Revenue from sports betting in Mississippi rose by 31.4% in comparison to January 2023. The Mississippi Gaming Commission announced a monthly revenue of $6.7 million.
Along with the year-over-year figures in the Magnolia State, the total for January 2024 significantly surpasses the $4.9 million earned in December. That’s a 36.7% increase, which took place even though players spent less.
The overall handle for the month decreased by 22% to $44.6 million compared to the $57.2 million during the same month last year. The total hold was nearly 15%.
In January, parlay winnings make up over a third of the revenue for operators. Operators in Mississippi have a track record of doing well against the betting public regarding parlays. Parlays occur when a gambler places several bets and combines them into one single wager. According to the Gaming Commission figures, Mississippi operators have achieved a hold of 20% or higher for the 16th occasion in the past 19 months.
Football also contributes to revenue in January, as operators garnered $2.4 million due to a 15.2% win rate on a $15.9 million handle. Basketball gamblers had a marginally improved outcome, as the house maintained a 7.1% hold, earning operators $1.1 million.
Golf, tennis, soccer, auto racing, and mixed martial arts fall under a general “other” category, generating almost $940K in operator revenue from $4.6 million in wagers.
The most recent monthly report arrives as lawmakers in Mississippi deliberate on various online sports betting proposals. At present, legal sports bets may only be made at authorized physical sportsbooks. However, legalized online sports wagering is nearer to becoming a reality. HB 774 passed in the House with a vote of 97-14 and has now moved on to the state Senate.
HB 774 would permit mobile sports betting, while mandating that bettors utilize online platforms from current casinos. The Task Force for Mobile Online Sports Betting in Mississippi reports that there are 26 casinos located in the state.
Additionally, two other proposals — HB 271 and HB 625 — aim to authorize online sports wagering. This recent legislative move comes after the Mississippi Online Sports Betting Task Force was given the green light last year to “conduct a thorough evaluation” of sports betting.
Advocates of those initiatives are uplifted by the latest annual report from the American Gaming Association, indicating that the sports betting sector achieved a record $11 billion in revenue for 2023.
Casinos along the Mississippi coast continue to attract gamblers. Approximately $29.1 million in bets were made at retail sportsbooks in January, generating $4 million in revenue. Football led the excitement with $12 million bet on the game.
It's a safe assumption that those figures are being monitored by legislators and casinos. Rep. Casey Eure (R-Saucier) serves as the main sponsor of HB 774 and states, “the top priority is to safeguard our physical structures.”
As mentioned earlier by Casino.org, Mississippi casinos are in disagreement with legislators and are against the expansion of sports betting.
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