HomePublicationsNewsletter ArchiveVolume 25Issue 12SPORTS WAGERING BOOSTING GAMING REVENUES IN NEW JURISDICTIONS

With Michigan currently contemplating legislation to authorize both online gaming and sports wagering, a key issue is the potential impact of these new offerings on overall revenues.

Mississippi recently added sports wagering to its gaming mix offered by its casinos. The most recent revenue figures released suggests that the addition of sports wagering has had a dramatic positive effect on revenues. The figures show an increase to $212 million, up five percent from the same month last year. $8.4 million of this revenue came from sports betting at the casinos. In March, the Gulf Coast casinos had the second highest monthly revenues ever, likely boosted by sports wagering and March Madness. The casinos located on the coastal area saw a 13 percent rise in revenue.

Even more dramatically, New Jersey’s licensed iGaming and sports betting operations also generated increased revenues helping the state to experience a 34.5 percent increase in gaming revenue for the month of March compared to last year.  Notably, this has NOT come at the expense of other forms of gaming.  Casino revenues were up 15.7 percent during March compared to the prior year. Additionally, revenues from sports wagering were $31.7 million in March, which was the highest monthly total since sports wagering was introduced.   In total, the gaming win for the state during the first quarter of the year were up 26.8 percent over the first quarter of 2018.

Thus it appears that the introduction of these new forms of wagering is likely getting traffic redirected from currently operating illegalbetting sites to properly regulated gaming facilities in the states where it has been introduced.  This, of course, leads to greater government revenues to help fund essential programs and projects.

 

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