Mississippi Casino Earnings Increase in 2018 with Sports Betting

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JACKSON, Miss. (AP)– Mississippi gambling profits increased in 2018, with a rise in invested support in August, after the state legalized sports betting.

Statewide profits climbed 1.7 percent in 2018 to $2.11 billion, up $44 million from 2017, according to numbers announced Thursday. Nevertheless, net earnings continues to be listed below historical highs, when readjusted for rising cost of living (inflation). This reflects an increased number of competitors for Mississippi casinos as other regions legalize sports wagering, in addition to the impacts of the economic crisis.

Casino players shed $185 million statewide in December, up 5 percent from December 2017.

Gambling establishments generated $15 million in earnings from sportsbooks from August to December. Casino execs and also regulatory authorities additionally claim the attraction of sports wagering suggests even more money lost on various other casino games and also even more casino players remaining in casino hotels and resorts including dinning at restaurants.

A May U.S. Supreme Court verdict permitted states across the country to sign up with Nevada to legislate sports betting. Mississippi currently has a legislation in position to enable wagering to move forward if regulated. Other US states that have actually legislated betting consist of Delaware, New Jersey, Pennsylvania, Rhode Island as well as West Virginia. Additionally, one tribal casino in New Mexico is accepting wagers.

Mississippi takes an 8 percent tax obligation on earnings, including of casino profits from sports wagering. City governments take a 4 percent tax obligation. State legislators this summer allocated earnings from sports betting to the Mississippi Department of Transportation. However, tax profits is not likely to total up to greater than a couple of million bucks a year.

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Overall, the state made $169 million in casino taxes in 2015. $1 million originated from tax obligations on sports betting.

The 12 seaside gambling establishments saw annual profits surge 3 percent to $1.23 billion, a 5th straight year of growth. Profits increased 6 percent in December to $105 million.

The 16 river casino sites recorded another year of decreasing earnings though almost broke even. Payouts dropped much less than 1 percent in 2018 to $879 million. December profits climbed 4 percent to $80 million and also profits were up 5 months straight to end the year, an indicator the state’s lengthy skid might be finishing. Yet a casino is arranged to enclose Tunica County this month and gambling enterprises there deal with the possibility of rising competitors from increasing casinos in Arkansas.

Numbers omit Choctaw Indian casinos, who do not report profits to the state.

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