While Mississippi Congressman Casey Eure plans to officially lead a charge on sports betting in Mississippi, the rest of the lawmakers are setting things in motion.
Over the past week, Democratic Rep. Cedric Burnettofficially introduced Mississippi’s online sports betting legislation, titled HB271. However, this current week, Republican Rep. Jay McKnightpresented the individual, titled legislation HB635to enable mobile betting. Both legislations legitimize online sports betting in the said state for pre-existing license holders.
Mississippi Could legalize online sports betting in 2024:
Official sport bets in the state begun in 2018. However, only geo-fenced online sport bets they were legally allowed in casinos. Heading into the session, industry stakeholders believe Mississippi represents one of the states most likely to officially implement the sports betting law this current year.
On a related note, this fall, the Mississippi Mobile Online Sports Betting Task Force gathered on many occasions to collect recommendations AND information for the online extension. Furthermore, the Legislature formed the aforementioned task force from revision THE Legislation on the legalization of online sports betting throughout the 2023 session.
During the task force meetings, Eure he commented that he would use the information collected during the aforementioned process a develop its legislation. His sports betting bill from the previous year was the cause of training of the aforementioned task force.
In this regard, during an October task force meeting, he commented second LSR: “Now, I can’t sit here and tell you for sure that it will pass the House and that I will be able to send it to the Senate, but I wanted everyone to know where I stood from day one.”
2 legislations on sports betting:
THE 2 legislations on sports betting mentioned above review the Gambling Control Act to allow gaming operators in Mississippi to do so officially debut theirs sport bets or enter a alliance with an operator
According to the task force report, there are in total twenty-six casinos in the aforementioned state. Furthermore, legislations too to remove A ban on Daily Fantasy Sports operators from providing competitions based on separate college athletes.
For what concern tax structurethe aforementioned regulations produce a multi-level tax structure which is based on the income collected from online sports betting. The levels are:
- 4% of income up to $50,000
- 6% on incomes between $50,000 and $134,000
- 8% on finished income $134,000
The 8% rate matches the task force recommendation and in-person sports betting. The task force predicts that Mississippi could provide the most $27.1 million of the annual tax revenue.
16 companies operate casinos in the state. However, not all Agree with the extension of online sports betting.
Smaller, independent operators fear such an extension could occur have a major impact on casino revenue. In addition to that, they believe that the large operators Want check the market.
In response to these concerns, lawmakers expressed sympathy. On that note, Senator Mike Thompson commented during a task force meeting this fall: “My primary concern is how to make sure I don’t do anything that jeopardizes the destination gaming product that Mississippi gaming was built on.”
Furthermore, the presidential elections held in November made several shareholders in the sector fear that politics might do so disintegrate sports betting, which will require bipartisan collaboration.
In this regard, an industry source commented heading into the session: “We are seeing headwinds in states like Georgia and Mississippi, where people felt they could be closer. In an election year characterized by vocal opposition, it is harder for lawmakers to feel comfortable moving forward.”