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Sports betting has increased significantly in Michigan, as seen by large increases in wagers and revenue in August 2024. An early start to the college football season and the high-profile performance of the defending national champion University of Michigan are probably to blame for this upsurge.
The Michigan Gaming Control Board reports that $289.7 million was wagered in the state in August, a 26.8% increase from the previous year. This increase is indicative of the Wolverine State’s growing interest in sports betting. $29.1 million was made from commercial and tribal sports betting, a 23.7% increase over the same period the previous year.
Online and retail sports betting combined for a 10% hold in August, slightly down from previous years but still notable. This month continues the trend of five consecutive months with a double-digit win rate. Wagers increased by 12.8% from July, while revenue remained consistent.
Retail sportsbooks rebounded strongly in August, recording a $1.7 million profit. The three major brick-and-mortar casino operators collectively earned $9.6 million, up from $6.6 million in July. This performance is the highest since May’s $11.1 million handle.
Online sports betting also showed impressive numbers, contributing $280.1 million to the total handle. This represents a 28.2% increase year-over-year. Michigan’s 15 mobile operators generated $27.4 million in revenue, though this is slightly down from July’s $29.4 million.
FanDuel, DraftKings, and BetMGM led the field in August. FanDuel surpassed $100 million in wagers for the sixth time this year but saw its gross gaming revenue decrease to $11.1 million, with a reduced hold of 11%. DraftKings followed with a $78.1 million handle, generating $7.6 million in revenue. BetMGM posted strong results with a $41.2 million handle and $4.6 million in profit.
The internet casinos in Michigan fared even better, with $196.7 million in revenue for August, up 29.2% from the same month last year. This amount is the third-highest iGaming total in the history of the state. Detroit received $9.1 million of the $36.9 million in tax income from online casinos.
With $52.5 million in revenue, BetMGM led the iGaming industry and helped Michigan’s total online casino revenue to surpass $6 billion this year.