Missouri gambling expansion draws major financial backing

Amendment 2 to legalize sports betting has seen over $25m in support from FanDuel and DraftKings, but faces opposition from Caesars Entertainment.

Two campaigns aimed at expanding legal gambling in Missouri are attracting significant financial support as the 5 November election approaches.

The initiatives, Amendment 5 and Amendment 2, seek to establish a new casino and legalize sports betting, respectively.

Amendment 5, which proposes a casino at the Lake of the Ozarks, recently received a $2m boost. Bally’s contributed $1m, while Osage Landing Development and RIS each added $500,000.

If approved, the project would create 500 construction jobs and 700 permanent positions, with tax revenue earmarked for early childhood literacy programs.

Meanwhile, Amendment 2 – which focuses on legalizing sports betting – has seen even larger contributions. FanDuel and DraftKings have poured over $25m into the pro-Amendment 2 campaign in the past two months.

Supporters argue that legalization would recapture revenue currently flowing to neighboring states with legal sports betting.

Good to know: The proposed casino could create 1,200 jobs and fund early childhood literacy programs

However, the sports betting initiative faces opposition from Caesars Entertainment, which has donated more than $14m to the anti-Amendment 2 campaign.

Caesars, which owns three Missouri casinos, criticizes the amendment as a “flawed approach” that makes “no guarantee” of state revenue.

The proposed sports betting tax rate is set at 10%, with companies allowed to deduct up to 25% of promotional subsidies from taxable revenue.

Projected annual revenue ranges from zero to $28.9m, with supporters estimating $105m for public education over five years.

As the election nears, the recent financial backing underlines the high stakes in Missouri’s gambling expansion debate.

David Thompson

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