Sports betting amendment passes in Missouri by wafer-thin margin

Article by : Charles Perrin Nov 6, 2024

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The long battle to bring sports betting to Missouri is finally over after voters narrowly approved an amendment by a wafer-thin margin.

Last night during the US Election, voters supported the measures to give sports betting the green light in the state.

However, the desire to give sports betting (Amendment 2) the go-ahead was decided by just half a percentage point which equates to a 14,000-vote margin. Previously, the legislature had failed in its mission in more than 5 sessions.

The road to legal sports betting has been arduous and it has run for nearly six years since the US Supreme Court struck down on a federal law against wagering on sports events in 2018.

But new constitutional amendments are enacted in law 30 days after the election, so the first legal bets could be placed in Missouri as early as December 5.

6 of the 7 states that border Missouri have some form of legal sports betting, but Oklahoma has yet to legalize it.

For FanDuel and DraftKings, they proved to be the big winners from the Missouri sports betting vote.

The iGaming giants splashed more than $40 million to push forward the campaign, making it the richest initiative in state history.

Conversely, Caesars, who openly opposed the measure, funded a “no” campaign with $14 million.

With Amendment 2, this will allow 20 digital betting platforms to operate in Missouri. Each of the 13 casinos and 5 professional sports teams will be eligible for licenses, while there will be 2 standalone mobile licenses awarded.

Meanwhile, the election didn’t go well for the other gambling measure on the ballot (Amendment 5). This would have paved the way for a new casino near the Lake of the Ozarks to be built, and it is only the third time since 1980 that Missouri rejected the opportunity to expand gambling in the state.

As far as Amendment 2 is concerned, profits from gambling would be taxed at 10%, but a prominent economic study published shows over $21 billion will be wagered in the state during the first 5 years after legalization.

Within this, more than 98% of bets will be placed online, and revenue is expected to hit $38.7 million by year 5.

The potential for sports betting to take off in Missouri is extraordinary, and things could be fully up and running by the time the NFL playoffs get underway in January.

Of course, there is still a vetting process to be conducted by the Missouri Gaming Commission (MGC) on applicants, but this is an exciting time for Missouri sports betting fanatics.