good news bad news

Handle At Michigan Online Sportsbooks Takes Downward Turn In May

The sports betting dead zone was in full bloom this past May in Michigan, with total online sports betting handle dropping to a hair under $333.4 million for the state’s 15 mobile sportsbooks. That marked the lowest monthly number since last September’s $354.2 million, according to figures released by the Michigan Gaming Control Board.

Silver lining, however? It crushed the $237.5 million take from last May, which has to be taken as a positive going forward.  

Gross sports betting receipts totaled $33.5 million for a near 10% hold. Even accounting for free play, the sportsbooks still took in $22.5 million in total adjusted sports betting receipts. On the tax front, nearly $1.1 million was paid to the state and another $693,988 was paid to the city of Detroit.

Individually speaking

For the month, FanDuel continued its recent dominance of the market with a $99.3 million month, while BetMGM hit second place for the third month in a row, coming in with $80 million in handle. At $69 million, DraftKings finished third for the third month in a row after finishing either first or second every other month since launch.

Fourth and fifth place looked the same as April. Barstool, one of the few sportsbooks to do better in May handle compared to April, came in at $32.7 million, topping Caesars’ $27 million – which was also up compared to the previous month.

In sixth place was PointsBet at $8.6 million, followed by BetRivers at $6.4 million and FOX Bet at $2.5 million. WynnBET was next at $2.4 million, and FireKeepers followed at $1.2 million.

Rounding out the rest were Soaring Eagle at $994,747, Golden Nugget at $992,950, Parx at $741,064, Four Winds at $688,106, and TwinSpires at $614,743.

Photo: Shutterstock

The post Handle At Michigan Online Sportsbooks Takes Downward Turn In May appeared first on MIBets.

Author: Bradley King