(The Center Square) — Data from the Mississippi Department of Revenue shows overall gambling tax revenues are down compared to the month before, with totals for the nearly-complete fiscal year less than the year before.
May’s total was $24.84 million compared to May 2022 when state and local governments collected $25.77 million, a decrease of 3.64%. It was also down from April, when tax revenues totaled $25.26 million (1.7% decrease).
The total for Fiscal 2023 is $272.75 million, a 4.1% decline from the first 11 months of fiscal 2022, when gambling tax revenues were $284.4 million. Fiscal 2022 ended with $310.6 million in tax revenue.
The monthly average this fiscal year for gaming tax revenue has been $24.8 million, which would give state and local governments a final tally of $297.55 million, still a 4.86% gain from fiscal 2021’s $283.09 million.
May sports wagers were $26.7 million, down from $31.8 million in April (a 16% drop) and $29.23 million from the same time last year (8.7% shortfall).
“As the Magnolia State enters the slower summer months, things might get worse before they get better for sports betting operators and the state of Mississippi’s bottom line,” said BetMississippi.com analyst Chris Boan in a news release. “Rest assured, things will likely turn around when the pigskins start flying in Oxford and Starkville, as well as at NFL stadiums from coast to coast this fall – rectifying the slumps seen in Mississippi between January and May.”
Taxable revenue from sports wagers added up to $3.18 million in May, down 25.8% from May 2022 when revenues were more than 4 million. In April, taxable revenue from sports betting was $4.35 million, a 36.8% drop.
