Eager to be among the first states in the country to legalize sports betting, the Mississippi Gaming Commission on Thursday released proposed regulations for sports betting in Mississippi casinos.
Now the countdown clock is on.
The regulations were made public just three days after the U.S. Supreme Court overturned the 25-year ban on sports betting. The public has 25 days to comment on the regulations. The Gaming Commission is expected to quickly vote and the regulations will take effect 30 days later.
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That means Mississippi could have sports betting by mid-July at the earliest, well ahead of the start of football season.
Here's a breakdown of the rules:
▪ Collegiate or professional coaches and athletes can't bet on their teams.
▪ Bets can't be made on the outcome of any election for any public office.
▪ Sports betting will be allowed 24 hours a day.
▪ Wagers can be placed only in betting stations, kiosks or an on-site computerized wagering system inside a casino. The Gaming Commission executive director can authorize electronic wagering within a casino and its hotel facility on mobile devices, once the player establishes an account, and only while on the property.
▪ Each casino shall adopt written rules governing sports betting, and specify the types of wagers accepted and how winning wagers will be paid.
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▪ Bets will be with cash, chips, tokens or other method approved by the commission.
▪ For any wager or payout over $10,000, the better's name, address and Social Security number must be provided along with government ID.
▪ Currently casinos' sports betting revenue is taxed at the same 12 percent rate as slot machines and table games in Mississippi, with 8 percent going to the state and 4 percent to local. The federal tax on winnings is 25 percent for individuals.
▪ The regulations do not include an "integrity fee" that sports leagues are suggesting the casino industry should pay to them.