Michigan sportsbooks accept $259.4m in wagers for June

Michigan online and retail sportsbooks took in $259.4m in bets, a 0.7% increase from May’s total of $257.7m.

However, gross gaming revenue for online sportsbooks in Michigan had a monthly increase of 28.2% to $24.9m in June.  

Online sportsbooks accepted $235.1m in wagers, down 1% from May. Meanwhile, retail sportsbooks accepted $24.4m.  

Jessica Welman, PlayMichigan.com Analyst, said: “Michigan’s sportsbooks grew so quickly from January through March that the slowdown that has followed might feel more dramatic than the reality. 

“Sportsbooks remain in an excellent position for a ramp up when football season approaches. Until then, they will have to rely on opportunities such as the Olympics and the NBA Finals to stoke interest.”   

April, May and June are usually slower months for sports betting in America; however, data shows that no other state experienced a steeper decline than Michigan.  

March was a month where record handles were being reported across the country; the state of Michigan’s combined handle in June ss 32.4% off March’s record of $383.7m.  

In comparison, Indiana experienced a decline of 22.2%, while Iowa saw a 31.1% drop off from March to June.  

The month’s betting hold of 10.6% for operators was Michigan's best for any full month.  

The state produced $16.8m in taxable revenue, an increase from May’s $9.9m. The total yielded $1.4m in state and local taxes from online betting.  

Matt Schoch, PlayMichigan.com Analyst, said: “We’ve been waiting for a bump in taxable revenue that led to a real increase in tax revenue, which we finally got in June. 

“If there has been a disappointment with Michigan’s launch, it’s that tax revenue gains have lagged. So hopefully, this will continue into the fall, when we know revenue from sports betting will make a big leap forward.” 

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