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It’s Shaping Up To Be A Cruel Summer For Michigan Sportsbooks

April showers may bring May flowers, but May flowers bring Michigan residents becoming allergic to sports betting, as online sportsbook handle fell in June to $270 million, down from May’s $333.4 million, according to numbers released by the Michigan Gaming Control Board.

One bright spot? It was up year-over-year from last June’s $235 million.

Not only was handle way down, so was profitability at the sportsbooks, as gross betting receipts totaled a paltry $15.4 million (down from May’s $33.5 million) on a hold of 5.7%.

Tax payments were predictably down as well, with a mere $328,954 being paid to the state and another $201,319 to the city of Detroit.

There are only two

For the month, only two sportsbooks saw their handle rise from May. (No spoilers, keep reading.)

FanDuel continued its dominance of the market with a $79 million month, but that was down from nearly $100 million in May. DraftKings — after three straight months behind BetMGM for second place — came roaring back with a $71.7 million June, up over $2 million from May. For its troubles, BetMGM came in third at $58.6 million, down significantly from May. 

Fourth place was Barstool at $23.9 million, and Caesars followed with $18.2 million in June. 

Sixth place went to PointsBet at $7 million, followed by BetRivers at $4.2 million and FOX Bet at $1.7 million.

WynnBET was next at $1.2 million, and Soaring Eagle continued its strong rookie campaign with a $980,506 month.

The bottom went out like this: FireKeepers at $924,579, Parx at $765,909 (they were up a few thousand bucks, joining DraftKings in the up-arrow category), Golden Nugget at $679,164, Four Winds at $530,215, and TwinSpires at $516,612.

Photo: Shutterstock

Author: Bradley King