Thirty-four US states have sports betting as an entertainment option. Missouri is not one of them; however, it could soon enter the club, provided the petitions fall in the right line. A total of four petitions have found a way to venture into the minds of Missourians. The goal is to get sports betting legalized in the region by the end of 2025.
It is all about collecting signatures, following which a pitch would be made to make it a part of the 2024 ballot. The petitions have been backed by the Pro Sports Coalition. These are listed on the official website of the Missouri Secretary of State as 2024: 135/136/137/138.
The 10% tax implication is one factor that is likely to increase the likelihood of success. If implemented, it will significantly aid the state in collecting revenue to construct better infrastructure for its citizens. Additional fees include a $25,000 retail license fee, as the retail license alone is estimated to cost $500,000. It will be subject to renewal every five years.
Relevant authorities are currently encouraging Missourians to provide feedback. Petitions will be put up on Ballot 2024 only after enough signatures have been gathered. Petitions also seek to have retail sportsbooks in sports stadiums and licensed casinos.
Notably, despite the fact that revenue from sports betting sites or any other form of gambling sounds quite substantial, it is not always possible to maintain accurate financial records. For instance, New Jersey’s second-quarter revenue decreased by 1.2% compared to the same period last year. Its gross profit was also significantly down by 20.5%.
The revenue was $819 million, and the gross operating profit was $146 million. Pennsylvania and Massachusetts saw their gambling revenue climb up the ladder by 8.8% and 3.6%, respectively, in July 2023.
Specifically for sports betting, Kentucky saw its governor, Andy Beshar, place the first wager at Churchill Downs. It was worth $20, placed on a three-leg parlay on college football. The prediction is that the University of Louisville Football and the University of Kentucky will win more games than what has been estimated by oddsmakers. The final and third bet is on Duke winning fewer games than what has been predicted in the current season.
Beshar has called placing a bet on sports events entertainment, adding that the residents of Kentucky were looking forward to having such a facility in the region. They are confident that sports betting will boost tourism, starting with retaining their own people who otherwise flock to Vegas.
Kentucky will next launch mobile sports betting on September 28, 2023. A total of eight approved sportsbook operators are expected to open the line-up on the internet. This includes DraftKings, Kambi, BetMGM, and FanDuel, among others.