In a surprising turn of events, Michigan sportsbooks reported a post year-high hold in the month of May, bringing in record-breaking revenue for the state. The sudden spike in profits comes as a surprise to many industry experts, who had expected to see a decrease in revenue following a relatively quiet few months in the sports betting world.
According to the latest figures released by the Michigan Gaming Control Board, sportsbooks in the state generated a total handle of $278 million in May, with a hold of 10.5%. This represents a significant increase from the previous month, when the total handle was just $205 million and the hold was 6.2%.
The rise in revenue can be attributed to a number of factors, including the return of major sporting events such as the NBA playoffs and the NHL playoffs, as well as the continued popularity of online sports betting in the state. Additionally, the easing of COVID-19 restrictions has allowed sportsbooks to operate at full capacity, attracting more bettors and driving up revenue.
One of the biggest winners in the Michigan sports betting market in May was BetMGM, which reported a hold of 14.6% and a total handle of $93.2 million. DraftKings also saw impressive gains, with a hold of 10.7% and a total handle of $80.5 million. FanDuel, on the other hand, reported a hold of just 7.9% but still managed to bring in a total handle of $69.8 million.
Industry analysts believe that the strong performance of Michigan sportsbooks in May is a positive sign for the future of sports betting in the state. With more major sporting events on the horizon, including the upcoming NFL season, there is potential for even greater revenue growth in the coming months.
Overall, the outlook for Michigan sportsbooks is looking bright, with many expecting the industry to continue to thrive as more bettors flock to the state’s online sports betting platforms. As the market continues to mature and expand, the potential for even greater revenue gains is high, making Michigan a prime destination for sports betting enthusiasts nationwide.