Initially, the significant decrease of 43% in handle experienced by BetMGM Michigan between January and February might raise concerns.
The decline in revenue for Michigan online sportsbooks in February is quite significant and impossible to overlook.
Nevertheless, the actual situation is not as concerning.
In February, Michiganders experienced their usual dose of reality checks with weekly snowstorms. However, this month served as a significant shift for one of the state’s leading online operators.
After displaying growth in January and defying a downward trend, BetMGM seems to be leveling out in February.
Monthly sports betting handle declines 43% in February at BetMGM Michigan
Due to a shortened month and the NFL postseason nearing its end, Michigan sports betting handle tends to experience a noticeable decrease in February.
BetMGM Michigan only generated $62.6 million in online handle during the month of February.
Although the noticeable 43% decline from January was hard to overlook, it is important to note that it was a month of decline for all the leading sportsbooks.
- FanDuel: down 18.2%
- DraftKings: down 23.6%
- Barstool: down 35.9%
- Caesars: down 26.2%
BetMGM Michigan experienced a more significant decrease compared to other states, with Michigan showing the largest month-over-month decline by a significant margin.
- New York experienced a decrease of 12%, equivalent to a decline of $107.7 million.
- Maryland experienced a decline of 18%, equivalent to a loss of $33.2 million.
- There has been an 18% decrease in Indiana, amounting to $31.4 million.
- There has been a 19% decrease in West Virginia’s revenue, amounting to $42.6 million.
As of now, not every state has furnished their February revenue figures.
BetMGM MI handle grew more than 11% January
Online sportsbook operators in Michigan did not experience significant growth in the month of January.
In total, there was a slight decrease of less than 1% in the state’s online handle from December, amounting to $475.6 million.
Nevertheless, BetMGM Michigan stood out significantly from the prevailing trend observed throughout the state.
The online handle recorded a total of $110.5 million, showing an 11.1% increase compared to December’s total of $99.5 million.
While many of its top competitors experienced a decline in handle, BetMGM observed an 11% increase in handle.
- FanDuel: up 2.7%
- DraftKings: down 7.8%
- Barstool: down 5.8%
- Caesars: down 8.2%
BetMGM in Michigan experienced the highest growth compared to all other operators across the nation. Similarly, BetMGM NY was the sole major market to witness growth, with a 6% increase in January.
- There was a 15% decrease of $17.2 million in Iowa.
- Pennsylvania experienced a decline of 10%, equivalent to $52.5 million.
- Indiana experienced a decrease of 9% amounting to $38.2 million.
- There has been a 6% decrease in New Jersey’s revenue, resulting in a loss of $91.3 million.
BetMGM fitting in with Michigan sports betting trend
Throughout the latter part of 2022 and the initial phases of 2025, there has been a noticeable leveling off in the growth of sports betting in Michigan.
Michigan’s projected handle for 2025 was estimated to decrease to around $4.63 billion, compared to the $4.81 billion recorded in 2022, indicating a decline of approximately 3.7% for the state.
In the initial two months of 2025, Michigan’s sports betting handle stands at $848.1 million, indicating an 11.3% decrease compared to the $956.5 million recorded during the same period in 2022.
BetMGM falls perfectly in line with the rest of the state, as evidenced by that statistic.
This is how the online handle for the top five online sportsbooks in Michigan appeared between December 2021 and February 2022.
- FanDuel: $375 million
- DraftKings: $347 million
- BetMGM: $306.3 million
- Barstool: $126.2 million
- Caesars: $109.2 million
From December 2022 to February 2025, this is where they will be seated.
- FanDuel’s revenue has increased by 11.7% to reach $418.9 million.
- DraftKings experienced a decrease of 3.8% with a total revenue of $333.9 million.
- BetMGM’s revenue declined by 11% to $272.7 million.
- Barstool recorded a decline of 36.8%, totaling $79.7 million.
- Caesars saw a decrease of 20.3%, amounting to $87 million.
BetMGM is following the same trend we are observing in Michigan as FanDuel continues to distinguish itself from the competition.
March has been a bounce back month for BetMGM Michigan
BetMGM Michigan has frequently experienced drops in February.
Nevertheless, the sportsbook typically regains its momentum in March.
Here’s a breakdown of BetMGM Michigan’s online handle for Q1 in 2022:
- In January 2022, there was a 2% increase from December 2021, totaling $110.9 million.
- In February, there was a decrease of 21.9% totaling $86.7 million.
- In March, there was a significant increase of 24.7%, amounting to $108.1 million.
BetMGM Michigan recorded a substantial increase in online handle during the first full month of legalized online sports betting in the state. In 2021, they reported $75.7 million in February, and this figure grew to $92.6 million in March, representing a growth rate of 22.3%.
