The Michigan Gaming Board reported that $582.6 million was wagered in October, the second-consecutive month with over $500 million handle
The Wolverine State’s operators were unable to capitalize on the second consecutive month of a handle over $500 million.A 5.7% increase in sports betting handle year-over-year did not produce the results Michigan operators wanted during a high-volume October.However, a combined 5.5% hold led to gross revenue of $32.2 million, a 30% decrease from October 2023’s haul. Adjusted revenue of $9 million was down 63.3% year-over-year.
Motor City Casino reported a $524,807 loss on an $11.2 million handle while MGM Grand Detroit paid out $473,649 more than it took in from a $4.5 million handle. Hollywood Casino at Greektown was at least able to hold on to $175,905 of the $6.6 million wagered in October. Online sportsbooks combined for a $560.4 million handle that surpassed $4 billion year-to-date. A 5.9% hold led to $33 million in combined revenue.
DraftKings only produced a 4% hold on the second-best handle of $159.9 million for a 62.6% month-over-month revenue decrease. The adjusted revenue produced a loss of more than $384,000 for DraftKings. operator reached $5 million in gross revenue, but BetMGM continued to hold down the third spot with a handle of $84.3 million in October. ESPN BET’s revenue was the same as September’s haul while the handle of $31.5 million jumped 22.5%.
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