Mississippi Sports Bettors Up the Ante in August, Revenues Soar
Mississippi sees a boost in sports betting handle during August
Sports aficionados in Mississippi cast more coins on the table last month compared to the previous one, per new figures disclosed by the state's gambling watchdog.
Mississippi's Betting Gold Rush in August: A 16% Increase
The Mississippi Gaming Commission, the state's gambling and sports betting overseer, has disseminated August's financial figures submitted by operators. Last month, the sports betting haul for operators in the state topped $21.2 million, marking a noteworthy 16% increase compared to the $18.3 million betting handle a month prior, in July.
After a modest downward trend in betting handles over the past few months, the August returns herald a welcome change. Nevertheless, a year-over-year examination shows that the betting handle in August 2022 failed to surpass the corresponding figure in 2021. In August 2021, the betting handle tested the charts at $21.4 million—some $200,000 higher than August 2022's tally.
Taxable Revenues Skyrocket Year-Over-Year
According to the Mississippi Gaming Commission's data, the $21.2 million betting handle in August translated to $2.7 million in taxable revenue. A year-ago-August comparison reveals a fascinating picture. Despite the more significant betting handle in 2021, it generated less taxable income. In August 2021, the taxable revenue from regulated sports betting operators amounted to $1.9 million. Consequently, in August 2022, the taxable revenue surged by an impressive 42.5% or around $800,000.
Predictably, the taxable revenue in August 2022 outshone that of July 2022 as well. July 2022's $18.3 million betting handle generated $2.5 million in taxable revenue. This implies an 6.3% increase in taxable revenue when contrasted with August 2022.
Coastal Operators Bag the Biggest Hauls
Further analysis from the gambling regulator indicates that coastal operators accounted for the highest betting handle in August. Aggregating their tallies reveals a sports wagering handle of $14.2 million, resulting in $1.7 million in taxable revenue.
Central region operators' betting handle totalled $4.2 million, which translated to $618,375 in taxable revenue. Northern operators recorded the lowest betting handle in August 2022, fetching $2.9 million and $322,044 in taxable revenue.
Mississippi ignited its sports betting scene back in August 2018. Currently, both commercial and tribal operators offer retail sports betting. Although the state extends mobile sports betting, the activity is confined to two land-based venues due to geographical restrictions, differing from states promoting fully online betting choices.
"Insights"- Mississippi sanctions only land-based retail sports betting, with mobile sports betting requiring physical presence within limited casinos.- Mississippi's sports betting market has seen fluctuations ever since its inception in 2018. The lack of detailed monthly data, especially for the years 2021 and 2022, limits our ability to derive accurate comparisons. Nonetheless, taxable revenue doubled year-on-year, signifying the market's steady growth.
- In Mississippi, the sports betting market is currently limited to land-based retail sports betting, with mobile sports betting requiring physical presence within specific casinos.
- Despite the years 2021 and 2022 data lacking detailed monthly information, the taxable revenue from regulated sports betting in Mississippi has shown significant growth, doubling year-on-year.
- According to the data for August 2022, coastal operators in Mississippi accounted for the highest betting handle, totalling $14.2 million, making them the highest contributors to taxable revenue with $1.7 million.
- Central region operators in Mississippi came second in terms of betting handle, registering $4.2 million and generating $618,375 in taxable revenue, while northern operators had the lowest betting handle, fetching $2.9 million and $322,044 in taxable revenue.
