March Madness seems to get better every year, and the 2022 version has not disappointed. Some favorites have dominated, while others have been dumped out much sooner than expected. Every tournament needs a Cinderella, and Saint Peter’s is one of the most heartwarming underdogs in recent memory. This tournament has shown that anything can happen, and US bettors have had a great time trying to predict these games and sometimes making great profits.
Since the launch of sports betting in Michigan, July has been the month with the lowest figures. The Michigan sportsbooks experience a revenue of less than $200 million which is a record low.
It’s possible that many other US states also had a poor July this year. However, certain states do not publish their information to the public, such as Nevada.
Online sports wagering revenue reached $188m in July, which for sportsbooks was a decrease of 20% from June’s bets. When combined with retail sports betting, the total was $206.3m in bets. This again was a 20.5% drop from June’s wagers.
Comparatively, internet gambling generated $92.3million in revenue. This was a 3.5% increase from June. Analysts suggest the increase in revenue is likely from the launch of live dealer casino games on July 22 across Michigan casinos. Live dealer games are extremely popular among bettors due to the Las Vegas atmosphere effect it produces.
Decreased revenue also means a decrease in taxation, which is a slight downside for the Great Lakes state. Overall, $762,220 was paid in online sports betting taxes to Michigan.
Why Has There Been A Drop?
Analysts suggest that one reason for the drop is due to the low performance of sport in July. Bettors have other priorities in the sunny month of July, such as family barbeques and even family holidays.
Further, even though July produced the Tokyo 2020 Olympics, many American bettors found it difficult to place wagers due to the time difference. Additionally, the type of bet placed on Olympic sports is likely to be futures bets that generate a different revenue. However, now that we are over the July dip August is meant to brighten up for the online sportsbooks.
The NFL preseason is now well underway, with Michigan sportsbooks offering brilliant preseason moneylines, parlays, funny props, and even NFL Super Bowl 2021 futures bets. This will definitely increase the figures for August as Michigan bettors place their wagers on the Detroit Lions!
Lastly, analysts also note that Michigan is still a young market but with an abundance of potential. Internet gambling and sports betting were only legalized in December 2019. Therefore, Michigan has some catching up to do compared to a more mature market such as New Jersey.
Which Sportsbook Came Out On Top?
Sportsbook giant FanDuel came out on top. Although FanDuel topped Michigan operators with $7.8m and generated $54.5m, FanDuel still had a drop of $20m from June’s revenue.
DraftKings sportsbook came in a close second with $53.4m, a $3m decrease in wagers from June. For DraftKings, there wasn’t as much as a drop compared to FanDuel. This might be due to DraftKings’ purchase of Golden Nugget for $1.56 billion, which definitely paid off nicely.
In third place was BetMGM. It produced $41m in bets. This was a decrease by $5m in June. At BestAppBet, we rated BetMGM as one of the top three best betting apps, matching the figures here.
Overall, there have been mixed results across the whole of the internet and retail gambling for Michigan. August is set to be a more positive month, especially with the start of the beloved NFL.
Due to the annulment of PASPA in 2018, many states alongside Michigan have legalized sports betting. Further, many are in the process of legalizing.
BestAppBet offers you the best legal US sportsbook apps to bet on the upcoming NFL season and if you are unsure what is legal in your state, visit BestAppBet’s website state page to see the legal gambling status in your state.
So visit BestAppBet today, sign up and claim free bets!
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