Sportsbook

Sports betting could generate $15 million in tax revenue in Missouri

Monday 21 de February 2022 / 13:12

⏱ 3 min read

(Missouri).- Legalized sports betting could generate more than $15 million in tax revenue for Missouri, according to a new legislative analysis.

Sports betting could generate $15 million in tax revenue in Missouri

Under a proposal that will be discussed in a House committee Tuesday, the analysis of House Bill 1666 shows potential income that would go toward schools in the state ranging from $7.8 million to $15.3 million.

The estimates are based on the tax rate in legislation filed by Rep. Phil Christofanelli, R-St. Peters, who is among a handful of lawmakers sponsoring an expansion of gambling in the Legislature this year.

The House Committee on Public Policy is scheduled to hear three sports wagering bills Tuesday as part of a renewed effort to bring betting to Missouri.

In January, Missouri’s professional sports teams and representatives of its gambling casinos announced they had reached an agreement to lobby together to have the state join 32 others that have legalized wagering on competitive events.

The effort has been stalled in the Legislature over disagreements on how to rid the state of unregulated, illegal slot machines that have flooded gas stations, truck stops and bars in recent years.

Sen. Denny Hoskins, R-Warrensburg, has previously tied the two issues together in one piece of legislation. He said Thursday that he still wants to tackle both, but envisions them being handled as separate bills.

Until a 2018 court case, full-scale sports betting was illegal in all states except Nevada. Some states moved quickly to get sports betting and its tax proceeds on the books.

More than 20 bills that include some form of sports betting have been filed in Missouri since 2019, but none of them has crossed the finish line.

At least five bills have been introduced in the Legislature this year that could provide a framework for allowing Missourians to place bets on Cardinals games, Blues hockey games, Kansas City Chiefs football games, Kansas City Royals baseball games, the St. Louis City soccer team and the Kansas City Current women’s soccer team.

Hoskins said the bills under consideration remain works in progress.