Sports bettors in Mississippi spent more in August when compared to July, a new report released by the regulator reveals.
Sports Betting Handle in Mississippi Hits $21.2M Last Month
The Mississippi Gaming Commission, the regulator of sports betting and gambling in the state, has announced the financial results reported by operators in August. Last month, the sports betting handle for operators in the state hit $21.2 million. When compared to the $18.3 million in betting handle reported a month earlier, in July, an increase of nearly 16% is observed.
After a gradual decline in betting handle in the last few months, the result from August marked a change in a positive direction. However, a year-over-year comparison showed that the betting handle last month did not surpass the figure reported for the same period in 2021. Last year in August, the betting handle was $21.4 million, which means that this year, it decreased by nearly 1%.
Taxable Revenue Soars Year-Over-Year
According to data released by the Mississippi Gaming Commission, the $21.2 million in betting handle last month translated to $2.7 million in taxable revenue. A year-over-year comparison shows that although the betting handle in August 2021 was higher, it generated lower taxable revenue. Last year in August, the taxable revenue reported by regulated sports betting operators was $1.9 million. In other words, in August this year, the taxable revenue increased by 42.5% or some $800,000.
Not unexpectedly, the taxable revenue reported last month surpassed the result from July this year as well. In July, the $18.3 million translated to $2.5 million in taxable revenue. This means that in August, the taxable revenue increased by 6.3% when compared to July.
Coastal Operators Report Highest Betting Handle, Revenue
A further breakdown released by the gambling regulator reveals that the highest betting handle last month was reported by coastal operators. In total, the sports wagering handle reported by coastal operators was $14.2 million, resulting in $1.7 million in taxable revenue.
Central region operators last month reported $4.2 million in betting handle. This result translates to $618,375 in taxable revenue. The lowest betting handle in August this year was reported by northern operators. Last month northern operators’ betting handle hit $2.9 million, bringing $322,044 in taxable revenue.
Mississippi launched its sports betting market back in August 2018. Currently, both commercial and tribal operators offer retail sports betting. Although the state offers mobile sports betting, the activity is georestricted to two land-based venues.