The above are just some of the basic betting types. There are more complex betting options that a sportsbook might offer. For example, in-play live bets are placed while the game is on, so, there’s not much time to research or access odds.
What makes a good online sportsbook in MI?
One thing that all sportsbooks will do is project themselves as the best betting site in Michigan. And while that may be true, not all of them are the best. It’ll be up to you to do your research to determine what a good sportsbook looks like.
There are a number of things to keep in mind, including safety, site speed, and a variety of sports to bet on. But this is just the beginning. Also look out for the following and you’ll be set to start your online betting journey in Michigan.
1. Many deposit methods
One point of frustration for punters is limited deposit methods. Because there are still banks that’ll block betting and gambling-related transactions, bettors need quick and easy-to-use alternatives to their bank cards. A good sportsbook in Michigan will give you the most commonly used deposit methods that include e-wallets such as PayPal and Play+ cards.
Even better would be the option to visit a physical betting cage or go to a physical store with a service like PayNearMe. That way, you’re guaranteed of the transaction going through immediately without the involvement of banking institutions.
You also want to keep an eye on transaction fees. The more deposit options you have, the more choice you have with regards to the cheapest deposit method available, as well.
2. Bonuses & promotions
A sportsbook can offer a bonus such as a risk free bet in order to attract new sign ups to try their website while still protecting their funds. However, some bonuses are better than others. You might get a risk free or match deposit bonus offer, but it’ll have very strict terms and conditions around it. For example, you might not be able to withdraw your winnings from these bonuses until you’ve placed a certain number of cash deposits into your account first.
Before getting excited about a bonus, make sure to read and understand the terms and conditions. This will help to avoid disappointment later on.
You need to not only feel safe but also be assured of security when you’re on an online betting site. Legit sites are regulated, and so, theft can’t or won’t get away with stealing your funds. That’s why you should only sign up with licensed betting sites in Michigan.
In addition, you want to only deal with sportsbooks with encryption technology to help secure your banking details. When you enter your credit or debit card details, you’re at risk of having your details stolen. A good site will make sure that this doesn’t happen.
4. Game selection and betting markets
Only having a few betting markets to choose from will get boring. It’s important for punters to know that they have a variety to choose from. In addition, there are some markets that might not be popular in America but are loved overseas. It’s always great for Michigan punters to have the option to explore this.
Varied games and sports are a good indication of the quality of the sportsbook. Generally speaking, the more choices you have, the better.
5. User interface
A good sportsbook will have an easy-to-use interface. It should not be difficult to find your way around the site. The most important elements of a sportsbook are the log-in section, the deposit section, and the betting odds sections. In addition, the “help” section should be easy to locate.
If you can’t find what you’re looking for, a well-functioning search bar can go a long way. A well-designed sportsbook will make it as easy as possible for punters to find what they want as quickly as possible.
6. Site speed
Site speed is always top of mind for online bettors. Sports betting is a high-energy industry, and the websites need to reflect this. We now live in a world where instant gratification matters and websites are expected to take one or two seconds to load. Even then, it’ll be considered too long. That’s why online sportsbooks in Michigan also have been developing apps because these can be a lot faster than a mobile version of a website.
The history of sportsbooks in Michigan
Michigan’s history of betting starts off with horse racing legalization back in 1933 with the passing of the Race Act of 1993. This is followed by the establishment of the state lottery in 1976, and participation in a multistate lottery called The Big Game in 1996.
All of these small gambling-related wins opened the doors for sports betting in Michigan. The state lottery, for example, has seen a net revenue of around $14 billion since its inception in 1972. This has inspired lawmakers to legalize placing bets on sports. The above is an indication of how to open Michigan residents to gambling and betting. Combined with a passionate love for sports, it’s only natural that sports betting would have been the next big step for Michigan.
At the end of 2019, the sports betting bill was finally passed, and it became legal for Michigan residents over the age of 21. Retail locations were launched in 2020, and they allowed people to physically go and place bets at the cages.
Then in January 2021, online sportsbooks in Michigan became available. Those within state borders could legally place bets with legitimate, regulated sportsbooks.
Who regulates online sportsbooks in Michigan?
Online sports betting sites are regulated by the Michigan Gaming Control Board. They have, as of now, licensed 15 betting operators within the state. They are made up of physical retail locations, online sportsbooks and betting apps.
Since online sports betting became legal in January 2021, Michigan residents can be assured of a safe and secure betting experience. This is important for creating trust between punters and sportsbooks.
In addition, the MGCB makes sure that the sportsbooks are paying their taxes and licensing fees. With so much revenue potentially available for state coffers, it’s crucial that there’s a board to monitor the movement of money.
Michigan revenue from online sportsbooks
Speaking of revenue, Michigan has had the chance to earn millions from sports betting within the state. According to the Michigan Gaming Control Board, online gambling and sports betting sites had total revenue of around $155.9 million in January 2022 alone. Out of the total, sports betting had a gross income of $34.68 million, compared to $121 million for the casinos.
For the state, there was $1.4 million in taxes from online sports betting fees and taxes. This is predicted to grow as more people choose to place bets on the many sports games happening in the state and all over the world. All of this revenue is always welcome, as it contributes to the state of Michigan’s development and maintenance of the state.