Michigan Sees May Dip in Sports Betting Numbers
The Michigan sports betting numbers are in as the Gaming Control Board has released the report for May. The monthly sports betting handle total was just $356.1 million during the month of May, which represented a drop of around 10% from the previous month.
Even though a decrease in numbers is always disappointing, it was to be expected in Michigan. There just aren’t as many sports to wager on and the numbers throughout the United States are expected to be lower.
A look back at the 2021 numbers show that Michigan has actually seen plenty of growth to begin 2022 and that trend should continue as well. The May 2022 numbers represented a jump of nearly 40% from what was brought in by the sportsbooks in May 2021.
This report for Michigan should be concerning for the rest of the country as this state is usually one of the biggest in the U.S. Online casino gambling and online poker also saw a slight dip in action and revenue in May although those numbers were similar from April.
Bettors Struggle to Win Money
One other trend that has held true in the state of Michigan is that bettors have struggled to beat the sportsbooks. This state had a very profitable month of May as the sports betting hold rate was way better than the national average.
The holding rate in the state of Michigan for the month of May was over 10% and the national average is right around seven percent. The lack of football and college football left bettors in Michigan without any of the most popular options.
The total sports betting revenue for the month of May was nearly $36 million, and that was nearly a monthly record for the state. Michigan was still able to bring in $1.2 million in tax revenue because of the big revenue total.
FanDuel Leads, BetMGM Gaining
Similar to other states, there are three online sportsbooks that continue to lead the way in the state of Michigan. FanDuel, DraftKings, and BetMGM are the big three when it comes online sports betting, and there was a change in the order in Michigan in May.
The total sports betting handle at FanDuel in May was $99.4 million, and that sportsbook posted a total revenue of $15.2 million. FanDuel made up nearly 30 percent of the total market share, and this sportsbook also had a terrific hold rate.
BetMGM slid into second place in the month of May, taking over that spot from DraftKings. BetMGM had an online handle of $80 million in May, while DraftKings checked in at $69 million.
These three major online sportsbooks in Michigan accounted for right around 75% of all of the wagers that were placed. Barstool Sportsbook and Caesars were in fourth and 5th place, but there was a big gap from that point.