The Mississippi Gaming Commission has reported a substantial increase in sports betting revenue for the month of August.
Many industries have seen a decrease in revenue since the onset of the COVID-19 pandemic. Sports betting, on the other hand, has seen an overall increase in both participation and revenue nationally.
This could be good news for Tennessee, as sports betting is set to launch there in the next few months.
Mississippi sports betting sees major August spike
Compared to August of last year, Mississippi sports betting revenue was up from $2.9 million to $3.7 million.
Overall handle increased 103.5% to an impressive $40.5 million compared to August 2019’s haul of just under $20 million.
This is also a huge improvement month-over-month. Handle totaled just over $7.9 million in July 2020.
These impressive numbers suggest that the state is continuing to quickly recover from the periodic shutdown of Mississippi casinos due to COVID-19 earlier this year.
Mississippi casinos reopened in May at 50% capacity. Anyone that wants to place a bet in the state must visit a brick-and-mortar casino to do so.
Growth came amid the return of several major sports leagues. Major League Baseball (MLB) kicked off their truncated season July 23 and the National Basketball Association (NBA) resumed play on July 30.
Coastal Mississippi revenue
Coastal Mississippi casinos reported the majority of sports betting action in the state. The region saw a 27.8% increase from last August, generating a total of $2.3 million in revenue.
Wagering in the area rose 77.7% from last year, totaling $23.1 million this August. That number is more than half of the total amount wagered in August throughout the entire state of Mississippi.
Basketball saw the most action from bettors at these coastal casinos during the month. Players wagered a total of $10.9 million, providing casinos with over $780,000 in revenue.
Baseball was another popular sport for bettors. $6.2 million was wagered, earning casinos just over $704,000 in revenue.
| Sports Type | Player Wagering | State Revenue | ||
|---|---|---|---|---|
| Basketball | $10.9 million | $780,804 | ||
| Baseball | $6.2 million | $704,324 | ||
| Parlay Cards | $2 million | $346,863 | ||
| Other | $4 million | $491,365 |
Northern Mississippi revenue
Northern Mississippi casinos gathered over $757,000 in revenue. This is up 22.6% from last year. Player wagering at these casinos skyrocketed to $12.2 million, up 171.1%.
Basketball was the most bet on sport in this region as well. Players put $6.8 million at stake, resulting in almost $172,000 in revenue for the casinos.
Although baseball was less popular, it resulted in the most revenue for area casinos. While only $2.8 million was wagered, casinos made over $340,000 in revenue.
| Sports Type | Player Wagering | State Revenue | ||
|---|---|---|---|---|
| Basketball | $6.8 million | $171,548 | ||
| Baseball | $2.8 million | $340,277 | ||
| Parlay Cards | $1.8 million | $144,887 | ||
| Other | $721,220 | $101,053 |
Central Mississippi revenue
Basketball was the most popular sport for bettors in central Mississippi as well. $2.3 million was bet, giving casinos over $206,000 in revenue.
Parlay cards were the major revenue generator for the region. Players spent $1.7 million on parlay cards in August.
| Sports Type | Player Wagering | State Revenue | ||
|---|---|---|---|---|
| Basketball | $2.3 million | $206,838 | ||
| Baseball | $985,482 | $113,258 | ||
| Parlay Cards | $1.7 million | $352,303 | ||
| Other | $161,155 | $6,940 |
What this means for Tennessee sports betting
Mississippi sports betting began in August of 2018. The state accumulated $54,000 in revenue during that first month. Since then, total handle and overall state revenue has increased drastically.
Sports betting goes live in Tennessee no later than Nov. 1. The expected revenue yield will be monumental for the state’s economy, especially due to the online nature of Tennessee’s sports betting market.
Tennessee Gov. Bill Lee has previously been a strong opponent to all forms of gambling. Lee let the bill to legalize online sports gambling become law in May of 2019 without his signature.
Although he does not believe online sports betting is in the state’s best interest, Lee applauded the effort of legislators to avoid building casinos.
Lee says he intends to veto any efforts to introduce subsequent forms of gambling to the state. This includes casinos, which he has referred to as “the most harmful form of gambling.”
While casinos might not be in Tennessee’s near future, we’ll soon have a clear picture of what sports betting looks like in the state. If Tennessee’s sports betting journey looks even remotely like Mississippi’s, this may lead Gov. Bill Lee to reconsider his position on gambling.
