Mississippi reports impressive sports betting surge

Lea Hogg 1 month ago
Mississippi reports impressive sports betting surge

Mississippi’s sports betting revenue saw a year-on-year increase, despite a reported decline in the total amount wagered, or the ‘handle’. The monthly revenue reached $6.7m, marking a 31.4 percent increase from $5.1million in January 2023 and a 36.7 percent rise from $4.9 million in December 2023.

Interestingly, this growth occurred even as the total handle for January stood at $44.6 million, 22.0 percent lower than the $57.2 million reported in the same month last year and 8.8 percent less than the $48.9 million bet in December 2023.

Mississippi’s coastal casinos continued to be the most popular among bettors. Retail sportsbooks at these coastal casinos saw bets amounting to $29.1 million, generating revenue of $4.0 million. A significant portion of this revenue ($1.6m) came from American football betting, which saw $12.0 million wagered.

In other regions, central casinos generated $1.5m in revenue from a handle of $9.1 million, with parlay bets yielding the best return. These venues turned a revenue of $1.1 million from $4.0 million in bets. Northern casinos, on the other hand, reported $1.2 million in revenue off $6.4 million in bets in January, with $631,180 of this revenue coming from American football wagering, which saw bets amounting to $2.1 million.

The latest report comes as Mississippi lawmakers are considering several bills to legalize online sports betting. Currently, consumers in the state can only legally wager on sports at licensed retail sportsbooks. House Bill 774, backed by eight state representatives, has cleared the house and entered the senate. The bill permits all 26 land-based casinos in Mississippi to launch online sports betting, with each casino allowed to partner with one licensed platform to offer wagering.

Other bills, such as HB271 and HB635, are also seeking to legalize sports betting. This follows the signing of HB606 last year, which authorized a Mississippi sports betting task force to undertake a comprehensive analysis of sports betting. The bill initially aimed to allow each land-based casino to partner with an online sportsbook, but its reach was significantly reduced in committee.

Mississippi sports betting is a rising powerhouse

Sports betting has become a significant revenue generator in Mississippi, contributing millions of dollars to the state’s economy. In January alone, sports betting revenue amounted to $6.7 million1. This was despite a 22 percent decrease in the total amount wagered compared to the same month last year.

However, it’s important to note that the revenue from sports betting is just one part of Mississippi’s diverse economy. The state’s economy is primarily driven by sectors such as agriculture, manufacturing, and services. Agriculture is a major industry, with Mississippi being a leading producer of cotton, poultry, and catfish. The manufacturing sector, particularly automobile manufacturing, is also a significant contributor to the state’s economy.

While the exact comparison of sports betting revenue with other industries can vary depending on the specific metrics used, it’s clear that sports betting has become an important part of Mississippi’s economic landscape. It’s also worth noting that the state is considering several bills to legalize online sports betting, which could further boost this revenue.

However, comprehensive and up-to-date data comparing the revenue from sports betting with other industries in Mississippi is not readily available. For a more accurate comparison, it would be best to refer to official economic reports or financial data released by the state.

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