You can get much farther by storing a fraction. Still, a midpoint is not the most effective point to chose. One solution I've explored is in the form of fractions generated by the Stern-Brocot tree. The continued fraction representation is easy to work with and can easily be turned into other representations.
With that, you could pick ideal points between bounds very cheaply:
(1/4, 1/2) → 1/3
(4/3, 5/2) → 2/1
(5/4, 7/5) → 4/3
In languages with large integers, it's quite easy to store two numbers. In a language like JavaScript, 53 bits of the mantissa in a double floating point number give 70+ moves [1] before you'd have to worry about losing precision, and if that were a deal breaker, a continued fraction is very cheap to store instead.
If people are interested, I'd be happy to share some implementations I've got in a number of languages including Erlang and JavaScript (I'm rewriting these from a prior version I did which used a slightly less optimal path representation).
[1] These are worst case. Most interactions could survive 1000+ resorts in practice. I've yet to see any of the components outgrow the 53bit mantissa of a double in JavaScript. The worse case grows with the Fibonacci sequence which is easy to see once you learn more about the Stern-Brocot tree structure. Even when they do grow large though, it's easy to switch to the continued fraction representation which solves this problem.
EDIT: Here is a short list of indices from a production database where it's easy to see why fractions are far superior to floating point indices: https://gist.github.com/strmpnk/d4afe4bb5bb69b46631b