With Mississippi’s sports betting results growing, the state has definitely what to be happy about. The financial performance of the state has been exceptional and reported $6.3 million have been added to Mississippi operators’ coffers. It has been a good first month of legal sports betting for the whole region, in fact
Crazy Results for Mississippi in First Month of Sports Betting
Licensed operators in Mississippi have all the reason to be happy about what they have accomplished within 30 days of legalizing sports betting on the territory of the state. The massive $6.3 million is tangible proof that the industry can reap great rewards, creating job opportunities and bringing much capital back home.
Given the $6.3 million that the state’s operators won, this means Mississippi on its own $77,000 in terms of collected tax. The sum is definitely not too great, but as the handle grows, so will the proceedings. There are other taxes that the state also uses to benefit from the growing business of sports bookies and casinos, too.
What Drove the Great Performance?
Naturally, the income was driven by many factors. A breakdown of the sports is a good way to begin comprehending what really spurred the financial performance in Mississippi. We have taken the liberty to present you with the official data:
- Football – $1,328,578
- Basketball – $98,682
- Baseball – $3,304,499
- Parlay – $1,384,314
- Other – $152,551
American Football clearly led the results, offering great opportunities to operators covering the segment. Many casinos benefited from the legalization move as well, including Caesars Entertainment, MGM and Churchill Down.
Operators have not been twiddling their fingers, either. Caesars Entertainment signed up a partnership with Scientific Games to deliver cutting-edge facilities for future and existing customers.
Strong consolidation seems to be afoot and Mississippi’s results are most definitely not negligible. However, they are far behind what New Jersey is raking in with $40.6 million worth of total handle when the operations started. A month later, this amount had soared to double that at double that at 95.6 million.
The United States Legalizes Sports Activities
However timidly, the states have been pushing ahead with their bid to adopt sports en masse and well across the country. There have been quite a few hurdles, including a pending Committee meeting initiated by US Senate Minority Leader Chuck Schumer that will attempt to come up with a regulatory framework for sports.
Having been just freed of any federal rein, it makes little sense to backslide so shortly after we have rid ourselves of the pesky and pernicious regulation. Mr. Schumer seems to be quite determined, though.
Schumer’s concerns are not entirely without a merit. Regulating how sports books and casinos advertise is crucial. Many of the operators already in the United States have been persecuted back at home, including William Hill, which has fallen foul of a UK watchdog over a MarioKart advert.
Given how well the industry has been performing so far, introducing additional legislation may be reactionary. Any regulatory action should be taken with the utmost care. Don’t overdo it, is what we think is the best course of action.