As recently compiled data for January has shown, the state of Mississippi is off to a robust start for the year in sports betting revenues, in a counterintuitive twist seeing an increase despite a decrease in the overall betting handle.
Mississippi’s sports betting scene made a notable stride with revenues amounting to $6.7 million in the first month of the year. Not only does this represent a significant rise of 31.4% from the $5.1 million observed in January of the previous year, but also an improvement of 36.7% from $4.9 million in December just a month prior.
Intriguingly, this upswing occurred at a time when customers placed fewer bets, with January’s total handle, the sum of all wagered sports bets, reaching $44.6 million. Despite the healthy revenue numbers, this figure stands at a shortfall of 22.0% against the $57.2 million bet in the same month of the preceding year and also marks an 8.8% decrease from December’s counter of $48.9 million.
Mississippi’s coastal casinos continued their pattern of attracting the lion’s share of the betting action. Here, $29.1 million was wagered at retail sportsbooks, translating into a handsome $4.0 million in revenue. Notably, American football continued to demonstrate its popularity with $1.6 million of the coastal casinos’ revenue generated from $12.0 million staked on the sport.
Central casinos also shared in the overall positive trend, earning $1.5 million from bets totaling $9.1 million. Parlay bets, where players gamble on multiple game outcomes, proved particularly lucrative for central casinos, earning them $1.1 million from $4.0 million wagered.
Further North, casinos also witnessed favorable returns, with revenues reaching $1.2 million off a $6.4 million handle. Of this, a substantial portion, approximately $631,180, stemmed from American football betting, showcasing the ingrained allure of the sport throughout the state.
This latest revenue report emerges amidst legislative movements within Mississippi to expand wagering options. Currently, legal sports bets can only be placed at licensed retail sportsbooks within the state. However, this could soon change as lawmakers contemplate several bills aimed at legalizing online sports betting.
One such bill, known as House Bill 774 and backed by eight state representatives, has successfully advanced through the House and finds itself before the Senate for consideration. The bill’s key provision permits all 26 land-based casinos in Mississippi the opportunity to introduce online sports betting. However, there is a restriction in place, stipulating that each casino may only collaborate with a single licensed online betting platform, in addition to their existing retail operations.
Other legislative attempts including HB271 and HB635 continue to make their way through the channels, presenting various pathways to legal sports betting in Mississippi.
The energized legislative activity follows on the heels of HB606, passed the previous year. This legislation established a dedicated Mississippi sports betting task force to perform a “comprehensive analysis” on sports betting within the state. Although initially more far-reaching in its ambition to permit each land-based casino to partner with an online sportsbook, the scope of HB606 was significantly pruned down during its committee stage.
As Mississippi eyes the future of its sports betting landscape, the paradox of decreased betting volumes coupled with increased revenue sets a fascinating backdrop for the legislative debate over online sports wagering. Whether the momentum from January’s wins can be sustained, especially amidst potential market expansion, remains a focal point for industry observers and state policymakers alike.
