The U.S. sports betting industry had some rough months over the summer, but everyone was expecting things to bounce back. The numbers in September were staggering, but it appears as if the October handle and revenue numbers could blow way past those numbers.
Louisiana and Michigan are two of the most recent states to announce sports betting totals for October, and each state saw some records fall. These are not two of the biggest sports betting markets in the country, but each state is trending in the right direction.
Michigan Sportsbooks Shatter Handle Record
A number of individual sportsbooks in the state of Michigan posted record-setting handle numbers, and that led to an overall record in the state. Total sports betting handle in Michigan came in at $533 million, and it was once again two sportsbooks that set the tone.
FanDuel Sportsbook posted a total handle of $173.4 million, and non operator had ever seen numbers like that in just one month. DraftKings was over $140 million for the month of September, and all of the other operators were left trying to play catch up.
BetRivers and Caesars were two other online sportsbooks that saw a massive jump in October, and that came out of nowhere for each operator. While Caesars has had some big months before, BetRivers posted massive totals in both sports betting and online casino gambling.
October was the final full month of the Barstool Sportsbook in Michigan, and it ended by posting a total handle of around $20 million. ESPN BET is now up and running in the state, and it is expected to eventually become the third-most popular sports betting app.
Fanatics is still trying to find some footing in Michigan as it posted a total sports betting handle of just $12.5 million in October.
Louisiana All About the Revenue
Sportsbooks in the state of Louisiana not only posted record totals in sports betting handle, but the revenue was also at an all-time high. Louisiana sports bettors were eager to make parlay wagers last month, and it allowed the online sportsbooks to cash in.
Total sports betting handle for the month was up over $308 million, and that was well beyond the previous record that was set in January. Mobile handle was up to $276 million for the month, and that was a massive increase from the October 2022 total.
The revenue came in at $43.3 million, which was slight better than the previous record of $43.1 million. More than half of that revenue total came from parlay bets as total revenue on that wagering option was $25 million.
Not all of the states have announced sports betting numbers for October, but Louisiana is currently sitting in 10th place. It is going to continue to slide down the list as other states announce totals, but it’s currently sitting in a good place.
Bet365 Sportsbook entered the state last week, and that could provide a boost when the November totals are announced. This international operator has had some success in the United States, and it is starting to launch in more markets.