Summer Heat intensifies for Mississippi sports betting operations
In the heart of sports betting action, Mississippi saw a moderate slump in May with its betting handle dropping to $17.4 million from $19.19 million in April. The latest gaming commission report paints this picture. Betters successfully cashed in more often, leading to a hold of 6.8% and taxable revenue of $1.2 million, a significant drop from April's $2.6 million on an 11% hold.
Baseball took the lead in handle this time, boasting a robust $8.2 million across the state, with taxable revenue of $362,137. Basketball followed closely behind with a handle of $5.75 million, while parlay cards and other wagers thrived with $2.28 million and $1.19 million, respectively.
The College World Series is captivating audiences this week, and it seems likely that baseball will gain traction as sports betting becomes more mainstream. However, some question whether it can quite match the nostalgia of MLB traditionalists. Insights from @lindetrain and @SamENole bring more perspectives to light.
Despite the downturn, Mississippi continues to thrive in the sports betting world. A majority of sportsbooks are situated along the Gulf Coast, making them the leading players in terms of handle, with over $10.98 million of bets placed in May. However, Mississippi's mobile sports betting landscape lags behind states like New Jersey and Pennsylvania, where full statewide online wagering is legal and operational.
Currently, Mississippi allows mobile betting only within licensed casino premises, with statewide mobile betting still illegal. Recent legislative efforts have focused on allowing casinos to partner with two online sportsbooks each, but these proposals have been met with resistance, largely due to concerns about casino revenue and jobs.
Estimates suggest Mississippi loses around $40-$80 million annually in tax revenue due to the lack of statewide mobile betting. In contrast, New Jersey generates $166 million in annual revenue from sports betting. Pennsylvania launched its first mobile app in late May, and although it has only been operational for a short time, it has already shown promising revenue with Play SugarHouse taking in $570,000 in just three days.
As legislative hurdles persist, Mississippi could join New Jersey and Pennsylvania in offering full statewide mobile sports betting if resistance eases. However, current proposals remain stalled, leaving Mississippi's gambling landscape somewhat limped.
- In May, parlay cards and other wagers thrived within Mississippi's sportsbooks, recording profits of $2.28 million and $1.19 million respectively.
- Mississippi's sportsbooks, predominantly situated along the Gulf Coast, handled over $10.98 million in bets during May.
- The lack of statewide mobile betting in Mississippi is estimated to cost the state around $40-$80 million annually in tax revenue.
- New Jersey, on the other hand, generates $166 million in annual revenue from sports betting, showcasing the potential benefits of full statewide mobile betting.
- Pennsylvania, while only recently launching its first mobile app for sports betting, has already demonstrated promising revenue with Play SugarHouse taking in $570,000 in just three days.
