Three Months of Mississippi Sports Betting Revenue Numbers Are InPublished December 12, 2018 by Elana K
In total, more than $72 million dollars in sports bets were placed in Mississippi between August and October 2018, with the amount of taxable revenue at $7.3 million.
It’s been a bit more than three months since Mississippi legalized sports betting, and now the revenue numbers from August-October are in. In total, more than $72 million dollars in bets were placed in the Magnolia State in the three-month period, with the amount of taxable revenue at $7.3 million. Of that number, 12% will be taken off for taxes - 8% goes to the state and 4% goes to local municipalities. As of now, the 8% for the state has been allocated toward roads and bridges.
Did Mississippi Sports Betting Revenue Live Up to Expectations?
Since the state legalized sports betting in August, there was a lot of hype about the kind of revenue to expect. State lawmakers, of course, hoped that sports betting would act as an additional vehicle to bolster the state budget, and so far, their hopes have been answered.
Mississippi Gaming Commission Executive Director Allen Godfrey, commented, “It [sports betting] has grown gross gaming revenue. And it has put some additional money in the state coffers.”
However, October sports betting revenue saw a disappointing decrease, attributed to heavy losses from football bets.
Casino operators are unsure as to why sports betting revenue plummeted in October, but some attribute it to the state’s lack of mobile betting. As of now, sports betting can take place at retail sportsbooks within the state, but mobile sports betting is prohibited.
Critics maintain that without mobile sports betting, the Mississippi industry will never reach its maximum potential. They point to New Jersey, one of the first states to legalize sports betting (and online gambling), where data shows that ⅔ of all sports betting wagers were placed via mobile in October (up from ½ in September).
Mississippi’s neighboring states, including Arkansas, Louisiana, and Tennesee, are reportedly considering legalizing sports betting in the 2019 legislative session. If those plans come to fruition, Mississippi will be faced by heavy competition, which may be just the push lawmakers need to allow mobile sports betting,