Mississippi’s sports betting industry faced a challenging month in July, with a decline in the betting handle for the fourth consecutive month. Despite the decrease in handle, there was a positive note as revenue experienced a significant increase.
Declining Betting Handle:
In July, Mississippi’s sports betting handle was $18.3 million, representing a decline of 27.1% compared to June’s figure of $25.1 million. This decrease was also reflected in the year-on-year comparison, with a 40.4% drop from July 2021’s handle of $30.7 million. The consecutive months of declining handle indicate a challenging period for the state’s sports betting market.
Increased Revenue Performance:
Despite the decline in betting handle, Mississippi’s sports betting revenue saw a positive trend in July. Revenue increased by 19.5% from the previous month, reaching $2.5 million. However, when compared to July 2021’s revenue of $2.9 million, there was a slight decrease of 13.8%. The increase in revenue amidst the declining handle suggests that bettors were placing higher-value bets, leading to a more favorable win rate for sportsbooks.
Regional Breakdown:
Among the regions in Mississippi, coastal casinos led in terms of both betting volume and revenue. Coastal casinos recorded $11.4 million in bets and reported $1.5 million in revenue. Central casinos followed with player spending reaching $4.1 million and revenue amounting to $481,362. Northern casinos had a betting volume of $2.8 million and posted $513,693 in revenue. This regional breakdown provides insights into the distribution of sports betting activity across the state.
Baseball Dominates Wagering:
In July, baseball emerged as the most popular sport for betting in Mississippi. Bettors wagered a total of $6.5 million at coastal casinos, $1.9 million at central casinos, and $1.6 million at northern casinos on baseball games. This highlights the popularity of the sport among bettors and the significance of baseball in driving betting activity during the month.
Acquisition of Magnolia Bluffs Casino:
Saratoga Casino Holdings has entered into a definitive agreement to acquire Magnolia Bluffs Casino in Natchez, Mississippi. The acquisition is subject to regulatory approvals and customary closing conditions. Magnolia Bluffs Casino, situated on the Mississippi River, offers a range of gaming options, including slot machines, table games, and a sportsbook. The acquisition reflects ongoing developments in the Mississippi casino industry and demonstrates the continued investment and expansion within the market.
Mississippi’s sports betting market faced a decline in betting handle for the fourth consecutive month in July. However, the industry showed resilience as revenue increased during the same period. The regional breakdown highlighted the dominance of coastal casinos in both betting volume and revenue. Additionally, baseball emerged as the preferred sport for wagering. The acquisition of Magnolia Bluffs Casino by Saratoga Casino Holdings indicates the ongoing growth and investment in the Mississippi casino sector. Despite the challenges, Mississippi’s sports betting industry continues to adapt and evolve, demonstrating its potential for future success.