FanDuel Extends Lead as Michigan’s Most Popular Online Sportsbook
FanDuel cemented its status as Michigan’s market leading online sportsbook by handling $150 million in sports wagers during January.
That left it comfortably ahead of rival DraftKings, whose handle dropped from $127.1 million in December 2022 to $117.2 million last month.
Online sportsbooks accepted $475.6 million worth of bets in January, while their retail counterparts handled $15.2 million.
In total, it represents a slight 1% decline compared to the sports betting volumes reported for the previous month.
The hold rate also plummeted from 10.2% in December to a more typical 6.8% last month, causing the gross gaming revenue to drop to $33.7 million.
When promotions were deducted, it resulted in adjusted revenue of $17.9 million – a considerable decline compared to the previous month’s figures. Operators paid around $1.1 million in taxes for the month.
Further declines are expected when the Michigan Gaming Control Board reports February figures, as it is a shorter month with only one NFL game – the Super Bowl.
Basketball and hockey are now the only major sports in action, but sportsbooks will soon gain a boost thanks to March Madness and the start of the MLB season.
Meanwhile, January was a record month for online casino gaming in Michigan. Operators earned revenue of $153.7 million, beating the record of $152.8 million set the previous month.