October 2024 was a high-volume month for sports betting operators in Michigan, but it was also a customer-friendly month in the Wolverine State. Bettors across the state were highly profitable against retail sportsbooks and held their own against mobile operators. This week, the Michigan Gaming Control Board reported $582.6 million worth of wagers in October. It was the state’s second straight month with a handle of at least $500 million.
Despite the half-billion handle, operators in Michigan combined for just a 5.5% hold. That led to $32.2 million in revenue. This was a 30% year-over-year decrease. Adjusted revenue in October was $9 million, down 63% year-over-year. Even with 11.2% more wagers in October, gross revenue was still down 45.6% compared to September. Twelve online operators and three retail locations paid $576,023 in taxes to Michigan.
What Michigan sportsbooks were the most profitable in October?
For the second month in a row, retail sportsbooks have left a lot to be desired. They had a win rate of less than 4% in September. In October 2024, two of Michigan’s three retail locations finished in the red. Motor City Casino reported a loss of $524,807 on an $11.2 million handle. MGM Grand Detroit has losses of $473,649 from a $4.5 million handle. Hollywood Casino at Greektown had $175,905 in profits from $6.6 million in wagers in October. Their combined losses last month were $822,551.
On the flip side, online operators combined for a $560.4 million handle. That helped them surpass $4 billion in wagers year-to-date. FanDuel’s $211.3 million in wagers was the most of any mobile operator in October. The company had $17 million in gross revenue from an 8% hold. DraftKings had a 4% hold last month from a $159.9 million handle. This was a 62.6% month-over-month decrease. Adjusted revenue was a loss of more than $384,000.
BetMGM held their mark at third place in Michigan with $84.3 million in wagers during October. ESPN BET enjoyed an identical haul month-over-month and that led to a handle of $31.5 million, a 22.5% jump. In October 2024, Fanatics Sportsbook generated $29.5 million worth of wagers. Caesars was not far behind with $27.7 million.
