Missouri could lose millions without legal sports betting during the football season

Kansas City, Mo. (KCTV) – Missouri could lose millions of tax revenue after the Foreign Minister pushed back the schedule for sports betting.

Foreign Minister Denny Hoskins declined emergency rules that would have allowed the sports betting in Missouri this summer. Now Missourians will wait at least in late September or early October to place a legal bet.

All of this comes after Missourians voted for the legalization of sports betting in November. Change two passed with a close lead. Without a challenger, sports betting became legal in December, but the Missouri Gaming Commission still has to regulate and receive licensing before it is operational.

Hoskins does not justify the rules for an emergency, and the regular regulatory process can submit the public to comments and questions about the proposed rule. The rules for non-emergencies come into force on August 30, and then the Commission begins with the license process.

Hoskins said he believes that the public commentary on the rules is important because he is not a fan of changes in two proposed tax plan.

“I wanted to give everyone, regardless of whether they support sports widths or have questions and concerns about the sports book, this opportunity to comment on this publicly,” said Hoskins.

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During his time in the Senate in Missouri, Hoskins stood in the way of several sports betting with lower tax structures. He pushed for invoices that had double taxes on casinos than the plan in the change two.

After the change of two, there will be a tax of 10% for this game income. The auditor's office estimates tax revenue of up to 29 million US dollars from sports betting. These income is initially assigned to cover one of the “reasonable expenses” that the Gaming Commission is created, which were not covered by income from fees.

After these expenses are covered, 10% of the remaining tax income or 5 million US dollars, depending on which period is greater, would be assigned to the state's compulsive gaming prevention fund. After all, legally remaining income for “institutions of basic, secondary and university formation” must be spent in Missouri.

Ryan Butler follows and studies sports betting on cover. He said Missouri would lose tax revenue with this delay between $ 4 and $ 6 million. A loss that has only been tightened since the beginning of the football season is the greatest time for sports books.

“NFL and college football are most bets on sports, and this is why this delay is so important,” said Butler.

In the first half of the 2024 football season there were more than 11 million attempts to place a sports bet, according to GeoComply.

The Missouri Gaming Commission and Hoskins are both still confident that Missouri will keep the deadline on December 1st to set up operational sports books from change two.

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