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The Missouri State House has finished working through many details on sports betting legislation, that now gives an opportunity for the bill to be voted on in the House soon. While there is not a date set for the vote, it appears it could come before the end of the month, according to sources.
If the bill passes the House, then the legislation will have to move through the Senate as well. Last year a similar situation occurred where a bill passed the House but did not make it through the Senate.
Members of the Senate have tried to incorporate gaming terminal legislation into a sports betting bill which has long been seen as a reason why sports betting legislation has not passed. These gaming terminals would be at truck stops, convenience stores, and other retailers across the state. The Missouri Casino industry is opposed to these gaming terminals, and it would be better for the sports betting legislation chances if these two issues stayed separate.
The potential is there for a very strong sports betting industry within Missouri if sports betting legislation is passed. The current legislation has a few highlights worth mentioning:
It allows for each of the state's casinos to have multiple partnerships with various sports betting operators.
The current tax rate is prosed at 10%, which is very sports betting operator friendly.
Most of the biggest sports betting brands have given indications they would be likely to seek licensure, including FanDuel, DraftKings, BetMGM, and Caesars.
Professional sports franchises in Missouri, including the Kansas City Chiefs, St. Louis Blues, and St. Louis Cardinals, would be allowed to have one partnership with a sports betting operator.
With many nearby states already having legalized sports betting, Missouri is losing out on potential sports betting tax revenue. Missouri shares the Kansas City city area with Kansas, which legalized sports betting last year, and it is not a reach to say that Missouri is losing out on opportunities because of it.
It is not crazy to think that consumers may choose to go to a different bar simply because they can place bets on the Kansas side as opposed to the Missouri side. Many states have seen a tremendous economic impact with legalized sports betting. Hopefully, Missouri will be next.
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