May is considered to be a slow month on the sports calendar, and that reputation was upheld in the sports betting numbers for the month reported by Michigan and Louisiana.
In Michigan sportsbooks reported a $356.1 million handle in May. That was a 10 percent drop from the $396 million bet in April, but it was a 38 percent increase compared to the handle reported in May, 2021.
From the $356.1 million handle the sportsbooks reported a 10.1 percent hold for $35.9 million in revenue. Thanks to the high hold that is the third highest monthly revenue reported since online sports betting launched in Michigan in January 2021.
After the sportsbooks deducted $11.1 million in promotions the taxable revenue for May came in at $24.8 million. That allowed the tax collector to pocket $1.2 million.
Online betting continued to dominate in Michigan in May with $334.million, or 93.6 percent of the handle being bet online. Leading in those online bets was FanDuel Sportsbook which took in $99.4 million in bets for 29.8 percent of all online wagers. FanDuel reported a 15.2 percent hold for $15.2 million in revenue.
Placing second in Michigan in May was BetMGM Sportsbook with $80 million in handle. BetMGM reported an 11 percent hold for $8.8 million in revenue.
Michigan’s three retail sportsbooks, located at the state’s three commercial casinos reported $22.8 million in handle in May. The retail sportsbooks had a 10.5 percent hold for $2.4 million in revenue.
In Louisiana handle and revenue both slid in May. During the month Louisiana sportsbooks took $171.1 million in bets. That was down 17.8 percent from the $208.2 million handle reported in April.
Despite the lower handle Louisiana sportsbooks reported more revenue in May thanks to a very high 15.9 percent handle. May revenues came in a $25.7 million, up from the $5.5 million revenue reported in April when the hold was below three percent.
Sportsbooks deducted only $364,295 in promos in May which allowed the state to collect $2.7 million in taxes.
Just like in Michigan, online betting took in the bulk of the betting handle in Louisiana in May. The online sportsbooks reported $142.9 million in handle which generated $22.6 million thanks to a 15.9 percent hold. The Louisiana report does not break down hold and revenue by online operator.
The number of retail sportsbooks in Louisiana grew by one in May following the opening of Fair Grounds New Orleans. The now 16 retail sportsbooks took in $28.5 million in handle in the month and reported $2.7 million in revenue from a 9.4 percent hold.