Mississippi sports betting handle down 10% in January

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Mississippi sports betting operators took 10% less wagering handle in January 2023 compared to the previous year.

Data published from the Massachusetts Gaming Commission revealed that the sports betting handle across casino grounds was $57.2m down from January 2022, when that figure stood at $66.5m.

It also represents a significant drop from the previous month – December 2022 – in which sports betting handle stood at $74.4m. It marks a 23.1% drop in handle in just a month. 

Sports betting results also fared less favorably for operators, too. The hold rate across all sports stood at 8.94% in January 2023, with parlays leading the way at 17.9% and basketball making a loss. 

In January 2022, the hold rate across all sports was at 9.8%, whilst December 2022 brought a hold rate of 15.19%, largely coming from a 33.9% hold on football and 36% hold on parlays. 

This meant that taxable sports betting revenue in January was $5.1m, down 21.5% YoY, whilst also being down 54.9% from December. 

Breaking down the handle by sport, football produced $22.8m of all the handle in the state during January as NFL reached the play-off stages. Meanwhile, basketball produced $22.9m in betting handle. 

Parlays accounted for $7.9m of the betting handle throughout January whilst all other sports made up the final $3.5m of handle throughout the month. 
Whilst sports betting is currently only permitted at casino grounds in Mississippi, the state’s legislature has recently sent a bill to the Senate which would set up a task force charged with exploring the possibility of widening mobile sports betting across the whole state.