Before May 2018, Nevada was the only state in the U.S. with widespread legalized sports betting. There are now 38 states in the U.S. that offer legal sports betting, as we wind down the summer of 2024, but this year was shaping up to be the only one since 2018 in which no new state legalized sports betting.
It looks like that could change come November.
Sports betting surpassed the minimum number of petition signatures required in Missouri (roughly 180,000) and will now be on the ballot in November for voters to choose whether or not to legalize sports betting in the state. The coalition behind the push for legalization was named Winning For Missouri Education and consisted of all of the major professional sports teams in Missouri.
“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,” Bill DeWitt III, president of the St. Louis Cardinals, said in a statement put out by the campaign. “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.”
Sports teams were frustrated with neighboring states legalizing sports betting the past few years and Sen. Denny Hoskins stalling momentum in the legislature towards passing a sports betting bill that had been gained over the past few years. The teams took things into their own hands this time around, put together a coalition and got the necessary signatures, looking to bypass a bill in the legislature.
The estimated cost of a license would be a one-time fee of $660,000 and annual costs of about $5.2 million. The proposed tax on revenue for Missouri sportsbooks would be 10% and would potentially generate millions of dollars for public education initiatives in the state.
According to the Missouri Independent, the money – $6.3 million – to help get all those signatures was provided by DraftKings and FanDuel.
Opponents of legalized sports betting, like Hoskins, will point to the tax rate and issues with problem gambling. As Hoskins noted in a press conference last month, “The tax rate is very low, the fees are very low, and there’s not enough money in there for problem compulsive gambling, which is going to be caused by a legalization of sports betting here in the state.”
If the amendment passes, all six Missouri sports teams – the Kansas City Chiefs, Kansas City Royals, Kansas City Current, St. Louis Blues, St. Louis Cardinals and St. Louis City SC – will receive a license. The state’s casinos will also be eligible to receive a license, as well as two online betting platforms. It’s likely DraftKings and FanDuel would be first in line to receive those licenses.
As a recent article in SportsHandle noted, a ballot initiative needs a majority vote to be approved and different polls have suggested varying levels of support for legalizing sports betting.
Either way, it gives some hope for sports betting in a year that has had plenty of negative PR for the industry.
Picks by League
Today's Matchups
Betting Tools
Related News
