Missouri close to having another chance to legalize sports betting following new petitions
Several sports betting bills have been introduced in Missouri in recent years; however, the state has yet to make any substantial progress on these proposals.
And after these failed efforts in the past, Missouri legislators will contemplate the legalization of sports betting once again, spurred by a recent wave of new petitions submitted within the state.
The Missouri Secretary of State’s office has officially acknowledged the submission of four sports wagering ballot initiative petitions by the Pro Sports Coalition, a collective comprising professional sports teams within the state.
The four petitions (2024-135, 2024-136, 2024-137 and 2024-138) seek an amendment to the Missouri State Constitution, proposing the legalization of sports betting in the Bullion State by December 31, 2025, at the latest.
Why legalizing sports betting is important
Sports betting can greatly benefit a state’s annual revenue by bringing an extra significant amount that would otherwise go to a neighbor state where people would have to go and place their bets.
For example, Kentucky is the latest state in legalizing sports betting, and they’re expecting to produce approximately $23 million in annual revenue from sports betting alone (although some proponents anticipate even greater sums), which gives you an idea of how huge sports betting can be.
The petitions filed in Missouri, on their part, make a compelling case for the economic benefits of sports betting, highlighting the potential for substantial tax revenue (which would primarily come from imposing a 10% tax on companies), quite possibly with examples just like the one we mentioned earlier about Kentucky.
As outlined in the petitions, the funds generated from this tax would be earmarked for supporting elementary, secondary, and higher education.
However, state legislators are still considering if the advantages of this considerable increase in state income are worth permitting yet another form of gambling that could bring some moral complications, not to mention higher rates of addiction and gambling problems that could strain individuals and even entire families.
Read our latest sports betting news: “Governor Andy Beshear places first wager at Churchill Downs as sports wagering becomes legal in Kentucky”