Sports Betting in The US Thrives as Football Season Begins
The return of NFL and college football in September brought a significant boost to most, if not all, betting markets across the US. In our latest gambling update, let us take a look at the reports from several states as we look at how popular and lucrative sports betting in the US is this September.
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Sports Betting in the US: Michigan
One of the more successful markets in September is Michigan’s sports betting market. The Michigan Gaming Board reported a handle of $523.8 million for the month, marking a 10% increase compared to September 2023 and the highest total since January’s $601.6 million. This surge in betting activity came earlier than last year when it took until the second full month of football to reach the $500 million mark.
Michigan’s 12 online sportsbooks and three retail operators combined to generate $59.2 million in revenue, representing a 30% year-over-year increase and more than doubling August’s $29.1 million. Adjusted revenue reached $27.7 million, up from $19.8 million in September 2023. The state’s hold rate climbed to 11.3%, extending the streak of double-digit win rates to six consecutive months. This uptick in activity resulted in over $1.4 million in tax revenue for Michigan’s coffers. If you want to earn well like these sportsbooks have, make sure to learn what bookie mistakes to avoid. That way, you can minimize risk and maximize your sportsbook’s profit potential.
Sports Betting in Tennessee and Other States
Meanwhile, Tennessee’s sports betting market experienced even more dramatic growth. The Volunteer State recorded its highest monthly handle since launching in 2020, with $524.7 million in bets placed in September. This represents a 52% increase from August and a 25% year-over-year growth. After adjustments, the final handle stood at $520.8 million, generating $9.6 million in tax revenue for the state.
In addition, Tennessee’s growth outpaced its neighbors, with a 25.7% month-over-month increase from July to August, compared to Kentucky’s 17.2%, Virginia’s 10.3%, and North Carolina’s 9%. The September surge was particularly notable, with Tennessee’s 52% increase slightly edging out North Carolina’s 50% spike in handle.
It will be very interesting to see how these markets will perform in the months ahead. October brings about the start of basketball season, so there are more opportunities for you to earn. If you are worried about a possibly overwhelming season, don’t be. With the right Sportsbook PPH software, you can easily manage a very busy schedule, and a profitable sportsbook operation.
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