Mississippi Sees Increase in Sports Betting Income
Mississippi's sports betting income surged by 31.4% from January 2023, with the Mississippi Gaming Commission recording monthly earnings of $6.7 million. In comparison, December's revenue saw a significant increase of 36.7% over the previous January, reaching $4.9 million, despite players spending less.
The total handle for the month experienced a 22% decline, dropping from $57.2 million in 2023 to $44.6 million in 2024. The total hold ranged just under 15%. Parlays, where bettors connect multiple wagers into one, accounted for over one-third of the operators' revenue in January. In the Magnolia State, these bets have provided a profitable edge, with operators recording a 20% hold or better for the last 16 months out of 19.
The leading revenue driver was football, generating $2.4 million in winning bets from $15.9 million placed. Basketball followed closely, awarding a 7.1% hold at $1.1 million. All other sports - golf, tennis, soccer, auto racing, and mixed martial arts - collectively accounted for $940K in revenue from $4.6 million gambled.
Online Sports Betting Gets Legislative Consideration
These recent developments coincide with ongoing conversations among Mississippi lawmakers regarding online sports betting. Although legal wagers can only be placed at the state's brick-and-mortar retail sportsbooks, online sports betting is edging closer to reality. House Bill (HB) 774, suffering a small defeat in the House with a 97-14 vote, now moves to the state Senate.
Interestingly, HB 774 would sanction mobile sports betting, but require bettors to utilize online services provided by existing gambling houses. The Mississippi Online Sports Betting Task Force has estimated a total of 26 casinos in the area. However, two other measures, HB 271 and HB 625, are intent on legalizing online sports betting as well.
These legislative actions have gained momentum following the American Gaming Association's recent report, showing the sports betting industry turning over $11 billion in revenue in 2023.
Casinos on the Coast Remain Draw for Bettors
In contrast, the Mississippi coastal casinos continue to be a popular destination for sports enthusiasts. The $29.1 million wagered on retail sportsbooks signifies a successful January for the local gambling houses, resulting in $4 million in revenue. Nearly $12 million was spent on bets related to football, with operators boasting a 15.2% win rate.
The Mississippi casinos, still grappling with lawmakers over an expansion of sports betting, remain adamant in their opposition. Representative Casey Eure (R-Saucier), driving force behind HB 774, affirms, "The number one goal is to protect our brick-and-mortar buildings."
This has previously been reported[^1^] in a similar context.
[^1^]: Izquierdo, Michael. (February 7, 2023) "Mississippi Sports Betting Lawmakers, Casinos At Odds Over Legislation." https://www.gamingamerica.com/mississippi-sports-betting-lawmakers-casinos-odds-legislation/
Images:
- Source: https://pixabay.com/photos/casino-dice-game-gambling-sports-2341915/
- Source: https://unsplash.com/photos/8ijM-bUn8FF
Header: Mississippi Sports Betting Revenue Skyrockets
List:
- Sports Betting Revenue Increases
- Parlays Generate One-Third of Operator Revenue
- Football Leads in Casual Wagers
- Online Sports Betting on the Rise
- Casinos on the Coast Maintain Appeal to Bettors
Links:
- Mississippi Gaming Commission
- American Gaming Association — Careers
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