Michigan's 12 mobile sportsbooks combined for a collective 11.8% hold against gross revenue in July, the fourth consecutive month with a double-digit hold according to figures released Tuesday from the state's Gaming Control Board.
It matches the longest such run with digital wagering available in the Wolverine State, first accomplished from July to October 2022. July marked the third straight month the mobile hold was above 11%, a first in 43 months of mobile betting.
When including the $379,000 in combined losses posted by Detroit's three brick-and-mortar sportsbooks, operators claimed just over $29 million in gross sports betting revenue. That was up 26.3% from last July, while total handle increased 23% to $256.8 million. Wagering was down 10% from June, with revenue off 8.7%.
The state levied taxes on $16.8 million in adjusted gross revenue, which resulted in an inflow of $1.1 million into its coffers. The city of Detroit collected $322,900 worth of receipts, lifting its total for the calendar year to nearly $4.1 million.
BetMGM Has Another Notable Write-Off
Running July Top 10 #SportsBetting handles by state:
1 New York $1.26B
2 New Jersey $652.3M
3 Penn. $414.7M
4 Mass. $411.8M
5 N. Carolina $340.4M
6 Maryland $333.3M
7 Tenn. $271.5M
8 Indiana $261.1M
9 MICHIGAN $256.8M
10 Louisiana $184.5M#SportsBettingX#GamblingX— Chris Altruda (@AlTruda73) August 20, 2024
June's overall adjusted revenue figure was dramatically skewed when BetMGM reported a $48 million free play deduction that left its calendar-year AGR at minus-$28.6 million. Its July's deduction paled in comparison, but it was still notable at nearly $4 million as BetMGM reported a mere $188,000 in taxable winnings.
That obscured a solid month in terms of performance — BetMGM had a year-best hold of 12.1% in claiming close to $4.1 million in gross revenue from $33.6 million in handle.
FanDuel led Michigan's dozen mobile sportsbooks with $12.2 million in gross winnings, notching a 13% hold for the fourth consecutive month as it accepted $93.4 million in wagers. That pushed the leviathan over $1 billion handle for 2024, and its 12.2% win rate for the year is more than three-quarters of a percentage point better than its 11.5% all-time mark.
DraftKings, meanwhile, has its first three-month run of double-digit holds in Michigan after attaining an 11.5% mark. That led to nearly $8 million in gross revenue from $69.7 million in handle.
Ten of the 12 mobile books finished July with double-digit holds, with only Caesars (6.4%) and BetRivers (4.7%) falling short. It was the fourth month in a row BetRivers failed to attain a 5% hold on gross revenue, and it finished with a negative AGR for the fourth straight month. BetRivers has grossed more than $1.5 million in that span but has a minus-$236,600 AGR.
Fanatics Sportsbook pipped ESPN BET for the fourth spots for both revenue and handle. Fanatics had its best month in terms of revenue since rebranding from PointsBet in late February, claiming $1.9 million in winnings from $13.6 million in handle and posting a 14.2% win rate. ESPN BET had its first double-digit hold of 2024 at 11.5%, keeping $1.5 million of the $13.2 million in accepted wagers.
Caesars finished $25,500 shy of $1 million in revenue as its $15.2 million handle was practically flat compared to June. Soaring Eagle moved into the black for the first time this year after posting $188,000 in revenue from $1.3 million in handle, good for a 14.5% hold. Soaring Eagle, which had a minus-$539,400 AGR after posting losses in January and February, made a $3,013 tax remittance for July.
Where the Retail Loss Originated
MotorCity Casino was on the hook for a $626,000 loss in July against $2.2 million handle, sending the trio of Detroit sportsbooks to an overall loss for the month. It was the third time in 16 months the FanDuel-powered venue had a loss of $625,000 or more. Despite the six-figure hit, MotorCity still has a 9.1% hold for the year, claiming $2.8 million in gross winnings from $30.4 million in handle.