Sports betting in Missouri becomes legal as Missouri Voters Legalize Sports Betting through a ballot vote. According to the sportsbook pay per head industry news, Missourians have narrowly approved the legalization of sports betting. Thus, yesterday Missouri became the latest state to permit wagering on sporting events.
This was done with Missouri residents voting in favor of Amendment 2 to the Missouri Constitution. The Amendment was made and endorsed by the state's professional sports teams and casinos. Thus, it would allow them to engage in sports betting.
As of 7:45 a.m., the Associated Press had not yet declared the election results. However, unofficial figures from the Missouri Secretary of State’s Office indicated that "yes" votes surpassed "no" votes by a margin of 50.1% to 49.9%, with all precincts accounted for.
The primary campaign advocating for the amendment, known as Winning for Missouri Education, received support from all major professional sports teams in the state and has raised over $40 million, with substantial contributions from leading mobile sports betting companies, including FanDuel and DraftKings.
Sports Betting is Now Legal in Missouri
The amendment is set to take effect 30 days after the vote on Tuesday, mandating that sports betting be permitted in the state by no later than December 1, 2025. "Missouri boasts some of the finest sports fans globally, and they demonstrated their support for their favorite teams on Election Day," stated Bill DeWitt III, president of the St. Louis Cardinals, in a statement released Wednesday morning. "On behalf of all six professional sports franchises in Missouri, we extend our gratitude to the voters who made their voices heard by endorsing Amendment 2."
According to the measure, the Kansas City Chiefs, Kansas City Royals, Kansas City Current, St. Louis Blues, St. Louis Cardinals, and St. Louis City SC will be granted licenses to accept bets on games and other outcomes. Additionally, the state's casino operators will be eligible for a license, along with two online betting platforms.
How will the Sports Betting Tax Revenue by Used in Missouri?
Missouri will impose a 10% tax on sports betting, with the initial revenue directed to the Missouri Gaming Commission to cover regulatory expenses associated with sports gambling. Additionally, $5 million will be designated for a fund aimed at preventing compulsive gambling.
The sports betting tax will be on the revenue made by sportsbooks not by the handle since bookies make money from taking bets from the vig alone.
The remaining funds are to be allocated for institutions of elementary, secondary, and higher education within the state, as stipulated by the amendment. The potential advantages for public education were a primary concern for both proponents and opponents of legalized sports betting.
Campaign efforts, including television advertisements, social media communications, and public declarations, predominantly emphasized the positive impact that sports betting would have on educational institutions.
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