Michigan Sports Betting For December Suffers 69% Revenue Drop

The Michigan Gaming Control Board’s report for the state’s sports betting performance in December was not good reading for operators, while the total wagering handle saw a slight uptick of less than 1% compared to December 2023, gross profits took a nosedive, plummeting to a mere $20.5 million—a 68.9% decrease year-over-year.

Handle vs Revenue: A Stark Contrast

The discrepancy between handle and revenue highlights the unique challenges faced by Michigan sportsbooks in December:

Hold Percentage: A Historical Low

Perhaps the most telling statistic is the month’s hold percentage—a mere 3.3%. This figure represents:

One of the primary drivers behind December’s poor performance was the success of NFL bettors, particularly those backing favourites. The in-state Detroit Lions played a significant role in this trend:

Annual Performance: A Silver Lining

Despite December’s disappointing figures, Michigan’s sports betting industry showed overall growth:

These annual figures provide some consolation, indicating that the December slump was an anomaly in an otherwise growing market.

Online Sports Betting’s Contribution

Online sports betting played a crucial role in Michigan’s gambling ecosystem:

iGaming: A Bright Spot in Michigan’s Gambling Landscape

In stark contrast to the struggles faced by sports betting operators, Michigan’s iGaming, flourished in December, providing a much-needed boost to the state’s overall gambling revenue.

Record-Breaking iGaming Performance

December saw unprecedented success for Michigan’s online casinos: