JEFFERSON CITY, Mo. (WGEM) - It won’t be long now until you can legally bet on your favorite sports team in Missouri, but the state wants to hear from residents first.
The last day to email public comment to mgcpolicy@mgc.dps.mo.gov is Wednesday, but you can also attend a public meeting at the Missouri Gaming Commission’s Jefferson City office Thursday at 10 a.m. A livestream of the meeting will be available online.
Applications for Missouri’s two independent mobile licenses are due Tuesday, the two companies that get these licenses will host online sports betting. Other companies will get licenses, but will have to partner with an existing casino or professional sports team in Missouri.
Some of these partnerships are already being announced. The first licenses should be awarded next month, and everything is scheduled to be up and running Dec. 1, just in time for the NFL playoffs.
Ryan Butler, a sports betting analyst with Covers, said FanDuel and Draft Kings are frontrunners for the two direct mobile licenses. These two companies also spent millions lobbying for sports betting to pass last year.
“Missouri bettors should expect to see similar or maybe even better offerings than they see in Illinois, because they have higher taxes,” Butler said. “They should see similar experiences than they see in Kansas or Iowa, or really most of the country.”
Under Amendment Two, there will be a 10% tax on that gambling revenue. The auditor’s office is estimating up to $29 million in tax revenue coming from sports betting. That revenue is allocated first to cover any of the “reasonable expenses” incurred by the Gaming Commission that were not covered by revenue from fees.
After those expenses are covered, 10% of the remaining wagering tax revenue or $5 million, whichever is greater, would be allocated to the state’s Compulsive Gaming Prevention Fund. Finally, whatever revenue is remaining is legally required to be spent on “institutions of elementary, secondary, and higher education” in Missouri.
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