Lawmakers in Missouri are hoping that three times will be the charm in passing a Sports Betting Bill in Missouri. According to Pay Per Head News, the Missouri Legislators are Ready to Push New Sports Betting Bills for 2023. This is because last week, Senator Denny Hoskin and Senator Tony Luetkemeyer made pre-filings for new sports betting bills.
While both sports betting bills are different, they both seek to legalize retail and online sports betting in Missouri. Bill 30 by Sen. Luetkemeyer will focus only on sports betting as it removes any VLT requirements. On the other hand, Bill 1 by Sen. Hosking will once again try to combine sports gambling and VLTs (Video Lottery Terminals).
Last year, House bill 2502 by Rep. Houx to legalize sports betting in Missouri did pass the House of Representative. However, when it went to the Senate, it saw a lot of resistance due to the tax and VLT issues. In the end, the Senate session came to an end for 2022 with the Bill not even coming to a vote.
This year, the Missouri legislative session will begin on Jan4, 2023 and lawmakers are hoping things will be different.
Missouri Legislators are Ready to Push New Sports Betting Bills for 2023
For his bill, Hoskin wants to tie sports betting and VLTs to help support veterans’ homes and cemeteries. Furthermore, he says sports betting in Missouri could bring in $10 million in state tax revenue. In addition, he says the VLTs could generate up to $250 million in revenue.
Hoskins’ new bill would have $300 annual fee for VLTs with a 36% tax rate. On the other hand, sports betting would be available in casinos with a $150,000 application fee and $125,000 renewal fee.
Online sports gambling would also be available to casinos for up to 2 mobile wagering licenses. The cost for online gaming license would be $250,000 annual fee for the first one. However, the second one would be more expensive at a $500,000 per year. In terms of taxes, the rate would be 10%.
As to SB 30, what makes it different this year is an increase in the tax rate from 8% to 10%. Of course, this would apply for both retail and online sports betting websites. While this is a sour point for those trying to open a sportsbook, it will increase the chances of passing. Furthermore, SB 30 no longer has the issue of VLTs which was also a problem last May.
In addition, the proposal will also push for at least $500,000 annually set aside for problem gambling support. If SB 30 passes, online gambling operators will have to pay an application fee that will not exceed $150,000. Afterwards, they will have to pay an annual license renewal fee not to exceed $125,000.
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