Missouri voters are considering whether to make the state the 40th jurisdiction to legalize sports betting.
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Many of those promotional costs — in which sportsbooks provide cash-like credits for customers to place bets — will be exempt from state taxes, effectively limiting the new revenue for education.The Missouri ballot measure highlights an emerging debate among policymakers over how to tax the rapidly growing industry, which has spread from one state — Nevada — to 38 states and Washington, D.C.
Missouri's proposed 10% tax rate on sports betting revenue is below the national average of 19% that sportsbooks paid to states last year. Because of deductions for “free play,” there could be some months in which sportsbooks owe nothing to the state.acknowledges that possibility, stating that negative balances can be carried over from one month to the next until revenue rises enough to owe taxes.
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.
The $14 million opposition campaign has been funded entirely by Caesars Entertainment, which operates three of Missouri's 13 casinos. Although Caesars generally supports sports betting, it opposes"the way this measure is written,” said Brooke Foster, a spokesperson for the opposition group Missourians Against the Deceptive Online Gambling Amendment.
Some sportsbooks representatives had raised the possibility of leaving Illinois if tax rates rose. But that hasn't happened.
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