October was a record-setting month for sports betting in Michigan, with over $463.3 million wagered across the state’s 14 online sportsbooks, according to the Michigan Gaming Control Board. This brings the total handle since Jan. 22, the day the first sportsbooks launched, to a robust $2.69 billion.
Also notable: After two months removed from the top of the charts, FanDuel came roaring back, leading the pack with a $124 million month, snatching the top spot back from #2 DraftKings, which took in $120.4 million in wagers.
Third place was BetMGM, which reached nine digits for the first time, booking $102.1 million in wagers. The top three accounted for nearly 75% of the total handle for the month.
Best of the rest
The rest of the sportsbooks broke down as follows: PointsBet, $17 million; FOX Bet, $7.1 million; BetRivers, $5.1 million; TwinSpires, $3.1 million; WynnBet, $2.8 million; Parx, $1.9 million; Golden Nugget, $1.2 million; Firekeepers, $1.2 million; and Four Winds, $708,536.
And while handle tells one story, another story is how profitable these operations were for the month.
Per adjusted gross sports betting receipts — profit after free play and bonus are accounted for — FanDuel led the pack with $5.8 million, with BetMGM second at $3.3 million. DraftKings, on the other hand, lost over $2.5 million.
Other books that made money taking bets — and therefore paid taxes — included Barstool ($282,965), TwinSpires ($107,091), Golden Nugget ($49,905), and WynnBet ($15,928). For the month, the sportsbooks’ total gross receipts were $24.3 million, for a hold of 5.2%.
The 14 sportsbooks paid a total of $552,907 in taxes. Year-to-date, $4.92 million in taxes have been paid.