��Mississippi Casinos Submit Record Income in April B. Solomon,June 4, 2018 2:44

Mississippi’s casinos produced gross gaming revenue of $184 million in April, or 5% more in contrast to the same month in 2017. Furthermore, that complete represents an all-time high for the state, and is one.3% more than the prior record set in 2007 when thousands of volunteers entered Mississippi to help in cleanup efforts submit-Hurricane Katrina.

There are probably to be much more good developments ahead for Mississippi’s gambling market place, as well, as it is regarded one particular of the state’s most very likely to introduce regulated sports betting in the coming months.

Market place AnalysisIn April, the Magnolia State twelve coastal casinos posted a combined $108.six million in income, up by 9% versus the $99.2 million taken in the same month a 12 months ago, and by $1.
site four million in contrast to the prior record of $107.2 million reported for April 2007. As a end result, these southern coastal casinos have now collected $407 million for the initial four months of the yr, up by $three million from the very same period in 2017.

The information was not so good for the state’s northern river casinos, however, whose income fell in April by .9% to $74.eight million, in accordance to data launched by the Mississippi Department of Revenue.

State Lottery OptionMississippi is the country’s sixth biggest gambling state, and last year it generated $2.08 billion in income, of which close to $250 million was collected in the kind of gambling taxes. Nevertheless, the income figure was down by two% versus 2016, and reflects a common downturn in the sector following The Fantastic Recession of 2007 to 2013.

Consequently, Mississippi has been considering a range of different alternatives to make its gambling industry much more desirable, including introducing a lottery in purchase to supply an substitute to state residents traveling to neighboring states to place bets, such as Arkansas, Louisiana and Tennessee. According to estimates, a regulated lottery could consequence in an further $one hundred million each and every 12 months for the state, that could then be utilised to fund crucial tasks. As Rep. Mark Baker explains:

If that income is going to go to educate young children and it’s going to go to resolve roads and bridges, then it ought to be in Mississippi. I’m just currently being a realist about it."

Sports activities BettingFollowing the U.S. Supreme Court’s choice to strike down the federal sports activities betting ban, Mississippi has emerged as one of the frontrunners to launch a regulated market in the nation. Even prior to the ruling was created, Mississippi had presently anticipated the advancement by passing a bill (HB 967) making it possible for legal sports betting, with analysts predicting that the sector could be prepared in time for the football season.

The hope is that legalized sports activities betting will supply a a lot needed increase to the state’s quarter of a century previous gambling business, and its 28 casinos, specially people primarily based in the river places that have been struggling in current years. Industry specialists have even more asserted that casinos will advantage from an upsurge in foot targeted traffic to their venues for the duration of significant sporting events, this kind of as the Super Bowl.

Proposed Sports activities RegulationThis month, the Mississippi Gaming Commission (MGC) is anticipated to give its approval to a assortment of rules to govern the state’s likely sports betting market. Amongst the measures proposed is restricting bets to casinos, imposing a twelve% tax on sports-wagering income, men and women possessing to pay a 25% tax on their winnings, and restricting coaches and athletes from placing bets on their own teams.

After the commission approves the rules, it will subsequently consider yet another 25 days before they are finalized, and a more 30 days ahead of going into result. It is hoped that sports activities betting will then be ready for the commence of the NFL season on September 6th, and as Tony Scudiero, general manager of Waterview Casino Vicksburg, explains:

We come to feel really assured that every little thing is going to get done, and hopefully just ahead of football season starts, which is almost certainly the most popular of all the betting seasons."