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Despite having two elite college programs, Michigan and Michigan State, with National Championship hopes, Michigan sports betting declined in handle and revenue from March Madness in 2024.
The Michigan Gaming Control Board (MGCB) reported that operators produced $487.2 million in total bets and $33.5 million in revenue last month.
Handle represents a 2.5% year-over-year decline from March 2024, but a month-over-month increase of 25.5%. Revenue also decreased year-over-year at a 23% rate and 28.4% from February.
With the sports calendar slowing down, handle figures are expected to drop. Perhaps April could get a little boost with the Detroit Pistons making its first playoffs appearance since 2019.
March 2025 Michigan sports betting revenue numbers
- Handle: $487.2 million ($475.1 million online)
- Revenue: $33.5 million ($32.9 million online)
- Hold: 6.9% (down from 12.1% last month)
- Month-over-month: Handle increased 25.5%
- Sports betting taxes: $1.2 million total to state and local taxes
- Top online sports betting app by handle: FanDuel Sportsbook MI with $182.4 million
- Top online sports betting app by revenue: FanDuel Sportsbook MI with $14.2 million
Sportsbooks get nice bump from February, but still down from last year
Michigan is a big college basketball state as the Spartans and Wolverines carry much of the burden. Michigan State finished as high as a No. 2 seed and Michigan earned a No. 4 seed.
Both teams made the second weekend of March Madness, which is the likely reason for the large boost from February. Michigan and Michigan State both fell to Auburn in the Sweet 16 and Elite 8, respectively.
All four No. 1 seeds reaching the Final Four also didn’t help the sportsbooks’ cause, as it recorded only a 6.9% hold rate. Operators certainly cashed in on the Super Bowl as the Eagles trounced the Chiefs, but didn’t have the same luck during March Madness.
ESPN BET makes slight leap in March
The football season saw ESPN BET regress, in of market share. However, the operator had a relatively good bounce-back month in March. Over the course of football season, ESPN BET posted the following market share results:
- December: 5.9%
- January: 5.6%
- February: 5.3%
In March, ESPN BET improved to 5.9% market share. It’s still a far cry from the 6.8% it recorded in September, the start of football. Perhaps it’s something to build on.
Fanatics solidified as No. 4 operator
For the third straight month, Fanatics Sportsbook has finished as the fourth operator, in of handle. It remains behind FanDuel, DraftKings and BetMGM.
January was the first time Fanatics ed ESPN BET, which did so by around $500,000. Over the last two months, Fanatics has created separation, beating ESPN by roughly $4 million in each month.
Fanatics has established itself as a top four sports betting platform in the Great Lakes States.
Michigan sports betting handle for March 2025 by operator
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| MotorCity | FanDuel | $182,415,380 | $14,199,518 | 7.80% | $733,394 |
| Bay Mills | DraftKings | $128,997,867 | $9,527,145 | 7.40% | $420,740 |
| MGM Grand Detroit | BetMGM | $74,287,570 | $4,257,304 | 5.70% | $30,638 |
| Lac Vieux Desert Band of Lake Superior Chippewa | Fanatics | $32,855,723 | $2,296,768 | 7.00% | $0 |
| Greektown | ESPN Bet | $28,583,371 | $1,464,513 | 5.10% | $5,714 |
| Grand Traverse Band of Ottawa and Chippewa | Caesars | $23,689,126 | $734,246 | 3.10% | $7,517 |
| Little River Band of Ottawa | BetRivers | $8,676,004 | $691,273 | 8.00% | $0 |
| Match-E-Be-Nash-She-Wish Band of Pottawatomi | betParx | $2,685,165 | $151,933 | 5.70% | $0 |
| Nottawaseppi Huron Band of Potawatomi | FireKeepers | $1,717,277 | $40,458 | 2.40% | $0 |
| Sagniaw Chippewa | Eagle | $1,586,748 | $99,710 | 6.30% | $6,006 |
| Pokagon Band of Potawatomi | Four Winds | $1,177,607 | $91,624 | 7.80% | $0 |
| Hannahville | SI | $491,473 | ($4,668) | -0.90% | $0 |
| Total | $487,163,311 | $33,549,825 | 6.90% | $1,204,008 |
