Betting Casino

Casino revenue shoots up as sports betting kickstarts in Mississippi

On Thursday, September 20th, the figures released by the State revenue department showed that gamblers lost $181 million state-wide in August, which is 8 percent more than the $168 million lost in August 2017.

As per reports, out of the amount lost only $645,000 was on sports wagers, as almost $7.7 million was in bets placed in just the first month of sports wagering in Mississippi.

According to Jay McDaniel, he said that by September end, the commission will conduct a detailed assessment to see if sports betting is generating an increase in other income, and by what margin.

As per reports, the figures for September is expected to be much bigger, as football season begins gaining momentum. According to McDaniel, he said that up until Sept. 19, bettors wagered $17.8 million, which shows that the total will be between $25 million and $30 million by the end of the month.

Jacobs also said that for the long term, officials have predicted that casinos will win almost 6 percent to 7 percent of what is wagered.

As per a May 2018, U.S. Supreme Court decision, it permitted all states nationwide to join Nevada in legalizing sports betting.

8 percent tax on revenue is collected by the state, that includes casino winnings from sports betting.

As per reports in the month of August the state collected $52,000.

4 percent of the tax is collected by Local Governments.

In comparison to August 2017’s revenue, this year’s grew by 10 percent to $108 million at the 12 coastal casinos. And in the 16 river casinos, revenue rose $73 million, up 4 percent in comparison to last year’s.

The state was left with a gain of less than 1 percent as the strong month tipped Mississippi’s casino revenue into positive territory for the past 12 months.

Numbers of Choctaw Indian casinos are excluded from it as they do not report winnings to the state.

About the author

mm

Dorian Manuel

Dorian is a part Labrador walker and a full time sports writer. He is based out of East Midlands, UK. He loves to cover different world sports from tennis, snooker, football to cricket.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *