With strong legislation toward enabling bill passage and lead causes to there being a sports betting industry in Missouri. Secretary of State John Ashcroft recently signed off on eight renditions of a sports betting initiative. Which gives backers the green light to start gathering signatures. It is a crucial step in the state’s attempted push to bring regulated sports betting to the public ballot.
The Effort Is Led by Local Sports Teams
The campaign is led by a coalition of prominent sports teams, including the St. Louis Cardinals, Kansas City Royals, Kansas City Chiefs and St. Louis Blues. Their vision is a unified one, primarily legalizing sports betting, adding to the fan experience, while also maximizing state revenue.
The road to legalization won’t be so smooth, however. A Missouri Scout poll from the Remington Research Group found 54% of likely voters opposed the measure compared to 26% in favor and 20% undecided.
The Signature Requirement
Of those signatures, the coalition will need more than 170,000 valid ones from Missouri residents to proceed. If successful, the measure will land on the 2024 ballot. If approved by voters, the Missouri Gaming Commission will oversee sportsbook operations under the new law.
Bill DeWitt III, the president of the Cardinals, and a leading voice in the campaign. They said the preferred version of the proposal is still being worked out with the mobile gaming industry. Once established, the gathering of signatures will commence.
The legality of sports betting has a huge financial impact
Legalizing sports betting is estimated to cost $660,000 in setup and over $5.2 million in annual expenses. Both versions of the measure call for a 10% tax on sportsbook revenue. Annual revenue is projected to be between $10.75 million and $12.75 million.
State revenue will still vary from that, however. Deductible taxes claimed by operators can have a material impact on net proceeds. The estimated range of revenue is $0–$28.9 million per year.
After administrative expenses and donations to a Compulsive Gambling Prevention Fund. Any left-over money would go to education funding in Missouri.
Alternatives and Legislative Challenges
The push to legalize sports betting in Missouri comes after two failed attempts in recent years. The Senate did not act, although the House of Representatives passed legislation in 2023. State Senator Denny Hoskins has remained pivotal, pressing for legal language that would govern the controversial “skill gaming” machines.
With the Missouri legislature scheduled to meet again in January, supporters are cautiously hopeful. The initiative could be dropped in favor of a legislative fix if lawmakers pass a bill in 2024.
Why Should Missouri Legalize Sports Betting?
In addition to regulating a preexisting gray market. The legal sports betting would create new jobs, drive tourism and expansion of entertainment options. The monetary fill-up could be considerable, especially if the plan receives popular acclaim.
With signature collection now underway, attention will focus on Missouri. Whether by way of public vote or legislative initiative, the movement to legalize sports betting is catching steam. The winner could alter the future of gaming for the Show-Me State.
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