Michigan Sports Betting Continues to Drop
The sports betting numbers for the state of Michigan in June have been announced, and it was another month that saw a decrease. This has been a trend that has been established since the end of March, and it’s likely one that will continue through the summer months.
The total sports betting handle for the month of June was $292.4 million, and that is a decrease of over 18 percent from the May totals. Despite a down month for the state, sports betting handle has actually increased by nearly 13% from the June 2021 total.
It wasn’t long after sports betting launched in Michigan that it became a massive market in the sports betting industry. This is no longer the case as Michigan has been passed by other states, but it’s still a state that has posted solid sports betting numbers.
Another big issue for the overall numbers for the state of Michigan is that the hold rate was just 5.4%. The national average is right around 7%, but this low rate kept the total sports betting revenue in Michigan to just $15.8 million.
It was another low month for tax revenue in the state of Michigan as the total was just $367,487. The city of Detroit also gets a cut on the total tax revenue, and Michigan hasn’t made as much money as expected off of sports betting.
Michigan has also introduced a new law that will impact the daily fantasy sports industry in the state, and it could have a negative impact. Underdog Fantasy is no longer in Michigan, and other operators could pull out as well.
FanDuel Continues to Lead the Way
As expected, FanDuel Sportsbook continues to lead the way in the state of Michigan, and that is a trend that has continued for months. The total sports betting handle at FanDuel Sportsbook online was $81.7 million, which was well ahead of DraftKings at $71.7 million.
Barstool Sportsbook led the way with retail sports betting in the state of Michigan for the month of June, but it only brought in $34 million in online bets. Caesars Sportsbook actually posted a -1.6 hold rate for the month of June and that loss had a big impact on the overall numbers for the state.
Other States Seeing a Drop
As expected, the month of June was a slow sports betting month for states across the United States. Every state that has reported on sports betting totals has seen a decrease, and most have actually been much worse than the state of Michigan.
Pennsylvania is the state that has seen the biggest decrease up to this point as the total sports betting handle dropped by 20%. In the Midwest, both Indiana and Iowa both experienced a drop of 17% and other states in this part of the country are expected to see a similar decrease.