In the latest news on sports betting in Michigan, the Michigan Gaming Control Board has revealed that the legal sports betting handle in the state plummeted to $208.4 million, marking the lowest level of betting in two years. The drop in the handle has been consistent since June, and is consistent with the broader betting market in the US. But, a higher hold helps sportsbooks earn more in July. If you are learning how to become a bookie, you will see that the handle is not the end-all indicator for a sportsbook.
This is because the handle only represents the wagers sportsbooks take in. It does not take into account the fluctuations due to demand, like having less sports events to bet on. In addition, it also does not account for the hold percentage, and eventual revenue of the sportsbook.
Online betting platforms in the Great Lakes State experienced an 11.9% decrease in wagers, while physical sportsbooks saw only a 2.4% decline in their betting handle compared to the previous month. As a bookie, you can use a sportsbook pay per head service to gain access to software that can help you easily compute your sportsbooks’ data.
Sports Betting in Michigan Still Earns Well
Despite the overall drop in wagers, sportsbooks still see an increase in revenue for the period. The hold percentage for July reaches approximately 11%, a significant improvement compared to the 7.5% hold in June. After deductions, online sportsbooks reported gross receipts of $16.3 million, a substantial increase from June’s $9.2 million.
Retail operators also made a recovery. June stood as the sole month where these sportsbooks collectively incurred losses after deductions. Thanks to the jump in the hold percentage, these operators see July’s activity as the third-highest grossing month this year.
Even though the handle is decreasing, sportsbooks can still manage to earn better revenue, which should reassure those who are new to the industry. You can also always make use of this online casino software to add more gambling options for your players.