November Sports Wagering Handle Falls Just Shy Of $500M

The Michigan Gaming Control Board reported close to $480 million in online sports wagering handle for November, leaving the overall figure for the month, counting in-person betting, less than $2 million shy of a half billion dollars.

The Wolverine State, however, did hit one milestone, as it became the eighth state in the post-PASPA era to surpass $8 billion in all-time handle. Michigan achieved the benchmark in 29 months of overall wagering, excluding the four months its three Detroit casinos were shuttered due to the COVID-19 pandemic in 2020.

The total handle of $498.1 million ranks fifth highest in state history but was 1.2% off October’s $504.3 million in accepted wagers and 0.5% lower compared to the $500.5 million for November 2021 — the first time Michigan cleared $500 million in monthly handle.

Operators posted an 8.6% hold to generate $42.8 million in gross revenue for November. While that is the fourth-highest total in state history, both the month-over-month and year-over-year comparisons were lagging, stacked up against the top two revenue totals in state history. Revenue was 16.8% lower compared to the previous month and 27.2% off the all-time record of $58.8 million established in November 2021.

The state was able to levy taxes on $27.5 million in adjusted revenue, gathering $1.6 million in receipts and raising the 2022 total to $12.5 million. That total is running $5 million ahead of the comparable 2021 total. The city of Detroit had an inflow of more than $850,000 in taxes, nudging that total for the year to $6.8 million.

FanDuel pushes mobile handle record above $150M

Running November Top 10 #SportsBetting handles by state:

1 New York $1.56B
2 New Jersey $1.1B

3 Pennsylvania $789.2M
4 MICHIGAN $498.1M <-NEW
5 Indiana $452.3M
6 Tennessee $439.5M
7 Louisiana $268.6M
8 Iowa $247.5M
9 Maryland $219.1M
10 Kansas $186.4M#GamblingTwitter

— Chris Altruda (@AlTruda73) December 19, 2022

FanDuel, the mobile sports wagering tether of MotorCity Casino, raised the record for mobile handle for a second straight month. It became the first online operator to clear $150 million, landing at $154.2 million. While it did not set a gross revenue record for the second straight month, it can take consolation in knowing the number, just $23,206 shy of $20 million, is good for No. 2 all-time in state history.

FanDuel had a win rate just shy of 13%, its fifth straight month in double figures, lifting its hold for the year to 11.6%. It needs less than $7.7 million in gross revenue for December to finish above $150 million for 2022.

BetMGM had its run of double-digit holds end at four months, but a still-solid 9% mark provided a second-place finish in gross revenue at $8.6 million from $95.5 million in accepted bets. At $86.2 million for the year, BetMGM has already exceeded its 2021 revenue of $83.2 million. Its promo spend continued to be aggressive with more than $4 million in reported deductions, and its adjusted revenue of $41.3 million for the calendar year is less than 50% of its overall amount.

DraftKings claimed the No. 2 spot in handle at $127.4 million, coming within $2 million of its all-time high set in October, but bettors limited the book to a 5.3% hold — the lowest since a 2.4% mark in June. DraftKings finished with $6.7 million in gross revenue, lifting its year-to-date total above $60 million. It also cleared $1 billion in handle in Michigan for 2022 after falling $49 million shy of the benchmark in 2021.

Caesars Sportsbook swept into the No. 4 spot for revenue at $2.2 million, marking the first time it has recorded three straight months of at least $2 million in gross revenue in the Wolverine State. Its $1.4 million in adjusted revenue also moved the book into the black for the first time this year at $970,000, but it was a 17th straight month without paying state taxes as its all-time adjusted revenue is minus-$1.6 million.

PointsBet edged out Barstool Sportsbook by less than $27,000 for the fifth spot as both operators cleared $1.2 million in revenue. Barstool’s 4.2% hold was its lowest since April and more than seven percentage points lower than October, which resulted in a 65% drop in revenue, far steeper than the 4.6% drop reported in handle to $29.5 million. PointsBet’s revenue surged 21.8% as its 8.9% win rate was nearly two percentage points higher compare to the previous month.

Firekeepers and WynnBET take L’s for November

Fireekeepers Casino, which has its own mobile wagering platform, finished with its all-time worst monthly loss as bettors came out $155,000 ahead on $2.9 million wagered. It was the second consecutive losing month and fifth overall in 2022 for Firekeepers, which has generated less than $315,000 in gross revenue from $19.4 million handle for a 1.6% win rate. It has yet to pay state taxes as its adjusted revenue for 2022 is minus-$665,000, driving the overall total past minus-$800,000.

WynnBET had its second losing month in the last three, ending up $38,737 under from more than $3.7 million worth of wagers. It was the fourth time since launch bettors got the better of WynnBET, which has a 4.9% hold for the year and generated $1.4 million in gross revenue from $28.3 million handle.

Photo: Shutterstock

Author: Justin King