The sports betting landscape in Mississippi experienced a notable downturn in April, witnessing an 8.8% decrease in revenue compared to March. Sportsbooks recorded $3.1 million in revenue for the month, down from the $3.4 million seen in March. This figure also marks a substantial 27.9% decline from the $4.3 million reported in April of the previous year.
When examining the total handle, or the amount wagered by bettors, Mississippi saw a drop to $34.3 million. This represents a 22.9% decrease from March’s handle of $44.5 million. Nonetheless, it is worth noting that April’s handle was still 7.9% higher than the $31.8 million recorded in April 2022.
Analyzing the distribution of bets, Mississippi’s coastal casinos led the pack, bringing in $1.5 million in revenue with a handle of $23.6 million. Central casinos followed, taking in $6.6 million in bets and generating $1.2 million in revenue. Northern casinos reported a handle of $4.1 million and a revenue total of $402,880.
The conclusion of the National Football League (NFL) season in February shifted betting interests toward basketball and baseball at Mississippi’s coastal casinos. Baseball slightly edged out in handle, totaling $8.7 million and generating $1.3 million in revenue.
. Basketball bets amounted to $8.6 million but saw a considerable loss of $525,117.
At the central casinos, sports parlay cards were the standout, leading with a $2.9 million handle compared to basketball’s $2.3 million. Parlay cards also generated $908,108 in revenue, while basketball and baseball yielded $220,331 and $48,922 in revenue, respectively.
A significant development in April was the failure to pass legislation that would have opened the door for legal online sports betting in Mississippi. House Bill 774 (HB 774) proposed the introduction of up to 30 online wagering platforms that would be connected to existing casinos, along with a proposed 12% tax rate. Despite receiving approval from the House in February, the bill stalled and ultimately did not pass through the Senate.
Mississippi initially launched legal sports betting in August 2018, following the repeal of the Professional and Amateur Sports Protection Act in May of the same year, becoming the third state in the U.S. to do so. Despite significant interest and legislative efforts, sports betting in Mississippi remains confined to land-based casinos and on-site mobile betting.
This limitation stands in stark contrast to the sports betting landscape in neighboring states. Three out of the four states bordering Mississippi offer online sports betting, providing easier access and presumably contributing to higher betting revenues. Mississippi’s decision to refrain from adopting an online betting model may place its sportsbooks at a competitive disadvantage.
The declining revenue figures could partially be attributed to the absence of popular sports seasons. With the NFL season ending in February, betting activities primarily focused on basketball and baseball. However, these sports did not generate the same level of excitement or revenue as football, contributing to the overall downturn.
The legislative endeavor to introduce online sports betting was seen as a potential booster for the state’s revenues. Proponents argued that enabling online bets would attract a broader audience, including those who prefer the convenience of betting from their homes. Nonetheless, the opposition highlighted concerns over regulatory challenges and the impact on traditional land-based casinos.
Considering the regulatory landscape and revenue trends, the outlook for Mississippi’s sports betting industry remains mixed. While the handle saw a year-over-year increase, consistent monthly declines and missed legislative opportunities may signal challenges ahead. The industry stakeholders and policymakers will need to address these issues to rejuvenate and maintain a competitive edge in the growing sports betting market.
In conclusion, April has been a challenging month for sports betting in Mississippi, marked by declining revenues and handles compared to previous months and years. The legislative failure to introduce online betting has also posed a significant hurdle, potentially affecting future growth prospects. As Mississippi continues to navigate these challenges, strategies to increase betting engagement and legislative support for online platforms may play critical roles in shaping the future of its sports betting industry.
