We are getting deep into the busy sports betting season in the US, something your sportsbook pay per head software should be helping you with. With so many sports leagues active, the volume of games each day translates to thousands of possible wagers that players can make in your sportsbook. But the hard work pays off, something we can see with Massachusetts sportsbooks in the month of November.
According to the Massachusetts Gaming Commission, sportsbooks in the state enjoyed quite a busy month with $654.4 million worth of wagers placed in November. This is almost 15% higher than the handle of the previous month.
And if you are wondering about how online sportsbooks performed since you want to be a bookie, online wagering actually takes in majority of the wagers. With a bookie PPH software, you can easily handle the deluge of bets that these sportsbooks have seen. Out of the total handle, $636.7 million come from online sportsbooks, while retail sportsbooks take in $17.6 million.
Massachusetts Sportsbooks See Betting Handle, Revenue Dips
Looking at revenue, which is important for bookies, the total for the month is more than satisfactory. In fact, if you know how much money you need to be a bookie, and compare it with how much a sportsbooks earns, you will see how the bookie software only takes up a fraction of revenue.
Online sportsbooks in the state take in $48.5 million in taxable revenue, and retail sportsbooks record $370,000. The revenue for November is quite low, even with the uptick in handle, compared to that of October. The answer, of course, lies in the hold percentage. In October, the hold was at a decent 10.5%, but it dips to just 7.7% in November.
But even with the dip in revenue, the amounts are still quite good for sportsbooks, and can even be better. A higher hold percentage will definitely bring the numbers up. And with the intensity and excitement of sports betting increasing as we move to the playoffs of the NBA, NFL, and college sports, we may even see both revenue and handle spike as we move further into the season.