Missouri Opens Sports Betting License Applications
It is becoming increasingly likely that Missouri will launch its sports betting market this year, as the Missouri Gaming Commission (MGC) has started accepting sports betting applications from prospective operators.
LISTEN TO THIS ARTICLE:As stated by the MGC, the application deadline for untethered sports betting licenses is July 15, while other applicants have until September 12.
Operators can apply for a standalone license or collaborate with one of Missouri's six professional sports teams or 13 retail casinos.
Sports betting license fees are set at $250,000 for retail locations and $500,000 for online platforms. A 10% tax will be applied to sports betting revenue to support K-12 public education and problem gambling programs.
Missouri sports betting market was initially expected to go live in the summer, but regulators faced pushback from lawmakers, including Secretary of State Denny Hoskins, who blocked emergency licensing rules in February.
39th Sports Betting State
The dream of placing a legal sports bet in Missouri started looking like a possibility after Missouri voters approved Amendment 2 in the last November election. The measure allows individuals aged 21 and above to participate in retail and online sports betting in the state.
When it launches, the Show Me State's regulated betting market will be the 39th of its kind in the United States, following North Carolina's launch in March 2024.
A report by Eilers & Krejcik Gaming projects that Missouri's sports betting market could produce annual revenue of up to $560 million.
We've been working on this for years. The state needs the tax revenue. We're about to benefit from that, especially as we've talked about for years, with Kansas and Illinois already (launching legal sports betting). They're taking a lot of revenue from us, so I'm looking forward to keeping that home.
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Big Players Already in Position
Major sports betting companies, such as FanDuel, DraftKings, Bet365, and Caesars Entertainment, are expected to apply for licenses to operate in the market.
These operators already have a presence in the state in some form. FanDuel and DraftKings offer daily fantasy sports (DFS) to Missouri players, Bet365 has an existing deal with the Cardinals, and Caesars operates three retail casinos in the jurisdiction.
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