A ballot initiative launched in the hopes of legalizing sports betting in Missouri has picked up speed. The Missouri Sports Betting Legalization Amendment may appear on the ballot on November 5, 2024.
According to the group, Winning for Missouri Education, they have already secured approximately 325,000 signatures to let voters decide if sports betting should be legal in the state. They must be filed with the secretary of state not later than May 5, 2024, or six months before the election.
As per Missouri’s laws, at least 171,592 signatures are needed, with the actual requirements based on the congressional districts where signatures are collected. More precisely, 8% of the votes cast for governor in the last gubernatorial election in six out of the eight congressional districts is the minimum requirement that the petition must meet.
Reaching an agreement on sports betting legalization in Missouri has been anything but easy, with the state’s sports betting fans having to cross borders to neighboring states to place a legal wager. If voters approve the ballot initiative, people could bet on their computers and mobile phones very soon. The Missouri Gaming Commission has stated its readiness to regulate the sector.
Jack Cardetti, the sports betting lobbying group’s spokesperson, has commented on the progress, as reported by KCUR. He said that due to Missouri’s failure to legalize sports betting, the state lost millions of dollars that could be invested in education and opportunities for economic development. Cardetti added: “if this ballot initiative passes, Missourians will be able to place sports bets in a responsible, regulated manner.”
Supporters of the initiative say that the tax proceeds generated from sports betting would go toward funding education and prevention of problem gambling. As Cardetti confirmed, the proceeds from gambling would “be a nice funding source that will help classrooms throughout the state.”
The Initiative Will Legalize Sports Betting for Individuals over 21 Years Old
If passed, the initiative would legalize and regulate sports betting for individuals aged 21 and above. Furthermore, the Missouri Gaming Commission would be able to authorize just two sports betting operators to provide their services within the state. Sports betting would be taxed at 10%.
In a press release, Jack Cardetti added that Missouri voters have shown their enthusiasm about legalizing sports betting: “The tremendous support we’ve seen throughout the state is a testament to Missourians’ readiness to bring sports betting revenue home and support our local schools, students and teachers in the process.”
As reported by CasinoGamesPro, the initiative has the support of the state’s professional sports teams too. If passed, it would allow sports franchises to set up specially designated areas around stadiums where sports bets would be accepted.
Cardetti added that the legalization of sports betting would enable the state’s pro teams to “increase fan engagement”, as the current legal status of the industry placed them “in a competitive disadvantage to other teams and other states that have this revenue stream.”
