Sports betting legislation moved forward by Missouri Senate Committee
House Bill 2502 & 2556 have been moved forward, but opposition still exists
The Missouri Senate Appropriations Committee advanced both House Bill 2502 & 2556. These bills outline the deal between casinos and professional sports teams that allows remote and online gambling on sporting events from anywhere in the state with a reduced tax rate.
Though the bill has been moved forward, it still faces opposition, primarily from Senator Denny Hoskins. Hoskins’ concerns surround what the bill does with problem gambling treatment programs and education funding.
In a statement, Hoskins said: “The current tax rate on gambling in Missouri is 21%, was approved by voters at 21%, and provides a significant amount of funding for our public schools. I don’t see why sports wagering should be treated differently.”
He continued: “I look forward to working on this bill during floor debate to ensure that Missouri education and problem gambling treatment programs are the focus of this legislation, not just the bottom-line interests of the casinos.”
The bill currently produces an estimated $10m annually for public education, which Hoskins looks to change. At the moment, Hoskins sponsors a proposal that raises an estimated $163m annually for Missouri public education and veterans programs.
New York and Pennsylvania tax their sports betting industries at 51% and 36%, respectively. Although the bill is moving forward, there will be more chances to make changes in the future, before it gets signed into legislation.
The House-based 8% rate would be the third-lowest of any state with regulated sports betting if approved. This rate was proposed following an amendment from Rep. Rogers of Kansas City, who felt Missouri’s tax rate should be lower than Kansas.
On April 25th, in the Senate Governmental Affairs and Fiscal Oversight Committee, the bill is scheduled for a hearing. The bill could be debated again on Monday evening when the full Senate convenes.
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