March sees Mississippi sports betting revenue decline year-on-year

The Mississippi Gaming Commission’s most recent sports betting report for March 2024 indicates a significant decline in revenue compared to the same month in the previous year. Despite this fall, March still represented an improvement over February’s numbers. Here are some key points from the report:

Revenue Decline: In March 2024, the total revenue from sports betting in Mississippi stood at $3.4 million, which is a 30% decline from March 2023.
Total State Handle: The total amount wagered (handle) in the state during March 2024 was $44.5 million.Taxable Sports Betting Revenue: A total of $3.36 million was collected in taxable sports betting revenue.
 

Regional Differences: Coastal Mississippi emerged as the most profitable region, generating $1.89 million in taxable income. This success was largely driven by a 3,328% increase in football wagers.
Central Mississippi had a considerable rise in football betting but suffered an 87% downturn in bets placed on baseball, parlays, and other sporting events. The region reported only $1 million in taxable revenue.
Northern Mississippi experienced lower growth rates compared to other regions, with a total handle of $5.5 million and revenue of $468,000.
Legislation and Mobile Wagering: HB 774, if enacted, could revolutionize the market by granting access to mobile wagering across the entire state. The proposed legislation would issue 26 licenses, each affiliated with commercial casinos in Mississippi. Sportsbooks operating in the state would face tax rates of up to 12% on their monthly adjusted gross income, with tariffs varying based on monthly revenue. 

Projections suggest that online betting income in the state could reach $35 million per year1.
Despite the year-on-year decline, the overall trend indicates progress, especially when compared to February’s performance. The introduction of mobile wagering could further boost the industry in Mississippi