Mississippi’s sports betting industry, currently constrained to retail operations, saw a decrease in its January handle amidst ongoing efforts to expand into the online realm. While the sports betting handle declined by 14% year-on-year to $57.2 million, the state remains focused on legislative advancements to enable online sports wagering.
Retail-Only Environment and Handle Fluctuations:
Mississippi’s sports betting handle for January stood at $57.2 million, marking a 14% drop from the previous year’s $66.5 million. Furthermore, it displayed a significant 23.1% decrease from December 2022’s handle of $74.4 million. Notably, the current legal framework confines sports betting to retail channels, impacting the industry’s growth potential.
Revenue Insights and Regional Variations:
Mississippi’s sports betting revenue experienced a 21.5% year-on-year decrease, reaching $5.1 million. This decline is mirrored in the monthly revenue as well, which plummeted by 54.9% compared to the previous month’s revenue of $11.3 million. Coastal casinos emerged as the frontrunners in revenue generation, amassing $3.4 million from wagers totaling $37 million. Central casinos reported revenue of $1.4 million from bets amounting to $11.6 million, while northern casinos contributed $280,482 in revenue from an $8.7 million handle.
Sports Preference and Online Betting Potential:
Basketball emerged as the most popular sport among Mississippi bettors, attracting a handle of $22.8 million, followed closely by football. However, the industry’s future prospects lie in the realm of online sports betting. An online sports betting bill introduced in the Mississippi Legislature gained momentum as it passed the House committees on gaming and appropriations. Sponsored by Representative Casey Eure, the bill aims to amend the Mississippi Code to enable online sports event wagering.
Progress Towards Online Expansion:
This legislative initiative represents the fifth attempt by Mississippi lawmakers to introduce online sports betting. The bill outlines the structure for online betting partnerships between land-based casinos and online operators, allowing each casino to collaborate with one online platform. The taxation framework for online betting mirrors that of retail operations, thereby maintaining consistency in regulatory practices.
Mississippi’s sports betting landscape showcases both challenges and potential avenues for growth. While the state’s current retail-focused environment witnessed fluctuations in handles and revenues, the momentum towards online sports betting signifies a promising shift in the industry. The legislative strides to introduce online wagering, marked by the progress of Representative Eure’s bill, signal the state’s recognition of evolving consumer preferences and industry trends. As Mississippi navigates this dynamic terrain, it remains poised to embrace a more comprehensive and accessible sports betting experience that caters to a diverse range of bettors.