Michigan Online Sportsbooks Wither In The Heat of July

Blame the fact that there was no football or basketball, but the bottom line is sportsbooks took a 20% haircut in July compared to June
Decline
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July was not a hot month for Michigan’s online sportsbooks, as total handle tumbled to a shade under $188 million, a 20% decrease from June’s $235 million. In fact, July was Michigan’s worst full month of sports betting since the state’s January launch.

The silver lining for the sportsbooks? July is generally a slow sports betting month, with Major League Baseball being the only one of the “big four” in action. Also notable: The total gross receipts were over $19.5 million, for a very healthy hold of 10.3%.

Among the individual sportsbooks, FanDuel maintained its grip as the number one sportsbook in Michigan with $54.4 million in handle, but that number was down from June’s $77.2 million. Perennial second place finisher DraftKings nearly toppled FanDuel, with a $53.4 million July. Notable here is that DraftKings dipped “only” 5% from June compared to FanDuel’s whopping 28% decrease.

Third place was BetMGM at $41 million (down from $52 million in June), while Barstool came in fourth place with $13.6 million, marking the sixth straight month its handle has gone down.

The best of the rest

Rounding out the rest of the action: PointsBet at $7.8 million, Caesars (which was still under the William Hill banner for the majority of the month) at $7.5 million, FoxBET at $2.7 million, BetRivers at $2.6 million, WynnBet at $2.3 million, TwinSpires at $1 million, Golden Nugget at $623,976, FireKeepers at $367,353, and FourWinds at $318,987.

Of the above, BetRivers was one of the few that saw its numbers go up in July — by a little more than $300,000 — compared to June. For the month of July, the sportsbooks paid $762,219 to the state of Michigan in taxes.

Since launch on Jan. 22, the total handle in Michigan’s foray into online sports betting sits at over $1.6 billion, with over $139 million in gross betting receipts for a hold of 8.5%. Total taxes paid over the period come to a little more than $3.4 million.

Photo: Shutterstock

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