The Mississippi Gaming Commission’s most recent sports betting report for March 2024 shows a significant decline in revenue over the year before. Despite this fall, March represented a significant improvement over February’s numbers.
The last month, revenue stood at $3.4 million, a 30% decline from March 2023.
Handles Reached $44.5 Million in March
With a total state handle of $44.5 million, $3.36 million has been collected in taxable sports betting revenue. Notably, these numbers represent a 32% decrease from the figures disclosed in March 2023.
Despite this decline, March’s income was still almost 47% higher than February’s, indicating a significant improvement over the poor performance of the previous month.
Garnering $30.1 million in total bets, Coastal Mississippi was the most profitable region. This striking number was mostly caused by a 3,328% increase in football wagers, demonstrating the coastal populations’ passionate interest in betting.
In addition, there were slight increases in baseball wagers and parlays, which added to the region’s overall success. However, the thrills surrounding basketball wagers and other side bets significantly decreased. The Coastal area produced $1.89 million in taxable Mississippi sports betting income, demonstrating its importance to its gaming sector even in the face of variations in some categories.
Regarding profitability, Central Mississippi emerged as the least lucrative region within the state. Despite a considerable rise in football betting, with a surge of 158%, the overall picture was clouded by a stark 87% downturn in bets placed on baseball, parlays, and other sporting events.
Despite this fluctuation, basketball wagering maintained a relatively steady pace. This shift in betting patterns resulted in a total handle of $8.86 million, yet only $1 million in taxable revenue was reported from the region.
Northern Mississippi had a lower growth rate than other regions, with a total handle of $5.5 million and revenue of $468,000. The region suffered a significant fall across all results, showing difficulties in its gaming business compared to other places.
Expanded Gaming Options on its Way
In other state news, HB 774, if enacted, has the potential to revolutionize the market by granting access to mobile wagering across the entire state. This legislation proposes issuing 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. These tariffs would change according to the operator’s monthly revenue.
According to projections, online betting income in the state might reach $35 million per year. This predicted rise indicates the region’s growing popularity and possible economic effects from the online wagering business.
Meanwhile, Caesars Entertainment made its debut at Mississippi’s storied Harrah’s Gulf Coast Hotel & Casino earlier this month, introducing its newest offering in the mobile sports betting space.
With this release, individuals over 21 may now easily register and fund their accounts from anywhere in the state by downloading the application. To guarantee a smooth transition between online and physical gaming experiences, bettors must be physically present at Harrah’s Gulf Coast to participate in betting activities.
READ MORE:
About the Author
