Mississippi Approves Regulated Sports Betting for Casinos Only
Mississippi is the latest US state to give its blessing to regulated sports betting in its casinos. Late last week the The Mississippi Gaming Commission approved a measure that allows the state’s casinos, and only its casinos, to offer a full suite of sports betting options to its customers.
It’s a move that aimed at both boosting casino revenues and driving tourists toward the Magnolia State.
From an operational standpoint, here’s what regulated sports betting will look like in Mississippi, according to a report on DMOnline.com.
Unlike other states, such as New Jersey, Mississippi sports betting will be strictly limited to casinos. Horse tracks will not be eligible for this new service offering. It’s hoped that this will boost the state’s casino boat business, which is centered in places like Tunica and Biloxi.
The State of Mississippi will, as one might expect, be seeing a cut of the action from its latest creation. From the get go, casinos will be paying 12 percent of their gross revenue on sports wagers directly in the form of taxes. Of that 12 percent, eight percent will go to State entities, while the remaining four percent will be handed over to local governments.
On the consumer side, players will be taxed a whopping 25 percent on wins of over $5,000. The state’s cut will be taken out directly at the casino at the time the winning ticket is cashed in, just to keep things honest.
The move towards regulated sports betting was not, however, without its detractors. Some representatives of local minor league sports leagues and associations worry that their players will be vulnerable to game fixing now that regulated sports betting is the law of the land.
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