Mississippi Generates $6.3 Million in Sales from Sports Betting in First Month
The gambling companies in the state of Mississippi recorded a total of $6.3 million (around €5.4 million) in sports betting profits during their first full month of operation. Some notable winners included Caesars and MGM, but William Hill, a betting company from London, also shined.
Considering the impressive overall turnover, Mississippi's licensed providers of sports betting and the state itself can be pleased with the results: They've been in business since early August, generating an average of $644,000 (a little under €548,000) per provider, with most being casino operators like MGM and Caesars or race track organizers like Churchill Downs. Additionally, state taxes have brought in over $77,000 (close to €65,000).
In terms of the most popular sports to bet on, baseball took the top spot with a massive $3.3 million alone wagered. American football followed closely behind with $1.3 million. There was also $1.4 million generated through parlay bets (or combined bets between different leagues and sports), which means potential for higher winnings, but also more risk.
The debut numbers for the freshborn "Mississippi sports betting market" certainly have a lot to brag about - and based on industry predictions, the numbers are expected to soar even higher. This is due in part to the increasing number of companies entering the lucrative U.S. market since the May legalization, including several major UK betting providers, like Ladbrokes Coral's owner GVC, the mixed Irish-English group Paddy Power Betfair (PPB), and global market leader Bet365.
However, the developments in Mississippi in particular may amuse William Hill. The traditional London-based bookmaker announced in early August that it had inked partnerships with 11 Mississippi casinos and received a license. The revenue figures for the company are unclear. Hill has been actively operating outside of the UK since 2012.
Recently, the betting provider revealed plans to acquire the U.S. casino group Penn National. The future of this deal is uncertain. One thing that is clear, though, is that Hill has signed a sponsorship deal with the NHL ice hockey team, the Vegas Golden Knights.
One noteworthy entity was seemingly forgotten when the Mississippi sports betting market was established: Only land-based, on-site betting is currently allowed - no online or mobile options as of yet.
New Jersey, which legalized sports betting one month earlier than Mississippi, has demonstrated the success of the online model. In July alone, online sports betting brought in a generous $40.6 million (around €34.5 million), and by August, a whopping $95.6 million (almost €81 million) had been collected.
Despite positive forecasts for Mississippi's future revenue, the numbers for just their first month of business seem meager compared to New Jersey's. And with more and more companies flooding the U.S. market, it seems clear that online betting will make a significant difference. This holds true both in the U.S. and Europe.
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Source: www.onlinecasinosdeutschland.com
