- In November, Michigan earned its highest revenue total ever from sports betting in a single month.
- FanDuel earned the lion’s share of the total revenue, walking away with just under $40 million of the $89 million.
DETROIT – Michigan saw its highest total revenue from sports betting in a single month this November, setting a new record with $89 million in total profits.
Sports betting operators in Michigan also recorded their second highest handle to date at just under $646 million during the month.
A relatively high hold rate of 13.8% helped Michigan operators to set a new revenue record, up from 12.2% in October and 8.2% in September.
Legal sports betting sites in Michigan saw a large amount of traffic due to the Lions’ and Pistons’ busy schedule, with the Lions playing five games in the month (including Thanksgiving) and the Pistons playing 15 games in November, just about once every other day.
Winning helps as well, as the Pistons were able to rattle off a 13 game win streak during the month, drawing in even more bettors.
- FanDuel Sportsbook wound up being the biggest winner from the record setting month, recording $240.2 million in handle and walking away with just under $40 million in revenue, finishing with an absurd 16.6% hold rate.
- DraftKings finished with the second highest handle and revenue, bringing in $186 million in handle and collecting $24 million in revenue.
- BetMGM and Fanatics finished third and fourth in the state, sharing a combined total of about $18 million in revenue.
ESPN Bet recorded the fifth highest handle in the state during November, the final month before their departure from the market. Michigan players using ESPN Bet will find their bets and account balances automatically transferred to theScore Bet, a new operator launched on December 1st.
Legal sports betting sites continue to see growth in Michigan in an ever expanding landscape and it would be unsurprising to see this record broken in the near future.
