The legalization of online Mississippi sports betting is now one step closer to success.
The Senate Gaming Committee recently passed House Bill 774 (HB 774), a measure that would green light the roll out of online sports betting in Mississippi. If this track continues, the Magnolia State would become the 30th state in the USA to legalize online sports betting. Currently, nearly 40 states have some form of legal sports gambling. However, in some places, they only approved on-site wagering. Missouri is among those states. At present, you can only bet on sports inside one of the casinos with sportsbooks licenses.
That may all be about to change. Proponents of Mississippi sports betting have been pushing for the online element since legal wagering debuted in August 2018. But while this latest Senate approval is obviously a good harbinger, they aren’t exactly guaranteed to get their wish.
Online Missouri Sports Betting Bill Still Has Others Hurdles to Clear
This will not be the last time the Missouri online sports betting bill is voted upon. After making it through the House of Representatives, HB 774 apparently underwent some changes. This presumably means it must go back to the House for approval. Here is Sam McQuillan from Legal Sports Report with more details on the addendums:
“The Senate committee added minor regulations for fantasy sports in the bill. It mostly clarifies that people with a conflict of interest in a contest cannot participate. It also makes already widely used age verification software mandatory and places restrictions on the number of entries per player. The committee also added language to combat the proliferation of gray-market electronic gaming machines. Bill sponsor Rep. Casey Eure could not immediately be reached for comment, though these changes should be considered minor and are unlikely to affect the bill’s prospects, according to an industry source.”
It comes as little surprise that Missouri sports betting regulators added restrictions to the daily fantasy sports sector. The DFS industry has come under siege across the United States. Officials argue the Pick ‘Em games they offer too closely mirror prop bets offered by full-fledged online sportsbooks operating in the USA.
From the sound of things, though, the Missouri sports betting industry isn’t looking to entirely displace daily fantasy operators. They seem more concerned with adjusting DFS offerings and access. This runs counter to many other states that have forced daily fantasy sports sites out of their region entirely. Most notably, daily fantasy sports sites in Florida were bounced from the market amid concerns about the overlap Pick ‘Em games had with regular online betting.
Why is Missouri Suddenly So Keen on the Legalization of Online Sports Gambling?
This can be answered in one word: revenue. The legalization of Mississippi online sports betting stands to increase the state’s sports betting tax revenue by multitudes.
Since the launch of Mississippi retail sports betting in 2018, the Magnolia State has averaged a little over $500,000 in tax revenue per month. That’s around $6 million per year.
Make no mistake, that isn’t nothing. But the launch of online sports betting in Mississippi would exponentially increase access to gambling services. Right now, plenty of people don’t live near one of Mississippi's 28 sportsbooks. Too many people must travel longer distances to place wagers. Making those trips is not out of the question, but it is prohibitive when trying to establish a regular customer base.
Rolling out Mississippi online sports betting apps would change all of that. Residents would be able to place wagers from anywhere. And given the ever-rising use of mobile devices, this stands to drive up the number of bets placed annually by a substantial amount.
With all of this said, it isn’t entirely clear how Mississippi casino sportsbooks will react to this piece of legislation. There will no doubt be safeguards for them, but the introduction of online sportsbooks in the Magnolia State could hurt a business model reliant on foot traffic.
Of course, Mississippi can make it worth their while by insisting online sportsbooks based in the United States partner up with casinos. They can also ensure that Mississippi casinos set up their own online sports betting apps.
Online Sports Betting is the Future of Gambling
Equally important: The legalization of Mississippi online sports betting proves the state is reacting to market trends.
It is estimated that by the end of 2024, more than 90 percent of all sports bets placed in the United States will be processed through an online operator. If you’re a state that has legal sports betting without the mobile element, you’re behind the times. More than that, one of the primary reasons you approved sports betting in the first place no longer carries as much weight.
Remember, many states have approved sports gambling not just to capitalize on the financial benefits, but to regulate it. However, because so many people prefer to bet on sports online, they remain inclined to—you guessed it—sign up with online sportsbooks. So even though Mississippi on-site sports betting is legal, plenty of residents probably find it more convenient to place wagers with off-shore sportsbooks.
To that end, while we don’t yet know whether this bill will ultimately be legalized, we’d expect online sports betting in the United States to become more even more prevalent topic in places that don’t yet offer it.
Take a look at this list of the top online sportsbooks so you can find one that works for all of your sports betting needs:
Online Sports Betting © 2024