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A new Missouri sports betting bill has been pre-filed by Republican state Senator Denny Hoskins.
Hoskins’s bill, Senate Bill 1 (SB 1), would legalize sports betting in Missouri and allow video lottery terminals (VLTs) in specific retail lottery locations.
Priority legislation for Missouri sports betting
All of Missouri’s neighboring states have legal, regulated sports betting except for Kentucky and Oklahoma. Thus, lawmakers should consider Hoskins’s bill or risk losing out on more and more tax revenue.
States with legal sports betting around Missouri are:
- Iowa
- Illinois
- Tennessee
- Arkansas
- Kansas
- Nebraska
Honoring Missouri Veterans and ing Missouri Education Act is also known as Senate Bill 1. The bill would help fund education and veteran services using sports betting tax revenue.
SB 1 would permit online sports betting and retail gambling inside the state’s riverboat casinos.
The bill would also come with a 10% tax rate, much lower than the 21% from Hoskins’s previous bills. Hoskins estimates SB 1 would generate over $250 million in tax revenue from VLTs alone.
“age of this legislation would bring much-needed revenue to Missouri schools and veterans homes. My sportsbook legislation could generate more than $10 million each year, while video lottery terminals would generate over $250 million in new state revenue,
which more than makes up the $50 million funding shortfall our veterans’ homes and cemeteries experienced this year. We must honor our commitment to our veterans and VLTs provide a consistent revenue stream to do that.”
In nearby Illinois, video gaming terminals (VGTs) are one of the state’s most profitable industries. As for sports betting, Hoskins estimates a $10 million return in the first year.
Two other bills also pre-filed for 2023 legislative session
Missouri Gov. Mike Parson has indicated he would sign a sports betting bill should it appear on his desk. If ed by the state legislature and signed by the governor, sports betting would go into effect on Aug. 28, before the start of the 2023 NFL season.
The introduction of SB 1 coincides with two other pieces of legislation.
- The Regulatory Sandbox Act
- The Save Women’s Sports Act
Hoskins commented:
“These three bills reflect some of my highest priorities for the 2023 legislative session. Each of these measures has received wide in previous sessions, and it’s my hope we can finally get these bills across the legislative finish line early in 2023.”
