Road to Legalization Begins in Missouri

Road to Legalization Begins in Missouri

Missouri is the latest US state to begin the process of legalizing online sports betting. A bill has been introduced that will allow gamblers to bet on sport not just online but also on casino boats.

Senate Bill 764 is one of several bills that are attempting to legalize sports betting. Last week saw a bill go into the House of Representatives and was read twice. However, it has not been assigned to a committee. A couple of other senate bills received a first reading. They have not made any further progress.

One key reason for a state legalizing online sports betting is the tax revenue that can be received. When legalization does eventually take place, gross sports betting revenue would be subject to a taxation rate of 6.25%. The tax revenue received would go towards education in the state.

If sports betting is allowed on casino boats, it will come at a price. There is a $50,000 application fee that is required to be paid to the Missouri Gaming Commission. That would see them able to operate retail betting and have up to three online operators offering betting online.

$10,000 need to become an approved provider of sports betting

There’s also a payment that would have to be made by the platform providers or online operators. This is $10,000 and that allows them to become an approved provider of sports betting. Not a great deal to pay considering how much they are likely to earn once going live.

Senate Bill 764 has now been assigned to the Appropriations Committee. No date has yet been announced for when it will be discussed.

Meanwhile, Monday January 17 is going to be another important date for sports betting in New York. That’s the date when BetMGM will become the fifth mobile sportsbook to go live in the state.

Caesars Sportsbook, FanDuel, Rush Street Interactive and Caesars Sportsbook have already gone live in the past week. BetMGM is a joint venture between MGM Resorts International and Entain, who own such betting companies as Paddy Power and Betfair. Since the US gambling industry began to expand in 2018, BetMGM have began operating in 13 states and the District of Colombia with more planned already this year, including Louisiana.

The tax rate in New York is a lot higher than that proposed in Missouri. Operators in New York have to pay a 51% tax rate. In all, nine betting operators have been recommended to hold licenses. Those yet to start are Resorts World, PointsBet, Wynn Bet and Bally’s Corporation.

There’s a desire to start offering odds as soon as possible. The NFL play-offs begin this week with the Super Bowl taking place next month.