Mississippi Money-spinner and FanDuel Foul Up

The start of the football season drove a strong performance for Mississippi’s new regulated sports betting industry in September. The Magnolia State rolled out its first sportsbooks to great fanfare in Biloxi and Tunica on August 1, yet a lack of sport led to a slightly underwhelming start. Turnover reached $6.3 million in August, but that shot up to $31.7 million in September after the NFL and college football seasons began. Operators can afford to be optimistic after keeping revenue of $5.5 million, an astonishing 17.3% win, indicating they could be onto a very profitable venture.

Nevada typically holds around 5% in revenue, so the Mississippi win looks huge, although that should come down as the market matures and bettors perfect their strategies. American Football accounted for just short of $4 million of the revenue Mississippi’s 10 sportsbooks held in September, while they made narrow losses in baseball and basketball and did well on parlays. It is important to note that more sportsbooks were open in September than in August, as the industry continues to gather pace in the state, but the figures certainly look encouraging.

The sports wagering in Mississippi pales in comparison to the $184 million that New Jersey sportsbooks took in their first ever September of trading. The Jersey books took $24 million in revenue between them, a 13% margin, which also looks strong. However, Nevada typically takes $450 million in sports wagers in September, so that shows just how far the Garden State has to go before it can challenge Vegas as the home of sports betting in America.

 

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