Michigan Sports Betting Hits Record $650.2 Million Handle in November 2024
Michigan sports betting handle hit an all-time high of $650.2 million in November, a 16% jump from October, while iGaming revenue reached a record-breaking $226 million.
Sports Betting Hits New Heights
Online sports betting saw a major rise, fueled by the Detroit Lions’ impressive season and big college matchups like the University of Michigan’s win over Ohio State. Gross revenue from online sports betting soared to $58.2 million, nearly doubling October’s $33 million.
FanDuel held onto its lead in Michigan, pulling in $245.6 million in handle, $22 million in gross revenue, and $879,768 in state taxes. That’s a big jump from November 2023, when it recorded $213 million in handle and $9.7 million in revenue.
Who Else is Leading the Pack?
DraftKings came in second, reporting:
- $182.7 million in handle
- $18.3 million in gross revenue
- $999,094 in state taxes
BetMGM rounded out the top three with:
- $93.7 million in handle
- $9.6 million in gross revenue
Fanatics (formerly PointsBet) and ESPN Bet also made their marks. Fanatics handled $36.6 million in bets, generating $4 million in revenue, while ESPN Bet brought in $31.2 million in handle and $2.4 million in revenue.
Big Numbers All Around
While sports betting set records, iGaming proved to be the bigger moneymaker. Revenue from online casinos hit $226 million, a huge leap from $175.3 million in November 2023. BetMGM led the charge in iGaming, with $59.7 million in gross revenue.
In total, taxes and fees from iGaming poured $42.5 million into Michigan’s coffers.
Combining sports betting and iGaming, Michigan’s total online gambling revenue for November reached $284.3 million, with adjusted gross revenue hitting $240.4 million:
- $203.3 million from iGaming
- $37.1 million from online sports betting
Operators contributed a whopping $44.4 million in state taxes and fees, adding to the industry’s growing economic impact.
Potential Tax Increase Draws Industry Pushback
Looking ahead, Michigan’s gaming operators are preparing to push back against proposed tax increases for sports betting and online casino gaming. The new legislation, introduced by state senators Sam Singh and Jeremy Moss, aims to slightly raise the sports betting tax rate from 8.4% to 8.5% and implement higher rates for iGaming based on revenue tiers, with the top bracket reaching 29%.
While the proposed changes appear modest, operators like FanDuel and DraftKings have voiced strong opposition, warning that higher taxes could lead to reduced promotional offers, fewer bonuses, and less competitive odds. Both companies have launched campaigns urging customers to lobby against the measures, emphasizing the potential impact on player value and job creation in Michigan’s growing gaming industry.
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