Marijuana and sports betting driving US state revenues
For a very long time, US states have relied on "sin taxes" to increase their revenue. Some governments' revenue compositions have changed as a result of the recent expansion...
Mississippi’s sports betting revenue sees colossal year-on-year increase
The Mississippi Gaming Commission revealed earlier today a massive 119.1% increase year-on-year in revenue from sports betting revenue during the month of February, up to $4.6 million. The revenue for the entire month came up to that amount, which is an impressive rise from the $2.1 million during the same month of 2020. However, it is nearly a 50% decrease from $9.1 million which was recorded in January of 2021.
During February, a total amount of $47.8 million was wagered on sports, an increase from the $37.6 million of the corresponding month last year. Still, that was also a 29.4% decrease from January 2021. Once again, coastal casinos were the most popular, reaching about $2.7 million in revenue throughout February, with $34.7 million in retail sportsbooks.
The most popular sport to bet on for players was basketball, making up $21.5 million, and $1.3 million in revenue. Football was the second most popular sport, mainly since the NFL’s Super Bowl took place in that same month, with revenue amounting to $251,941.
Moreover, sports betting revenue from the central casinos in the state came up to $1.2 million, and northern casinos also brought in about $683,125 in revenue with players spending $7.8 million and $5.4 million in each area respectively.
Furthermore, retail sports betting is still quite limited in the state, since a bill that was seeking to enlarge this to online channels bit the dust last month. It had been introduced in the first month of the year by Senator Scott DeLane, and the bill, Bill 2396, was supposed to fix current laws in Mississippi and allow for online betting through mobile devices. The bill did not go past its referral to committee and died on the 2nd of February.
Mississippi moves closer to online sports betting
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