The House Gaming Committee in Mississippi has taken a significant step forward by advancing House Bill 774, aiming to legalize mobile sports betting across the state. This proposed legislation allows each of the 26 existing casinos in Mississippi to launch their own online sports betting platforms, provided they partner with one licensed platform. The bill sets specific guidelines for the operation of online sports betting, including player eligibility, licensing fees, and taxation.
Licensing Structure:
Under the proposed bill, the 26 casinos currently operating in Mississippi would be granted the opportunity to enter the online sports betting market. Each casino could establish a partnership with one licensed platform, in addition to any existing retail sportsbook they may operate. Notably, only established casinos would be eligible to participate in the online sports betting market.
Licensing Fees and Renewals:
While the bill does not outline an application fee for licenses, it specifies renewal fees for manufacturers, sellers, and distributors. Manufacturers would be subject to a $1,000 renewal fee, while sellers and distributors would face a $500 renewal fee.
Taxation Structure:
The proposed tax structure for online sports betting revenue follows a tiered approach based on gross revenue. Platforms generating less than $50,000 per month would be taxed at 4%, increasing to 6% for revenue between $50,000 and $134,000, and reaching 8% for revenue exceeding that amount. This tiered taxation system aims to ensure a fair and proportionate contribution from operators based on their financial success.
Player Eligibility and Accessibility:
To participate in online sports betting, players must be at least 21 years old. The bill emphasizes the accessibility of betting, allowing individuals to place bets from anywhere within the state of Mississippi. This flexibility aims to provide convenience for users while ensuring responsible gambling practices.
Implementation Timeline:
If the bill successfully passes into law, it is set to take effect on July 1 of the current year. This timeline provides a clear roadmap for the potential rollout of online sports betting in Mississippi, allowing stakeholders to prepare for the regulatory changes.
House Bill 774 represents a significant move towards modernizing Mississippi’s gambling landscape by legalizing mobile sports betting. The proposed legislation outlines a structured approach to licensing, fees, taxation, and player accessibility. As the bill progresses, it is poised to bring about a transformative change in the state’s gaming industry, offering new opportunities for both casinos and bettors alike. The outlined framework ensures regulatory clarity while fostering a competitive and responsible online sports betting environment in Mississippi.