Month-on-Month Revenue in Mississippi in July Drops to $13.83m

Despite the Major League Baseball (MLB) season in full swing, Mississippi’s regulated sports betting market still struggles with the revenue. The market has recorded a month-on-month decrease for July, with amounts wagered also down over the month.

Expressed in numbers, the total handle declined to $13.83m. The revenue for casinos in the state’s coastal, central and northern regions was €1.05m, which is down 35.2% from June’s €1.63m, suggesting a win percentage of 7.87%.

June Up, July Down

The majority (54.0%) came from June’s $8.99m.

Northern casinos contributed a further $295,124.70 – down 46.3% month-on-month …

…with revenue from casinos in the state’s central region falling to $365,365.35. Just to remind, June brought more than successful statistics, with a fantastic increase by 35.4% month-on-month during this period.

What makes the results even more noteworthy is the fact that the state saw a 12.7% decline in amounts wagered. Total sports betting revenue amounted to $1.6m in June, which is much higher comparing to the total of May’s revenues of $1.2m.

Significant Contribution from Sports

The sport contributed the lion’s share of revenue…

…ing for $782,758.40, or 74.3% of the amount for the month, and $10.16m of total handle. This is mainly to thanks to Major League Baseball (MLB) season. The situation was similar to strong performance in March, where basketball was the key contributor.

Sports parlay cards also proved popular, ing for $1.76m of stakes, and $302,488.57 of market revenue. While the parlay cards that attracted the most wagers came from the coastal region, an especially high win percentage in the northern region, of 24.35%, saw it contribute the vast majority ($209,025.35) of parlay revenue.

Long Beach Harbor Resort Approved

The current year started more than positively as the Gaming Commission has unanimously decided to approve the site in the Gulf Coast region for construction of Long Beach Harbor Resort. This will represent the state’s future thirteenth casino.

Before the actual work begins, the Commission requires the developer to provide further evidence that it can fund the project until completed. According to reports by the Sun Herald, this evidence is to ensure that the venue will come into being.

New Project Unveiled

What could turn the situation with revenue in a positive direction is the plan announced by MGM Resorts International. Gold Strike Casino Resort in Tunica, owned and operated by the Resorts has announced the opening of a brand-new sports entertainment venue.

The establishment dubbed Moneyline Book, Bar and Grill is expected to be “the next evolution of sports betting” in Mississippi, with the investment of $7 million.

Source:

“Mississippi betting market struggles in July”, Robin Harrison-Milan, igbnorthamerica.com, August 21, 2019.