After the initial hype and excitement of March Madness, Michigan online sportsbooks and online casinos in Michigan gaming platforms have seemingly plateaued in recent months.
The state’s mobile sports betting handle in May fell for the second consecutive month to $237.6 million, down 4.9% from April’s $249.9 million, while online casino gaming stayed at $94.9 million in revenue for the second straight month.
Here are three takeaways from Michigan’s May gaming report:
Three Sportsbooks Dominate
Since mobile sports betting launched in Michigan on Jan. 22, FanDuel, BetMGM and DraftKings have dominated the market share. May was no different. Together, the big three accounted for more than 79% of the state’s sports betting market share, with FanDuel leading the way at $77.6 million.
FanDuel has led the state in sports betting handle in each of the months since the state went live with online sports wagering, while the battle for second has alternated. In February and March, BetMGM claimed the second spot, but it’s been DraftKings who has rallied in recent months, topping BetMGM in April and May with $128.2 million in handle during that span compared to $106.4 million for BetMGM.
Of the major sportsbooks, only DraftKings Sportsbook Michigan saw growth from April to May in sports betting handle, going from $61.5 million in April to $66.7 million in May.
Barstool Continues to Struggle
If there was a sportsbook that could seemingly challenge the top three sportsbooks, it was Barstool. The popular media company utilized social media and its well-known personalities to promote its sportsbook among its loyal fanbase.
In the 10 days during January, Barstool recorded a handle of $27.5 million, making up 24% of the market share. But Barstool’s share has continued to drop, falling to 13% in February, 11% in March, 10% in April and now 8% for May. Since the high handle of $40.3 million in February, Barstool has seen its overall handle fall each month to the $18.2 million reported for May.
Internet Gaming Consistent
From February to March, Michigan saw its greatest increase in online casino revenue, jumping from $79.2 million to $95.1 million — a 21.3% increase.
Since the boost in March, online casino gaming has remained consistent in Michigan with $94.9 million in revenue reported for both April and May. The margin between the two months was just April’s higher amount of $213.47.
BetMGM online Casino Michigan has consistently been the top earner on the online casino side in each of the five months since the state’s internet launch. In April, BetMGM reported a state-record $36.8 million in revenue before following that up with another $36.1 million in May.
BetMGM’s May total was nearly $20 million clear of second-place FanDuel, who reported $16.3 million in online casino revenue.
