Last updated on March 2nd, 2024 at 10:20 pm
Michigan sportsbooks are seeing a good trend in sports betting this January as they report having the second straight month with a handle above $600 million. When you are a bookie, keeping track of sports betting trends are important because these are good indicators of the direction of the sports betting industry. These reports can give you additional insight on what you can do to position your sportsbook to be more profitable each month.
According to the Michigan Gaming Control Board, the total monthly handle for sports betting in Michigan is at $601.6 million for January. Betting activity likely saw this much because of the deep run of the Detroit Lions in the NFL as well as the championship win for college football team Michigan Wolverines.
Michigan Sportsbooks in January
Even with the boost in numbers from local teams, the handle still declines by 2% month-over-month. But still, the dip is slight because of the local betting, and the numbers are still 22.5% higher than that of January 2023. All in all, these are good numbers for those who want to get into the sports betting business.
If you take a look at your sportsbook pay per head solutions software, you will be able to generate the data on your sportsbook activity. You can pull your hold percentage, which is important in determining how much your sportsbook gets to keep versus the payouts you release to your players.
For Michigan, the hold is decent at 8%, which gives sportsbooks a gross revenue of $48.1 million. Again, this is 27% lower than December’s, but still higher than December 2023 by 43%. The state also earns from iGaming in Michigan, where revenue is at $181.9 million. Again, your Bookie PPH software will be able to help you offer iGaming to your players if you want to expand and offer more in your sportsbook.
