Finance

Mississippi betting revenue boosted by NFL

increase of revenue concept

Legal betting on the NFL has helped boost Mississippi’s sports wagering revenues to $31.8m during the month of September, according to figures released by the state’s gaming commission.

The figure is a significant increase on that recorded during the first month of Mississippi’s legalised sports betting era, which began with the launch of a regulated market on August 1.

It seems that the NFL, which kicked off last month, was the main factor lying behind the rapid growth in sports betting revenue. More than half of the money taken in wagers by sportsbooks during the month was associated with NFL betting, a figure of $22.9 million. In addition, sports betting customers produced $5.5m of taxable revenue in Mississippi, a massive rise on the figure of  $644,000 recorded for taxable revenue during August.

The state’s win percentage calculation – found by dividing total revenue by taxable revenue, was an impressive 17.3% in September, representing a significant increase on August’s 10% and away ahead of the average for the long established Nevada market which is less than 7%.

Additional boost

Mississippi’s sports betting revenue received an additional boost in September with the launch of a number of new sportsbooks that were not ready in August. In fact, during the first month, only two sportsbooks were open throughout the period, with MGM the only company live on the first day. But 18 sportsbooks opened up in the second half of the month and the total is now 22.

Mississippi is one of a number of states to have moved ahead with legalised sports betting after the Supreme Court’s ruling in May, though it is still behind New Jersey in betting activity, which recorded revenue of $40.6 million in July and $95.6 in August.

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