Sports Betting Revenue Jumps in Mississippi
Posted on: February 21, 2024, 03:00h.
Last updated on: February 21, 2024, 03:00h.
Sports betting revenue increased 31.4% in Mississippi compared to January of 2023. The Mississippi Gaming Commission reported monthly revenue of $6.7 million.
In addition to the year-on-year numbers in the Magnolia State, the January 2024 total is well ahead of the $4.9 million in revenue generated in December. That’s a 36.7% jump, which occurred despite players spending less.
The total handle for the month dropped 22% to $44.6 million from the $57.2 million in the same month last year. The overall hold was just shy of 15%.
Parlay winnings account for more than a third of operator revenue in January. Mississippi operators have a history of success against the betting public when it comes to parlays. Parlays are when a bettor makes multiple wagers and ties them into the same bet. Mississippi operators have now posted a 20% hold or better for the 16th time in the last 19 months, according to the Gaming Commission numbers.
Football is another driver of revenue in January, with operators collecting $2.4 million thanks to a 15.2% win rate against a $15.9 million handle. Basketball bettors fared slightly better with the house at a 7.1% hold winning operators $1.1 million.
Golf, tennis, soccer, auto racing, and mixed martial arts are covered in a catch-all “other” category and provided nearly $940K in operator revenue from $4.6 million in bets.
What About Online Sports Betting?
The latest monthly report comes as Mississippi lawmakers consider several online sports betting bills. Currently, legal sports wagers can only be placed at licensed retail sportsbooks. But legalized online sports betting is a step closer. HB 774 cleared the House by a 97-14 vote and the bill has now entered the State Senate.
HB 774 would legalize mobile sports betting but require bettors to use online services from existing casinos. The Mississippi Mobile Online Sports Betting Task Force says there are 26 casinos in the state.
Supporters of those measures are buoyed by the recent American Gaming Association annual report that shows the sports betting industry posted a record $11 billion in 2023 revenue.
Coastal Casino Revenue Also Climbs
Mississippi coastal casinos remain popular with bettors. About $29.1 million worth of bets were placed with retail sportsbooks in January with revenue hitting $4 million. Football topped the action with $12 million wagered on the sport.
It’s a sure bet those numbers are being watched by lawmakers and casinos. Rep. Casey Eure (R-Saucier) is the primary sponsor of HB 774 and says “the number one goal is to protect our brick-and-mortar buildings.”
As previously reported by Casino.org, Mississippi casinos remain at odds with lawmakers and oppose an expansion of sports betting.
Source: casino.org
