Michigan Sports Betting Revenue
Michigan sports betting got off to a slow start in 2020 but looks poised to become one of the nation’s biggest markets in 2021 and beyond. The long-awaited arrival of online sports betting in the Great Lakes State ushered in a whole new era.
We’ll keep you up to date with the latest economic data and analysis from the business of sports betting. Find Michigan sports betting revenue information in the table below, then read on to learn what to expect in 2021.
Latest MI Revenue News
Here’s a quick breakdown of what’s happened recently with regards to Michigan sports betting revenue.
June 2021 – Betting handle stays flat at $259,504,202 in June, but Michigan sportsbook revenues jump to $27,244,793 – their second-best month ever. FanDuel Sportsbook led Michigan’s online market with $77 million in betting handle and $10 million in gross revenue for June.
May 2021 – Michigan’s sports betting handle drops to $257,748,035 in May, a 33 percent decline from its March peak. The spring months are known to be the slowest in most calendar years, however, Michigan’s drop-off from its March peak is the largest of any major US sports betting market.
April 2021 – Michigan reports $274,212,630 wagered on sports in April, which is over $100 million less than the previous month. This goes to show that March Madness is a huge driver of betting volume in the Wolverine State.
Still, there’s cause for celebration, as the Michigan sports betting industry surpassed two financial milestones in April: sportsbooks have taken in more than $1 billion in wagers and generated over $100 million in gross gaming revenue since launch.
March 2021 – Michigan set new state records for monthly betting handle and gross revenue in March. MI bettors wagered $383,691,892 and sportsbooks kept $35,240,684 – more than double the state’s previous high for gross gaming revenue set in January.
February 2021 – In its first full month of online sports betting, Michigan took $325 million in wagers, of which $301 million was placed online. This smashes the Wolverine State’s previous monthly record – in fact, February 2021 alone more than doubled Michigan’s all-time sports betting handle. It is the seventh state to reach the $300 million mark in a single month.
The 2.89 percent hold is by far the lowest Michigan had in any month so far, which means sportsbooks paid out more in winnings as a percentage of handle. The low hold rate may also be a result of heavy promotions during the launch of online sportsbooks.
January 2021 – Michigan reports more betting handle in January ($150,849,896) than it did in all of 2020 combined ($130,763,498). Online sports betting was live for just ten days, but with $115 million wagered online, but there’s no doubt it was responsible for this massive uptick. The ceiling for Michigan’s sports betting market instantly became much higher as a result.
Michigan Sports Betting Revenue: Month-by-Month
Sports Betting Dime tracks the development of legal sports betting in America by tallying monthly revenue reports for each state.
The table below shows Michigan’s sports betting handle, gross gambling revenue, and hold percentage, as well as state tax revenue collected each month since its launch in March 2020. Note that Michigan casinos were closed for four months of 2020 due to the COVID-19 pandemic.
Here’s what each number represents:
- Handle refers to the total amount wagered on sports.
- Revenue reflects the gross gaming revenue kept by sportsbooks after paying out winning bets.
- Hold percentage shows how much revenue sportsbooks kept as a function of the betting handle.
- State tax revenue displays taxes collected by the state and municipal jurisdictions.
|Month/Year||Total Handle||Revenue||Hold Percentage||State Tax Revenue|
|Total (since launch)||$1,782,339,190||$150,705,445||8.46%||$6,815,049|
Sports Betting Dime will update this table monthly with the figures provided by the Michigan Gaming Control Board.
Michigan Market Overview
Context is crucial to understanding the data provided in Michigan sports betting revenue reports. Here’s some important information to keep in mind when evaluating the Michigan market.
State Population (2020 Census): 10,077,331
In-state Pro Teams: Detroit Lions (NFL), Detroit Tigers (MLB), Detroit Pistons (NBA), and Detroit Red Wings (NHL)
Launch Date: March 11, 2020
Biggest Monthly Handle: $383,691,892 (March 2021)
Regulator: Michigan Gaming Control Board
Platforms: Online and retail
Tax Rate: 8.4 percent (split between the state and the City of Detroit)
Analysis of Michigan Sports Betting Revenue
Michigan’s legal sports betting industry experienced a slow start due to a combination of unlucky timing and lawmakers’ inability to launch online sports betting from the get-go.
After what we’ll call a soft launch in mid-March 2020, the Wolverine State took in just $130 million in wagers throughout the year. The COVID-19 pandemic shuttered Michigan casinos for months, and sports bettors didn’t have the option to place wagers online.
The ceiling for Michigan’s sports betting market instantly raised when online sportsbooks opened their virtual doors on January 22, 2021.
Let’s look at what to expect in 2021 and beyond.
Booming in 2021
Sports betting will get even more popular in 2021, and Michigan sportsbooks could handle upwards of $4 billion this year at the market’s current growth rate.
The impact of online sportsbooks on Michigan’s sports betting revenue could not be more evident.
The uptick in betting handle coinciding with online sportsbooks’ arrival is fairly obvious in the above graph. Put another way, from March 11, 2020, to February 28, 2021 – nearly a full year – Michigan retail sportsbooks handled $190,159,675 in bets. In the first 38 days of online betting, online sportsbooks took in $417,022,756.
In February 2021, the first full month of online sports betting in Michigan, almost 93 percent of the state betting handle was wagered online. This ratio is consistent with what we see in New Jersey, the nation’s largest sports betting market.
Suffice to say, Michigan has barely scratched the surface of its potential sports betting revenue thus far. With more online operators on the way, don’t be surprised if Michigan becomes one of America’s top five largest sports betting markets in 2021.
Your Source for Michigan Sports Betting
Check back here to see the latest Michigan sports betting revenue figures and analysis as the market continues to expand.
Sports Betting Dime will keep you up to date with Michigan sports betting news. Find the best online sportsbooks in Michigan to open an account with along with all the necessary rules and regulations, bonuses, and other details needed to start placing sports bets in the state. You can also explore our state-by-state revenue tracker to see how MI compares to other markets across America.
Have fun and enjoy the action out there!