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Sports Betting Revenue in Mississippi Doubles Year-on-Year in November
December 31, 2019 Aleksandra Zolotic
According to the statistics revealed by the Mississippi Gaming Commission, the figures show that the state’s sports betting market has seen revenue more than double year-on-year in November. Facilities in the state’s central, coastal and northern regions acquired revenue of $3.8m in November.
The numbers show a 126.0% increase from the previous year, with amounts wagered up 26.7% to $56.4m. The overall performance highlighted strong growth in the market, and quite a noteworthy month-on-month handle increase.
However, the total monthly amount sharply from October’s record sum. It has been the strongest month since the official launch of the activity, with revenue hitting $12.3m for the month.
Greatest Contribution from Coastal Casinos
The majority of revenue and handle came from the coastal establishments which brought in $2.4m (64.3% of the market total, up 532.1% from November 2018) and $36.1m (64.1% of the total, up 30.7%) respectively. The biggest part came from placing bets on football, which ed for $24.3m of the regional handle, and $1.4m of revenue.
As for the northern facilities…
… the handle went up 24.9% to $13.5m, thanks to increased client’s activity around football, basketball and parlay cards. The total revenue was $939,951.33, up slightly year-on-year.
The entertainment parlors in central region of Mississippi saw handle grow marginally, to $6.4m, and revenue decrease year-on-year to $398,179.76. This represents a drop of 018.5%.
However, compared to October’s record-setting $12.3m total, the November revenue saw a month-on-month decrease. During that month, the state’s win percentage jumped to 25.60%, which is high above the US average.
Brief Recap of the Revenue’s Ups and Downs
The sports wagering in the state was introduced in August 2018, bringing a total amount of sports wagers of $6.3 million. The first operator to go live from the initial day of launch was MGM in Churchill Downs.
The next one to start providing services in the country…
…was Penn National, opening the doors of no less than 5 parlors. On August 17th, Boomtown Casino Biloxi and Hollywood Casino Gulf Coast’s sportsbooks started operating, while Hollywood, 1st Jackpot, and Resorts Casinos in Tunica went live on August 24th.
The beginning of the current year was rather successful, but the coming months brought plenty of fluctuations regarding the revenue. The first six months were mostly marked with decreases and drops, with July bringing an impressively huge month-on-month decline. The total handle fell to $13.83m, while the revenue for the state’s coastal, central and northern regions was €1.05m.
HOWEVER:
August brought slight improvement when punters placed $19.9 million in sports wagers. The upward trend was also noticed in September, when the state reported $37.9m. This shows a double growth compared to the previous month, with $5.6m coming from sports bets.
Source:
“Mississippi betting revenue more than doubles in November”, igbnorthamerica.com, December 20, 2019.
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There are plenty of turbulences, I see, but perhaps they will stabilize over time. I mean, it’s just a year and several months since the sports betting was allowed, and there’s plenty of time to grow.