Mississippi: Sports Betting on the Rise, Revenue Falls

Sports betting in Mississippi is falling into place several months after the legalization. There has been a slight wagering increase in October, but revenue has fallen drastically…

…by over 75 percent!

Mississippi Gaming Commission revealed the data earlier this week. In October, the sports betting handle was measured slightly above $32.8 million. Just for comparison, this is approximately $1 million higher than what was reported in September.

Revenue Tumbles

Although the wagering went up to a small degree, the revenue plunged and shocked everyone. In September, the total proceeds were $5.3 million, which is a respectable figure but it was recorded largely due to a 17.3 percent hold.

In the meantime, October’s revenue plummeted to $1.18 million…

…with the hold degrading to an embarrassing 3.6 percent!

Bear in Mind:

It is essential to state that the numbers shown here are without contributions from the tribal casinos in Mississippi. Such casinos have sportsbook operations unique to them only.

Same as New Jersey

The sports betting trends in Mississippi mirror the ones in New Jersey. For example, in October, this state saw handle jumping by staggering 41 percent…

…while the income got split in more than half compared to a previous month.

Casinos located in the states where sports betting has been legalized have learned something about it: It bounces in a mysterious way! Sudden increase and decrease are shown in the charts which is much different from slots and other table games that are more predictable with less fluctuation.

However, the betting handle rise is much higher in New Jersey than in Mississippi.

How is that possible?

This can be attributed to the fact that people in New Jersey have access to online and mobile wagering while Mississippi focuses entirely on land-based action.

Across the Border

And while Mississippi ventured deep into sports gambling, which is spreading around the US like wildfire, gaming enthusiasts in Louisiana can only be the spectators…

…at least for now

Sports betting legislation is yet to be approved by the lawmakers, but some steps have been taken. The voters participated in a referendum and voted for the approval of daily fantasy sports during the mid-term election ballot.

However, the casinos are worried that the customers will not find it hard to cross the border and enjoy the benefits offered.

Fierce Competition

Meanwhile, Ronnie Jones, Louisiana Gaming Control Board chairman said that casino parking lots in Mississippi were filled with cars with Louisiana plates. He added that it was hard to determine how much money casinos in this state were losing because some betting options were taking a long time to legalize.

He did blame the Mississippi venues for “getting some of our business.”

When it comes to the southeastern states, Mississippi currently holds the monopoly over sports betting as they have already taken care of the laws. But Louisiana should not fear losing their money to Mississippi only…

…since Arkansas is another threat as they prepare to get a massive casino in Hot Springs.

Source:

“Mississippi casinos watch sports betting rise, revenue tumble”, Steven Stradbrooke, calvinayre.com, November 21st 2018.