In previous gambling industry news, we feature different US states and the legalization or banning of sports betting in each state. Each state has their own policies for sports betting: land-based, and online betting. In the case of Missouri, state Senator Denny Hoskins has submitted a bill that will modify current state legislation to legalize sports betting.
This is not news to Missouri. There have been efforts in the previous years to do this, but they hardly get far. At least not until the US Supreme Court lifting of the federal ban mid-year. In fact, a lot of people have been reading up on the best way to become a bookie. With the US a huge market for sports betting, the potential to earn increases as more states legalize the industry.
Sports Betting in Missouri: The Details
The legislation proposes regulated sports betting at “excursion gambling boats”. This means that people will have to bet in person in licensed physical facilities. Online bets can be done, through a platform, but also requires account activation to be done in person.
As for the taxes, adjusted gross receipts from wagers in sporting events will have a tax of 12%. There is also an additional 2% that they will collect as an administrative fee. This fee will be for the Veterans’ Commission Capital Improvement Trust Fund. There will also be an additional tax of 0.5% of the gross amount of wagers on a quarterly basis. This is for the Entertainment Facilities Infrastructure Fund. This fund is responsible for the building of multipurpose sports complexes, entertainment venues, as well as public convention centers.
The application fee to be a licensed operator is $10,000. There will also be an annual renewal fee of $5,000. In addition to this, the bill also details the terms for the Missouri Gaming Commission to regulate advertisements. Operators will also have to conduct background checks of employees, and to safeguard data – particularly customer information.