Sports betting operators in Michigan have had a hold of 10% or higher in four straight months

While sports betting tends to slow down for sportsbooks in the summer compared to the fall, operators in Michigan have still cashed over the last few months. Recently, the Michigan Gaming Control Board reported the state’s July financial figures for sports betting. Online operators in Michigan had $29.4 million in revenue from a $250.2 million handle. They had an 11.8% hold in July, the fourth consecutive month with a hold of at least 10%. Michigan sportsbooks last accomplished this feat from July to October 2022. Retail sportsbooks collected $6.6 million in person during July but gave back nearly $380,000 thanks to an awful -5.76% hold. Across all retail and online sportsbooks in the state, the total handle in July was $256.8 million. Aggregate gross gaming revenue (GGR) was $29 million from a hold of 11.31%. Michigan retail and online sportsbooks are doing well for themselves in the slower months of the betting year. A positive sign for what’s to come once the 2024 NFL season begins in the first week of September.

What Michigan sportsbooks were the most profitable in July?

The low point for wagering activity in 2023 was July. Not a total surprise. However, the same cannot be said for Michigan sportsbooks in July 2024. Their monthly total in July was a 23% year-over-year increase compared to July 2023. Additionally, GGR was a 23.6% year-over-year improvement, helping the state bring in over $13,000 more in July tax contributions. Online sportsbooks in Michigan crossed $2.73 billion and $263.18 million in year-to-date handle and revenue. FanDuel is one of the most successful and profitable sportsbooks in the United States. In Michigan, FanDuel just crossed $1 billion in year-to-date winnings. It only took them seven months to do that. That was thanks to $93.4 million in wagers accepted. Additionally, FanDuel went past the $100 million mark in revenue in July from a 13% hold and $12.2 million in revenue. 

In second place was FanDuel’s top competitor, DraftKings. They accepted $69.7 million in wagers and collected nearly $8 million in revenue from an 11.45% hold. Fanatics Sportsbook had the highest win rate in Michigan in July at 14.2%. Nine other sportsbooks managed to have a hold of at least 10% or higher in July.