Mississippi Raises $660,000 in Taxes in Sportsbetting Revenues

Sportsbetting has been in operation for just over a month in the state of Mississippi, and the activity has already generated $660,000 in tax revenue for the government.

The Mississippi Department of Revenue's spokeswoman Kathy Waterbury revealed that punters in the state wagered $5.5 million on sports. That wagered amount resulted in $660,000 for the state's tax coffers, which will go to help road and bridge projects. The state was one of the first to legalize the activity after the Supreme Court struck down PASPA in May, opening individual states to the ability to offer the activity to bettors if they wish. Thus far, New Jersey, Delaware, West Virginia, Mississippi, and Nevada have legalized sportsbetting, with more states coming on board soon.

Mississippi has 21 different casinos offering sports wagers, and with NCAA football and NFL football seasons in full swing, the numbers will likely continue to grow throughout the fall. The state is using the sportsbetting revenues to fund road projects for the next ten years, although in ten years the funds will eventually be split to the general fund in order to provide cash to law enforcement, education, and public health.

It'll be interesting to see how state revenues continue to grow throughout the year, and Casino Listings News will keep readers abreast of growing U.S. sportsbetting development.