The sports betting revenue for May on Tuesday, completing the picture of a rout by the Wolverine State’s sportsbooks.
When including retail numbers released earlier this month, operators collected $42.8 million in gross winnings while posting a 12.1% hold. It was the seventh-highest win rate in 47 months of wagering and second-best with sports betting apps available behind the 13.2% hold posted in September 2022.
It was also the third consecutive May that the state’s sportsbooks combined for a double-digit hold.
Gross revenue was up 18.4% compared to last year, slightly outpacing the 16.2% rise in total 14.4% dip in handle from April, winnings were down only 1.5%.
Michigan became the 10th state to sur $16 billion in all-time handle, with the $2.28 billion in wagers accepted this year up 19.4% versus the first five months of 2023.
The state was eligible to levy taxes on nearly $30 million in overall adjusted gross revenue, resulting in $1.8 million flowing into state coffers. The city of Detroit received $751,000 in receipts, with $665,100 originating from mobile operators. The $7.7 million in state taxes is $743,700 ahead of last year’s pace, with the $119.7 million in AGR up 11.6% from 2023.
FanDuel’s May Flowers: Pounding the Public t2960
Running May Top 10 #SportsBetting handles by state:
1 New York $1.98B
2 New Jersey $838.9M
3 Mass. $587.3M
4 North Carolina $525.5M
5 Maryland $431.5M
6 Tennessee $379.2M
7 Indiana $361.6M
8 MICHIGAN $354.8M
9 Iowa $182.5M
10 Kansas $172.2M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) June 18, 2024
May has been a month when FanDuel has run roughshod on the Michigan betting public, and it set all-time highs this time. The digital leviathan reaped $18.2 million in revenue from $123.2 million in handle, good for a 14.8% hold that was its best of 2024.
FanDuel also moved within $2.3 million of $100 million in gross winnings for the year.
| Year | Mobile Handle | Gross Revenue | Win Rate |
|---|---|---|---|
| May 2021 | $71,158,909 | $9,299,716 | 13.07% |
| May 2022 | $99,394,759 | $15,155,249 | 15.25% |
| May 2023 | $99,731,327 | $17,584,385 | 17.63% |
| May 2024 | $123,215,179 | $18,234,695 | 14.80% |
| TOTALS | $393,500,174 | $60,274,045 | 15.32% |
DraftKings attained its first double-digit hold of 2024, landing at 10.5% in keeping close to $11 million of the $104.5 million in accepted wagers. It was the ninth straight month DraftKings had an eight-figure revenue haul, though it has yet to reach $11 million in any month this year.
BetMGM also notched its first 10%-plus win rate of the year, reaching 11.7% in claiming $5.5 million in revenue from $46.9 million in handle. That boosted BetMGM’s hold for 2024 to 8.8% as gross revenue topped $25 million and handle rose above $300 million.
ESPN BET took the No. 4 spots for both revenue and handle, as its 9.8% hold on $20.8 million in handle resulted in $2 million in revenue. It was the third consecutive month in which ESPN BET topped $2 million in revenue, but May marked the first time its AGR hit seven figures.
Fanatics Sportsbook rounded out the top five for revenue with $1.8 million, fashioning a 12.7% win rate against $14.2 million worth of bets. It also made its first tax payment of 2024, remitting $28,579 to the state after accumulating $710,500 in AGR.
Caesars completed the top five for handle at $19.3 million, but a 7.9% hold produced $1.5 million in revenue and rounded out the group of operators to reach at least $1 million in winnings.
BetRivers Continues to Slump; Soaring Eagle Flies High 5mh2r
BetRivers failed to reach the 7% industry-standard hold for the eighth consecutive month, with May’s 4.1% win rate providing $380,000 from $9.3 million in handle. BetRivers also finished with negative AGR for the second straight month and has not paid state taxes since last September.
Soaring Eagle, meanwhile, has put together its best back-to-back months since entering the Michigan marketplace in April 2022. It posted an 11.5% hold in claiming $284,000 in winnings, giving it $632,500 for April and May. Soaring Eagle also moved within $450,000 of $50 million in all-time handle.
SI Sportsbook was the lone mobile operator of the 12 to post a loss for gross revenue in May, as bettors came out $823 ahead on $445,600 worth of bets. SI Sportsbook has posted two losses in the last four months and has a 2.6% win rate for the year against $6.2 million in handle.
