According to the latest report from the Michigan Gaming Control Board, sports betting activity in Michigan increases slightly to $228.4 million in August. This is $20 million more than that of July 2023. The increase in sports betting is credited to the return of football season. When you become a bookie, keeping track of the trends in sports betting from betting markets is important. This is something you can easily do with the help of a Pay Per Head Bookie software. Doing so can help you anticipate the levels of activity in your sportsbook. This will help you plan any promotions that can help encourage your players to bet more during certain events or periods.
Historically, sports betting activity in the US tends to increase during August. Aside from baseball betting, the preseason betting for the NFL starts in August. College football also begins around this month. You can keep track of your own sportsbook’s action by using our bookie pay per head solutions. The service will give you the tools to help you identify which sports are popular, so you know which events to prioritize when it comes to sportsbook management.
Sports Betting Activity in Michigan for August
However, when you look at your sports betting software, which you can get from the Best Pay Per Head Sportsbook provider, the handle is only one of the important data to track. You also need to look at your hold percentage, which will give you an idea as to how much your revenue is. For Michigan, August’s handle is $228.4 million, with a 10.2% hold. This yields sportsbooks $16.2 million in net revenue.
The handle for August increases, but revenue falls from $16.3 million in July to August’s $16.2 million. The year-on-year numbers for the betting handle is positive, with this August’s $228.4 million slightly higher than August 2022’s $229.7 million. However, year-on-year revenue is down. August’s $16.3 million is still lower than August 2022’s $17.6 million, dropping by 8%.
As always, online sports betting continues to be the highest source of wagers from bettors in the state. States that offer online wagering have online sportsbooks generate better numbers than their retail counterparts. In addition, these markets also tend to report higher handles and revenue than other markets in the country that do not offer online wagering.