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]]> By: Steven Norton https://www.abouttanzanitejewelry.com/news/mississippi-bill-would-legalize-mobile-wagering-while-new-york-sports-betting-regs-say-no-to-online/#comment-32589 Sun, 27 Jan 2019 19:47:58 +0000 https://www.abouttanzanitejewelry.com/news/?p=97218#comment-32589 I have praised Mississippi, for limiting sports betting to commercial and Tribal casinos, because it gives customers a reason to visit a live gaming establishment. Not only do casino revenues increase, but the sale of room, food and beverage produces additional tax revenues, that are more than someone dining and drinking at home. Plus, for sports betting, most states will see tax revenues of 1%, or less, on each dollar wagered.

In New Jersey, sports betting produced $1.24 billion in revenues, with $446.6 million at casinos and racetracks, and $780.6 million online. And the percentage bet online, went from 23% in August to 76% in December. But the Dec. live casino play in NJ was only $78.1 million, compared to MS at 41.7 million, with a third of the population.

Mississippi benefited from a Dec. win percentage of 14.8, compared to New Jersey’s 6.5% and total year win of 5.8%, close to Nevada’s historic average. In Dec., MS earned $493 thousand in State tax revenue, compared to live NJ gaming of $406 thousand, and online of $1.59 million.

Potential tax revenue, should not be a reason for MS to harm their existing casino industry. The tax on sports bets made, was ONLY 1.18% in Mississippi in Dec., and only 0.52% at live gaming in New Jersey (0.45% for the year). With online being taxed at 13%, rather than 8%, the State of NJ earned a tax of 0.85% in Dec. and 0.75% for 2018; with just under $8 million in total sports betting taxes in 2018.

If MS casinos are not close enough to much of the State population; then the Legislature could consider sports betting parlors, for those communities that are to far from a live gaming establishment. They could be operated by existing, casino companies; and if the State is looking for more tax revenue, then add 50 or 100 slot machines to each parlor.

The biggest problem with allowing sports betting on smart phones and computers, is that there will likely be an increase in problem gambling; with hundreds of in-game and proposition bets available on most sporting events. Plus betting from home also increases the risk of minors playing illegally; a fact that the UK learned recently, finding some 30% of under age children, betting on sports and casino games.

Online gaming will reduce the numbers of visitors, now attending a commercial or Tribal casino, which will
not only affect property revenues and taxes; but it will also cost MS jobs.

Mississippi needs to decide, whether online gaming and sports betting is being proposed to increase tax revenues, or to make betting more accessible to the MS population. In either case, sports betting parlors, run by existing? licensed casinos, would most likely solve both questions. Plus these parlors, with large screens and betting kiosks, with food and beverage available, would provide a much superior sports viewing experience, than an at home TV.

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