Members of the Missouri Representatives have advanced a bill that could see MO sports betting legalized in the Show-me State.
HB 2502, will allow sports betting apps or websites to launch within the state while also allowing Riverboats to launch retail sportsbooks. The bill, introduced by Rep. Dan Houx, has a proposed launch date of August 28th, 2022 just before the start of the NFL 2022 season.
Lawmakers opted to amend the bill to decrease the proposed tax rate from the original 10% to just 8%. If approved, this would make Missouri one of the states with the lowest sports betting tax rates in the USA and second only to Nevada where tax is set at just 6.75%. This is in stark contrast to the New York sports betting tax rate of 51%.
Missouri already allows casino gaming on Riverboats, but the push to allow legal sports betting has gathered pace in recent months with many of the state’s professional sports teams and the existing casino operators fully behind the proposed legislation. According to supporters of the bill, many Missourians are leaving the state to place wagers in neighboring states like Indiana where sports betting is legal.
The proposed legislation sets out a legal framework that would see the state’s gaming commission issue mobile sports betting licenses with initial fees set at $100,000 followed by a $50,000 renewal fee payable once every two years. According to the legislation, retail sports betting would be restricted to Riverboat casinos with operators allowed to partner with up to three sports betting companies to launch on-site retail sportsbooks. The fee for each sports betting company would be $50,000 up front and a renewal fee of $50,000 every two years.
Following amendment and initial approval, the bill will now face a full floor vote in the House. If passed, it will then go to the Senate for final approval.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.