Missouri Sports Betting Makes November Ballot, but New Casino Misses
Missouri is set to decide on the future of sports betting within the state this November, as Amendment 2 makes its way onto the ballot. This decision comes after Secretary of State Jay Ashcroft's office confirmed that the necessary number of signatures had been collected across six congressional districts.
St. Louis Cardinals players celebrate on the field. (Source: Getty Images)
LISTEN TO THIS ARTICLE:The push for legal sports wagering in Missouri began last year, spearheaded by major sports teams and casino operators who faced repeated legislative setbacks. The campaign has been publicly championed by the state's professional sports teams, while behind the scenes, significant financial backing has come from online sports betting giants FanDuel and DraftKings, who contributed a combined $6.3 million for the signature campaign.
Related: Missouri Sports Betting Legalization Efforts to Advance to VotersUnder the proposed amendment, each of Missouri's six professional sports teams would have the opportunity to launch their own branded wagering platforms, gaining exclusive advertising rights within and around their stadiums. Additionally, online wagering platforms could be granted licenses to operate independently of both the teams and the casinos, with the latter also being eligible to apply for licenses.
The proposed financial structure would see the gaming industry's winnings taxed at a rate of 10% after accounting for promotions and other related expenses. This model mirrors the approach taken by neighboring Kansas, which legalized sports betting in 2022 and has since generated $9.8 million in tax revenue from $172 million wagered in June alone.
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Sep 18, 2024The anticipated revenue from sports betting in Missouri is substantial, with projections estimating up to $28.9 million annually. This income is earmarked for educational programs, potentially providing a significant boost to the state's funding in this area.
Casino Expansion Falls Short
Not all gaming initiatives have made it onto the ballot. A separate proposal for a new casino on the Osage River near Lake of the Ozarks fell short of the required signatures, missing the mark by 2,031 in the 2nd Congressional District.
This casino was envisioned as a direct competitor to a planned Osage Nation casino. Because of its absence from the upcoming ballot, for now, the landscape of Missouri's casino gaming industry remains unchanged.
The debate surrounding the legalization of sports betting in Missouri reflects a broader national trend towards the expansion of legal gambling options. Proponents argue that legalization brings economic benefits, including increased tax revenue and job creation, while opponents raise concerns about potential social costs. This November, Missourians will have the opportunity to weigh these factors and decide the future of sports betting in their state.
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