Legislators in Missouri will look to revamp its sports betting push during the next legislative session, which will take place in 2023. The inspiration in 2022 ran out of steam as neighboring Kansas beat them.
Will the Show-Me State Make the Effort Count This Time?
Both Missouri and Kansas wanted to start the sports betting market in their respective states first at the end of the legislative session in 2022. As we all know, Kansas came out victorious, but many experts believe if one got it done, the other would follow.
Obviously, that wasn’t the case for Missouri, as they fell short during the final stretch. Sen. Denny Hoskins introduced SB 1, which would legalize sports betting in Missouri, on Thursday. Once again, the bill includes video terminals as that was an issue when the bill was being reviewed by the state’s Senate chamber.
Rep. Dan Houx will be aiding Hoskins’ efforts as they get ready for the big push early next year. Another issue that hurt the bill revolved around the tax rate for the market. This isn’t an unusual occurrence in the industry, as House and Senate chambers across the country have had to iron out their differences regarding the tax rates on several occasions.
Will the New Sports Betting Work This Time Around?
As part of his plan to support Missouri’s veterans’ homes and cemeteries, Hoskins linked sports betting and VLTs. The state could be able to collect $10 million in tax revenue from MO sports betting, while up to $250 million would be generated by VLTs.
Last year, a coalition of professional sports franchises supported the sports betting bill. Some of these franchises have extended partnerships with reputable sportsbook companies, and are now in a position for a bigger opportunity.
There is a possibility the bill allows for 39 mobile skins for the entities that apply for a license. This will also be an effort to catch Kansas, as they have joined the industry in just a few months since signing the bill into law.
Missourians made more than 340,000 attempts to access Kansas bookmakers in the first two weeks of sports betting. The efforts failed to the geolocation fencing that blocks any sort of attempts outside of state lines.
Kansas also wants the Kansas City Chiefs to relocate over as it was a rumor in the past. However, due to the low tax rate, it may be a difficult task to achieve for now.
There Will Be A Lot of Pressure on Missouri
Many of Missouri’s neighbors have legal sports betting markets which include Illinois, Tennessee, Iowa, and Arkansas. Illinois and Tennessee have been strong markets, while Iowa has been a strong jurisdiction as well.
Although Ohio is a few hours away, the Buckeye State will go through a universal launch on January 1, 2023. This means another Mid-Western state will join the mix soon. Lawmakers that support the sports betting bill in Missouri will tirelessly work together for the next weeks to months to reach its goal.
