Missouri puts sports betting legislation up for vote during November elections
Citizens in the Show-Me state will have the opportunity to vote on introducing sports betting after a successful ballot campaign
Legalized sports betting has been added to the voting ballot in Missouri for the state’s upcoming general election in November 2024 in a welcome boost for operators after pouring millions of dollars into campaigning.
The legislation would allow for the regulation of online sports betting, gambling boats, professional sports betting districts, and mobile licenses to sports betting operators in the state, all overseen by the Missouri Gaming Commission (MGC).
The terms proposed include restricting sports betting to people who are physically located in Missouri and over the age of 21.
License fees will be determined by the MGC, with operators paying a 10% wagering tax on revenues received.
The tax revenues, after expenses incurred by the MGC, will then be appropriated for education funding across Missouri schools and also funding for the state’s Compulsive Gambling Prevention Fund.
Missouri’s government estimates that implementing legalized sports betting will incur one-time costs of $660,000, ongoing annual costs of at least $5.2m, and initial license fee revenue of $11.75m.
As the proposal allows for deductions against sports gaming revenues, the government also predicts unknown tax revenue ranging from $0 to $28.9m per annum.
The Winning For Missouri Education campaign played a pivotal role in getting the legislation on the ballot, collecting over 340,000 signatures in support by April.
Sports betting has received the backing from MLB franchises the Kansas City Royals and the St Louis Cardinals, as well as Super Bowl championship the Kansas City Chiefs and NWSL side Kansas City Current.
Cardinals president Bill DeWitt III said: “Missouri is now just one step away from joining most other states in legalizing sports betting and being able to provide millions of dollars to Missouri classrooms .
“On behalf of all six of Missouri’s professional sports teams, I would like to thank everyone who signed a petition to get this on the ballot.
“A vote for Amendment 2 in November is the right thing to do for both Missouri public schools and our favorite sports teams.”
FanDuel and DraftKings have combined contributed almost $6m to the campaign to bring legalized sports betting to the Show Me State.
Now, with three months before Missouri residents head to the polling booth, operators will be aiming to push together to drive the ‘Yes’ vote up.