In a pivotal decision for the sports landscape in Missouri, voters have approved Amendment 2, officially legalizing sports betting in the state. The amendment passed during the 2024 General Election by a narrow margin of just 0.3%.
Missouri Joins the Ranks of Legal Sports Betting States
This makes Missouri the 39th state in the U.S. to legalize sports betting, following Kansas, which introduced similar legislation in 2022. With this decision, Missouri aligns itself with seven of its eight neighboring states that have already embraced some form of sports wagering.
The Details of Amendment 2
The amendment permits the Missouri Gaming Commission to oversee sports wagering, encompassing both in-person and online betting. Here’s a breakdown of the key components:
- Regulation of Sports Wagering: The Missouri Gaming Commission will regulate licensed sports wagering, including online platforms and mobile apps.
- Age and Location Restrictions: Only individuals over the age of 21 and physically located within Missouri will be allowed to place bets.
- Financial Provisions: A 10% wagering tax on revenues will be enacted, with the proceeds allocated for educational funding after covering operational expenses and contributions to the Compulsive Gambling Prevention Fund.
- Implementation of New Laws: The amendment allows the state legislature to introduce laws that align with these new regulations.
Projected Financial Impacts
State officials estimate that the implementation of sports betting will incur one-time costs of around $660,000 and ongoing annual expenses of at least $5.2 million. Initial license fees are projected to generate $11.75 million, while potential tax revenue from sports betting could range from $0 to $28.9 million annually, depending on various deductions.
Support from Local Sports Teams
Amendment 2 received endorsements from prominent local sports franchises, including the Kansas City Chiefs, Royals, and the St. Louis Cardinals, highlighting the support for legalized sports betting among Missouri’s professional sports community.