As the Magnolia State is busy with its fifth attempt to introduce online sports betting, land-based sportsbooks in the state recorded an average revenue decline of 54.9% compared to December 2022. Such a stark drop was unexpected as player spending took a nosedive for little apparent reason.
Player Spending Was Low across All Regions
According to the MGC’s official data, sportsbooks in the state recorded January revenues of $5.1 million. The figure marks a 21.5% decrease compared to the same period in 2022. More worryingly, profits were $11.3 million lower than last month, marking a stark 54.9% drop. Player spending also predictably dropped 14.0% compared to January 2022 to $57.2 million.
Mississippi’s coastal region traditionally made the most profits, accounting for $3.4 million in taxable revenue from a handle of $37.0 million. Meanwhile, central casinos received $11.56 million in bets for $1.43 million in revenue. Northern venues continued to prove less popular than their central and coastal counterparts contributing just $280,500 in profit from a handle of $8.67 million.
A look at individual sports reveals that basketball barely edged out football as the most popular game. It accounted for $1.41 million in revenue from a $22.86 million handle, compared to football’s $1.3 million and $22.84 million. Football actually won out at coastal casinos, but a strong preference for basketball in the other two areas was enough to turn the tide.
States with Online Betting Seem to Fare Much Better
January’s financial results are surprising, given that other states like Pennsylvania continue to enjoy stable growth, meaning the Magnolia state’s lackluster performance cannot be solely due to seasonal trends. However, the difference between the two states is that Pennsylvania has offered online sports betting since 2019, while Mississippi is currently struggling with its fifth attempt to introduce mobile sportsbooks.
House Bill 606 again aims to enable bettors to place wagers on sports events online. It has already been sent to the Mississippi House Gaming Committee for further consultations, hopefully making progress in the five-year saga. The state government remains cautious due to a desire to ensure a proper legal framework. However, mounting pressure from people traveling to neighboring Louisiana to bet online may be a deciding factor.