Significant election news from the United States: Missouri voters are poised to vote on amending state law according to the "Second Amendment," which would make sports betting a fully regulated legal activity.
Specifically, the voting proposal seeks to amend the Missouri Constitution to allow licensed online sports betting, riverboat casinos, sports betting zones, operators, and mobile licenses. According to federal law, individuals under the age of 21 will still be prohibited from participating. Currently, the voting process is not yet complete, but if voters continue on the current trajectory, sports betting will be approved in the state.
The Missouri Gaming Commission details that the revenue generated from sports betting will be taxed at a rate of 10%, and may deduct promotional offers and federal taxes before state revenue. Tax revenues will also be used to support the state's compulsive gambling prevention fund.
The newly approved constitutional amendment can become law 30 days after approval in Missouri. Therefore, sports betting in the state could start as early as December 5, 2024.
Good news: PlayAGS has just obtained a license to operate in Missouri
Missouri state agencies estimate that the annual cost to the state is about $5.2 million; however, they also estimate initial licensing fee revenue to be $11.75 million.
The same state agencies forecast that tax revenue is expected to reach $28.9 million annually. Additionally, an economic study conducted for the "Win for Missouri Education" organization predicts that in the first five years of legislation, the state's betting volume will reach $21.8 billion, with 98% of bets being placed online.
Amendment 5 was an additional legislative proposal that allowed for an extra riverboat casino license on a specific section of the Osage River, but this amendment was rejected.
Missouri's journey to regulate sports betting has been a long one, starting as early as 2019 when a proposal to legalize sports betting failed. Then, in January 2021, discussions about illegal sports betting resurfaced, followed by a renewed debate in January 2022.
