagered in Michigan for the year.
BetMGM had $9.3 million in winnings for September 2024. This was their most profitable month since March 2023. The operator had a 12.4% hold and saw $74.9 million worth of wagers. Their overall win rate for 2024 is 9.8% for 48.3 million in revenue. Of the smaller-level sportsbooks in Michigan, Fanatics was the nest closest with $2.8 million in revenue. They had an 11.6% hold and a $23.9 million handle.
