CLICK TO READ THIS REPORT
The slow season is hitting Michigan sports betting.
Michigan bettors placed $396 million in April bets, according to a Michigan Gaming Control Board report this week. It was the first month to dip below $400 million since MI sportsbooks took $386.8 million in September 2021.
The April handle was a 44.4% jump year-over-year. April was a 17.2% drop compared to the nearly $478 million wagered in March.
Michigan sports betting revenue even
While Michigan sportsbooks took fewer bets in April than in March, operators generated more revenue. Sportsbooks held 8.2% in April for $32.6 million in sports betting revenue.
In March, operators held 6.8% for $32.4 million in sports betting revenue.
Michigan collected $1.1 million in taxes during April.
BetMGM stays at No. 2 in Michigan
Michigan bettors placed $371.2 million in online bets, 93.7% of the total. That is up 48.6% from the $249.9 million in online wagers in April 2021.
FanDuel Sportsbook took the top spot in the market, taking $118.4 million in online wagers, down 15.5% from its $140.1 million in April. FanDuel held 13.2% for $15.6 million in revenue.
BetMGM Sportsbook stayed in the runner-up spot for the second straight month, taking $89.7 million in online bets. DraftKings Sportsbook was third with $78.1 million.
Barstool dominates among Michigan retail sportsbooks
The three Detroit retail sportsbooks took $24.8 million in bets during April.
The Barstool Sportsbook at Greektown nearly doubled the other two operators with $15.1 million in bets. FanDuel Sportsbook at MotorCity took $4.9 million in wagers, while MGM Grand Detroit’s BetMGM Sportsbook handled $4.7 million.
New operator joins Michigan
Soaring Eagle Casino & Resort launched its Eagle Casino & Sports online platform this year. It took $287,272 in its first month of operation.
The casino also opened Ascend Sportsbook in Mount Pleasant.
There are 15 apps available in Michigan.
Slow sports betting season in Michigan
The summer is already the slow time of the year for US sports betting. Michigan bettors do not have a strong baseball team to cheer on, as the Detroit Tigers are at the bottom of the American League Central.
Once fall rolls around, Michigan sports betting should come back strong. Optimistic Detroit Lions fans will help bolster NFL betting, while Michigan State and Michigan will both head into college football betting season with high hopes.
https://www.legalsportsreport.com/70384/april-2022-revenue-michigan-sports-betting/