Michigan Sportsbooks Record Highest Revenue in 2024

 

In the latest gambling news, we are keeping track of various markets across the US. From finding out the latest developments in plans for online gambling in Rhode Island to the latest in sports betting, you can find the latest updates here.

And today we are taking a look at the latest report from the Michigan Gaming Control Board as the state’s sportsbooks took in $497.6 million in wagers in March. The handle is shy of half a billion, and is almost 20% higher than February’s handle.

March tends to be a big month in sports betting. Even though football, which is the most popular sport in the US, is on a break, basketball is a close second in terms of betting. The NBA regular season is in full swing. But most of the betting action actually comes in from betting on college basketball, with the NCAA’s March Madness driving everyone crazy with college basketball action.

Michigan Sportsbooks in March

Your bookie pay per head software will be able to generate similar reports for you. You can use these reports to evaluate your operation, find out which sports are popular, and how you can maximize your sportsbook’s potential even more.

Michigan, for example, is recording the highest monthly revenue so far this year. The hold percentage is shy of double digits, but not bad at 8.7%. Gross revenue for the month is at $43.5 million. This puts Indiana as the top 7^th state in terms of sports betting handles, with New York at the top spot, followed by New Jersey, North Carolina, Massachusetts, Maryland, Indiana, and finally, Michigan.

The true test will be in the coming months when the sports calendar slows down. If you are considering this as well, check out the common challenges for bookies and find out how you can strategize for leaner seasons in sports betting. 

 

 

Massachusetts Sportsbooks See Second Best Betting Handle in January

 

If you want to start a bookie business, you need to pay attention to the trends and performance of betting markets near you. This will help you identify busy months for sports betting, so you can prepare for anything. For instance, January is a pretty busy month for sports betting, but football season is slowing down. It means that the betting numbers can go either way. For Massachusetts sportsbooks, it was a good month as operators saw the second-best handle in history.

According to the latest report from the Massachusetts Gaming Commission, the total sports betting handle is at $651.7 million. $638 million of that handle came from online sportsbooks. This is the second-highest handle that online sportsbook operators have seen. This is something to remember for you when you become a bookie. Using an online bookie software for your sportsbook is very practical since the market predominantly bets online. 

 

Massachusetts Sportsbooks Do Well in Start of 2024

You can also use your sportsbook pay per head software to track other important data on your sportsbook’s performance. For instance, in Massachusetts, sportsbooks have a $651.7 million handle, with an 11.16% hold percentage. This means sportsbooks earn $72.7 million in that month. The jump in the hold from 9.4% in December is a huge factor in the increase in revenue month-on-month.

Football and basketball remain to be the popular options for bettors, and hockey is also quite popular. As the month leads up to the Super Bowl, having less games can still drive up wagers, especially in the postseason. Meanwhile, basketball has the NBA, which is slowly progressing into the playoffs, and college basketball, where we are starting to see the seeding for March Madness. February could be an even busier month for sportsbooks, so make sure you are ready with your bookie software.

 

Virginia Adds More Sportsbooks in Growing Betting Market

 

Given the popularity of sports betting in the US, it is no wonder that states continue to improve their regulations, expand markets by adding more sportsbooks, and more. Virginia is one such state that is open to growing their already successful betting market.

And with how popular online sports betting is, a lot of people have been looking for the best bookie software for sportsbooks to use to join the industry. Virginia is even issuing 16 online sports betting licenses to operators, which many expect to provide a boost in revenue for the state.

Those who are interested to also become an online bookie and run your own sportsbook, these sportsbook pay per head reviews can be very helpful. Here, you can reviews from industry experts, suggesting which software providers to try, depending on your specifications and budget.

Virginia Adds More Sportsbooks

Virginia is one of the most promising states for sports betting. In August, despite being one of the leaner months in the industry, sportsbooks in the state record a $319 million sports betting handle. This was even higher than July’2 $293.6 million. The handle in August also represents a year-on-year increase in betting by around 12% from August 2022.

And just how popular is online betting in the state? Out of the total handle, $315.6 million come from online sportsbooks, and only $3.3 million come from retail betting. Operators in the state generated a combined $27.9 million in adjusted revenue. All the more reason to get started with a good bookie pay per head service and create your own sportsbook and join the fray.