Michigan Sportsbooks Post New Handle Record In November

Books took over $473 million in wagers for the month, and held on to a good chunk of that cash
Map-Showing-Grand-Rapids
Facebook
Twitter
Email

For the second month in a row Michigan’s online sportsbooks set a record for handle, with November seeing $473.8 million wagered in the state, up from October’s then-record $463.3 million, according to figures released Thursday by the Michigan Gaming Control Board.

November saw another switch at the top, as DraftKings regained the top spot with a $126.3 million month, a record-setting number for it in the state. FanDuel – which had just regained the top spot the month previous – fell to second place, with $115.2 million. BetMGM retained the bronze medal, with $100.8 million in total bets taken. 

The top three accounted for 72% of the total handle, which was down from nearly 75% of the total handle the month before.

The battle for fourth place remained heated, as Barstool’s $41.3 million continued to keep fifth place Caesars, at $37.8 million, at bay. In sixth place, PointsBet made a tremendous jump, with a $27.1 million month, up from $17 million in October.

Since launch on Jan. 22 of this year, the total handle for the sportsbooks sits at $3.17 billion.

Best of the rest

The rest of the sportsbooks broke down as follows: FOX Bet, $5.9 million; WynnBet, $5.9 million (more than double its October take); BetRivers, $5.5 million; TwinSpires, $2.3 million;  Parx, $1.8 million;  Firekeepers, $1.5 million; Golden Nugget, $1.4 million; and Four Winds, $859,494.

Per adjusted gross sports betting receipts – basically, revenue after promo money is accounted for – the books had, by far, their best month ever, with $34.4 million in AGR. The previous high water mark was $19 million, back in March. Overall, over $1.6 million was paid in taxes for the month, which is more than 25% of the total tax haul to date.

If it seems like the books had a good month, they did: Gross receipts sat at $54.1 million, for a hold of a whopping 11.4%.

Image: Shutterstock

Facebook
Twitter
Email

Related Posts