This is the first time Missouri lawmakers have advanced legislation to allow mobile and online sports betting operated by both riverboat casinos and the state’s six professional sports teams. Each team – whether it be the Kansas City Chiefs, St. Louis Cardinals, etc. – would be allowed to partner with one mobile operator to offer mobile and online sports betting within the state.
In-person casino sportsbooks would also be allowed.
A Lower Proposed Tax Rate On Missouri Sports Betting Operators
Missouri sports betting would come at a relatively low tax rate on adjusted gross receipts (revenue minus wins) for the teams and the casinos. Houx’ bill would tax AGR at eight percent on both in-person and online wagers.
That’s lower than the tax on sports betting AGR proposed in a rival Senate bill that was backed by the team in a committee hearing on March 9.
Another proposal, sponsored by Sen. Denny Hoskins of Warrensburg, would set Missouri’s tax rate on sports betting AGR at a much higher 21 percent. That bill (Senate Bill 643) would also allow parlay games on sporting events operated by the Missouri state lottery.
The Missouri Gaming Commission (MGC) estimates that sports betting in the Show-Me State could rake in $128.7 million AGR this fiscal year and $132 million AGR in fiscal year 2024 once legalized. That number could reach $143 million by fiscal year 2027, according to the MGC.
HB 2502 now moves to the Missouri Senate for its consideration. A committee vote could come as early as Monday, with a floor vote possible by the end of next week.