According to the Michigan Control Board, the Michigan sportsbook market sees a slight decline in betting handle for November. According to the report, both retail and online sportsbooks in the state saw $498.1 million in handle for the month. Those who want to create a sportsbook will find this number impressive. But if you look at the numbers, the state’s sportsbooks have actually seen better.
The November handle is slightly lower than October’s $504.3 million, as well as November 2021’s $500.5 million. The decline is not unusual, but uncommon for this time of the year. And while we are looking at trends, we are also seeing a decline in revenue for the month. November’s revenue is at $42.7 million, 16.9% lower than October’s $51.4 million. The month-on-month decline is due to a higher win rate of 8.6%.
Michigan Sportsbook Market
While the numbers are declining, many in the industry are hopeful that Michigan could see an increase in December, to close out the year with better numbers. Since we will see a lot more wagers in the holidays, it is possible.
When we look at the breakdown of wagers, online sports betting continues to dominate the market, taking in 96.4% of all wagers this November. This is why the demand for a pay per head sportsbook service continues to increase. And using a pay per head service is actually a great option because it allows for easy expansion to include other popular gaming products like casino gambling.
While we are seeing a decrease in sports betting activity, online gambling actually has an increase in gross revenue at $145.4 million. This is a 35% increase in year-on-year revenue, which is remarkable. Which is why offering a full gambling solution to your players is a feasible and practical option. In case you see a dip in sports betting, you can still sustain a steady and growing revenue by adding other services like horse racing and casino games.
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