Michigan Sports Betting Report: January Handle Dips

In the latest gambling news, the Michigan sports betting report for January is out. And we see a decline in month-on-month handle for the state’s sportsbooks. The decline is only around 1%, but it is the third month in a row for the state to record a decrease in monthly handle. Michigan’s sports betting market is a couple years old, going live back in January 2021.

For January, retail sportsbooks in the state collected $15.2 million in wagers. Online sportsbooks are more profitable, accepting $475.6 million In wagers. Revenue for the month also decreases, with a combined gross receipt of $33.7 million. Meanwhile, adjusted revenue is at $17.9 million. While we continue to see a dip in handle, this is the first month that we are seeing a decline in revenue.

Meanwhile, the hold percentage is 6.8%. down from December 2022’s 10.2%. For those who are new to using their sports betting software, the hold percentage is the share of sportsbooks from the handle.

Michigan Sports Betting Report: Wagering Versus Casino Gaming

However, the trend is totally different for online gaming. A lot of bookies use their pay per head sportsbook for both sports betting and iGaming because both are profitable. For Michigan, online casinos saw $153.7 million in January in revenue alone. This is the fourth month in a row that the state has seen the record broken. For reference, December 2022’s revenue is $152.8 million.

The numbers show us that Michigan is one of the best states in terms of online casino gaming. The increase or growth in year-on-year revenue is as high as 26%. Compared to online sportsbooks earning $33.6 million in revenue, it further solidifies the theory that offering both sports betting and iGaming is a lot more lucrative than just settling for one.

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