Michigan Sportsbooks See Highest Win Rate for 2024

Michigan Sportsbooks See Highest Win Rate for 2024

In the latest sports betting news, we are looking at Michigan sportsbooks as they record the highest win rate so far this year. Its remarkable that the state’s sportsbooks set this record, considering they are also recording the worst betting handle in the same month. Let us look at their numbers and try to understand what is happening in their betting market.

Michigan is one of the most lucrative betting markets in the country. The $355 million monthly handle for the month of May is the lowest betting handle that they have seen this year. One of the biggest challenge of being a bookie is to get enough action- and Michigan does not have this problem. The decrease in handle is mostly due to the sports calendar. It is quite common to see the handle go down during this month.

Michigan Sportsbooks See Highest Win Rate for 2024Michigan Sportsbooks in May

Despite this being the first month this year that the handle went south of $400 million, sportsbooks in the state record a 12% hold percentage. This is a great win rate, which means sportsbooks earn more even with that dip in handle.

If you want to see if your sportsbook is seeing the same trends, simply generate reports using your pay per head software. It’s very easy, and the data is very accurate too. From there, you will see how much your sportsbook is earning parallel to your sportsbook’s activity.

Sports Betting Trends and Behaviors in Michigan

Michigan Sportsbooks See Highest Win Rate for 2024The 12.1% win rate brings us $42.8 million in gross gaming revenue. This is the highest win rate that the state has seen this year as well. This brings the year-to-date total of $208.3 million in revenue from $2.228 billion in handle. Keep in mind that we are barely halfway through the year, and yet we are seeing amazing numbers from sportsbooks in Michigan.

As always, online sportsbooks take in the majority of wagers in the state. The handle for online sports betting is $343.73 million, with an 11.9% hold. That gives online sportsbooks a revenue of just slightly under $41 million. Meanwhile, retail sportsbooks have a $11.5 million handle. The hold is much higher at 16.76%, which pushes revenue to $1.87 million. If you want to manage a sportsbook but worry about how you can offer a large variety of betting options to your players, you can look into a white label sportsbook.

Meanwhile, we expect the handle to either maintain this level or decrease a bit as we get a leaner calendar. But with this year’s Olympics, many in the industry are optimistic that it will give a nice boost to sports betting from July to August. From there, things will start to pick up as the NFL season kicks off on September. With your sportsbook software’s diverse portfolio of betting options, your players will never run out of betting options. They can choose from soccer, to racing, to table tennis, eSports, and more.

 

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