Only a couple of month ago sports betting became legal in the state of Mississippi and it is paying off. According to the Mississippi Gaming Commission, the sports betting handle quintupled in September. Thus, the Mississippi Sports Betting Revenues soared to a record $5.5 million for the month of September.
The rise in taxable revenue is in part attributed to the beginning of the NFL season. This is because the NFL Season is a peak time for the sports betting industry. Furthermore, the improvement over the $645,057 earned in August came from $31.8 million in wagers from land-based casinos.
Furthermore, all bets were made in person because online sport betting is only available to geo-fenced mobile bets in the casino. However, this part of the law is not popular and gambling operator has taken advantage of the limited mobile wagering.
According to several gambling software companies, 23 of the casinos in the state now accept sports bets on their premises.
Football Betting is king
Football betting in the United States has always been a high revenue generator for sportsbook. Mississippi is not an exception as most bets in Mississippi were on football which generated $3.9 million. In addition, 1.48 million came from parlay bets while other sports only generated $178,358 in bets.
Oddly enough, baseball betting only generated a $2001 loss while basketball did better with $114,000 in losses. However, the state of Mississippi earned a total of $660,000 from taxes on sports betting. This is a vast improvement over the $77,401 in taxes from the August collection.
The sports betting income is low in comparison to New Jersey with $18 million in revenue in September. In addition, NJ has online gambling which made up half of their revenue for the month of September. However, this is still a win for Mississippi with $440,303 going to the state and $220,151 going to local authorities.