Michigan Sports Betting Handle Over $421 Million In March, Passes $10 Billion All-Time

Michigan sports betting saw an 11.8% drop in handle in March 2023 when compared to the year prior. The state’s sportsbooks handled $421.7 million in bets in March as compared to $478 million in March of 2022.

March’s total was an 18.1% increase in handle from February’s $357.2 million.

Michigan sportsbooks did record $46 million in sports betting revenue, which was the highest monthly total for 2023 thus far. They also cleared $10 billion in lifetime handle.

“As expected, March Madness provided a boost for Michigan sportsbooks, as they went back over $400 million in handle,” said Playinmichigan lead analyst Paul Costanzo. “But we’re still seeing signs of a market on the other side of its peak, as the number was down nearly 12% from a year ago.”

March 2023 Michigan sports betting revenue numbers

Here are the top-line numbers for Michigan sports betting in March from the Michigan Gaming Control Board.

• Handle: $421.7 million ($407.7 million online)
• Revenue: $46.0 million ($44.6 million online)
• Hold: 10.9% (up from 6.5% last month)
• Month-over-month: Handle increased 18.1%
• February sports betting taxes: $2 million to the state and $931,126 to local entities.
• Top online sports betting app by handle: FanDuel Sportsbook MI with $146.8 million
• Top online sports betting app by revenue: FanDuel Sportsbook MI with $20.1 million

Three takeaways from March Michigan sports betting revenue report

Michigan surpasses $10 billion in sports betting handle

Michigan hit a new milestone for sports betting in March of 2023.

With the $421.7 million in wagers, Michigan crossed $10 billion in all-time handle.

The state now sits at $10,180,490,830 in wagers throughout its sports betting history. That dates back to March of 2020 when retail sports betting was first allowed. Online sports betting began in January of 2021.

FanDuel widening the Michigan online sportsbook gap

FanDuel has had a reasonable grip on the top Michigan online sportsbook title. But, that grip seems to be getting even tighter in 2023.

For March, FanDuel sportsbook recorded $146.8 million in online handle. That was 36% of the market share in the state. DraftKings was a distant second with 25% of the share at $101.2 million.

The $45.6 million gap between the two is the largest ever between the top two Michigan online sportsbooks in a given month.

FanDuel also continues to dominate in Michigan’s online sportsbook revenue race. The Michigan sportsbook had $20.1 million in March, accounting for 45% of the state’s online revenue share.

Since online sports betting launched in January of 2021, FanDuel has recorded $310.4 million in revenue. That accounts for 39.2% of the all-time online sports betting revenue in the state ($792.6 million).

Online handle down in 2023, online revenue way up

While retail sports betting had been showing signs of decline throughout 2022, online sports betting was looking at more of a plateau.

In 2023, the early signs show online sports betting on a slight wagering decline.

Throughout the first quarter of 2023, Michigan recorded $1.23 billion in handle. That is an 8.9% decrease from the $1.35 billion Michigan wagered in Q1 of 2022.

Though the overall wagering may be down, the online sportsbooks are on pace to make more revenue in 2023.

The first quarter of 2023 saw Michigan’s online sportsbooks record $100.9 million in revenue. That is 15.1% higher than Q1 of 2022 ($87.7 million). The $44.6 million in revenue recorded in March was the fifth-highest monthly total in Michigan’s history.

Michigan sports betting March 2023 revenue by operator