Make it four in a row.
For the fourth time in as many months, Michigan sportsbooks set a new monthly handle record, with January’s haul coming in at $496.8 million, up 2.5% from December’s then-record handle of $484.6 million, according to the Michigan Gaming Control Board.
As has been the case for nearly a year now, BetMGM maintained its clear third-place status with $110.9 million in handle for the month.
And certainly worth noting is the following: For FanDuel, DraftKings, and BetMGM, these were all record months, as the “big three” are quickly become the Big Three, accounting for over 75% of the total handle in the state.
Fourth place and beyond
But when it comes to precipitous drops, PointsBet took it on the chin, with a $12.9 million month — down from December’s $28.2 million.
The rest of the sportsbooks were as follows: BetRivers, $8 million; FOX Bet, $5.1 million; Parx, $2.5 million; FireKeepers, $2 million; WynnBET, $1.8 million; TwinSpires, $1.6 million; Golden Nugget, $1 million; and Four Winds, $869,678.
The sportsbooks took in $34.7 million in total gross receipts for a hold of just under 7%. But a little more than $15 million of the receipts were able to be written off as promotional play. As a result, the sportsbooks only had to pay taxes on the $19 million of adjusted receipts, totaling a tax bill of $1.38 million for the month.
For the first month ever, the top four in handle each managed to turn a profit for the month, with promotional play starting to wind down as the market matures. FanDuel led the way with adjusted gross betting receipts totaling over $8.7 million.