Missouri Approves Sports Betting After Record Campaign Spending

Missouri residents can look forward to legalized sports betting next year, thanks to a tightly contested ballot measure that scraped by with 50.05% . State election officials certified the results on Thursday, signaling the constitutional amendment’s immediate effect, though wagering won’t commence until state regulators finalize preparations. The measure mandates that sports betting must launch no later than December 1, 2025.

Sports Betting’s Growing Footprint

Missouri will the ranks of 38 states and Washington, D.C., where sports betting has flourished since the U.S. Supreme Court’s 2018 ruling opened the door to this lucrative market. Nationwide, sports betting has seen rapid expansion, fueled by partnerships between tech-driven platforms and sports organizations.

The campaign to legalize sports betting in Missouri shattered state records, with $43 million invested to promote the measure. This effort was led primarily by industry leaders DraftKings and FanDuel, which together contributed nearly the entire sum. An additional $2 million came from Missouri’s six major professional sports teams, including the St. Louis Cardinals, Kansas City Chiefs, and St. Louis Blues.

In contrast, opposition efforts were spearheaded by Caesars Entertainment, which operates three of the state’s 13 casinos. Caesars allocated $14 million to counter the initiative. Despite the fierce spending battle, the measure ultimately secured a narrow victory.

Under Missouri law, recounts can be requested for ballot measures decided by less than a 0.5% margin. Despite the slim victory, the opposition group Missourians Against the Deceptive Online Gambling Amendment announced it would not pursue a recount.

Key Features of the Amendment

The newly approved constitutional amendment permits both on-site and mobile sports betting across the state. Professional sports teams will manage on-site operations and advertising within a 400-yard radius of their venues. Additionally, the Missouri Gaming Commission will license two mobile operators to serve bettors directly.

A significant portion of the tax revenues from sports betting will be earmarked for public education at all levels. The measure also allocates at least $5 million annually to fund programs addressing problem gambling.

Efforts to legalize sports betting through Missouri’s legislature had repeatedly stalled, prompting ers to take the initiative directly to voters. Their success underscores the public’s growing acceptance of regulated gambling as a means of economic and recreational development.

Despite its widespread adoption, sports betting remains prohibited in high-profile markets like California and Texas. In 2022, Californian voters rejected two competing legalization measures, despite staggering campaign spending of nearly $450 million. These setbacks highlight the ongoing challenges of expanding the market in certain states.

Missouri’s decision marks a significant milestone, as it prepares to the growing list of states capitalizing on the sports betting boom.

Source:

”Missouri sports betting wins narrow approval after high-dollar campaign”, cdcgaming.com, December 05, 2024.