Missouri voters are considering whether to make the state the 40th jurisdiction to legalize sports betting.
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Read full article: Southwest flights to Houston diverting to other cities due to ‘hot brakes’ emergency at Hobby AirportSee the latest Insider Deals.What artists and writers really want under the tree this yearA billboard promoting a ballot measure to legalize sports betting in Missouri is seen along Interstate 44 Wednesday, Oct. 23, 2024, in St. Louis County, Mo.
About half the states allow tax deductions for promotional costs. It's a common way of enticing people to start — or continue — making bets. But in the short-term, it also can decrease the tax revenue available for governments and schools. After voters narrowly approved it, Colorado launched sports betting in 2020 with a 10% tax rate and full deductions for promotional bets. It logged $2.7 billion of total bets during its first full fiscal year, yielding $8.1 million in taxes, just slightly below legislative projections. But Colorado changed its law starting in 2023 to cap promotional tax deductions at 2.5% of total bets, gradually declining to 1 .75% by July 2026.
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