Betting wins
A state with multiple major league franchises yet divided by those hungry for sports betting and those who don’t want it on the menu, has finally broken the deadlock in favor of the bettors.
boost to the entire US gaming industry
Like a levee breaking, news of Missouri voters approving legal sports betting in Tuesday’s election has given a boost to the entire US gaming industry.
Stating that the market could launch mid-to-late summer, Data, PR for BetMGM John Ewing welcomed the news via X that: “Missourians could be betting on the Hot Dog Contest this 4th of July like real Americans”:
As early as midday Wednesday, sports betting stocks soared on the back of Missouri’s win, with DraftKings, FanDuel, and Rush Street shares rising by 3%, 2.51%, and 5.1%, respectively.
The importance of Missouri becoming the 39th state to legalize sports betting was not lost on President and CEO of the American Gaming Association Bill Miller, who applauded the effort it took to gain regulation.
Fighting talk
The AGA chief penned a message of congratulations to Missouri, stating voters “landed a knockout punch to illegal sportsbook operators in their state.” In the release Miller added:
“With Amendment 2’s passage, Missourians will soon be able to bet on sports legally, with consumer protections, responsible gaming measures and expertise within reach, and tax revenues dedicated to public schools.”
Amendment 2 narrowly passed by less than 7,500 out of nearly 3 million votes cast on Tuesday. Opposition group Missourians Against the Deceptive Online Gambling Amendment could have requested a recount, but they chose not to.
The outcome plus the stock jump is a win for the likes of FanDuel and DraftKings, who both injected millions of dollars into Amendment 2.
ensures we no longer lose valuable tax revenue to our neighboring states”
St. Louis Cardinals President Bill DeWitt III was also upbeat about sports betting’s legalization. DeWitt thanked voters “on behalf of all six of Missouri’s professional sports franchises”
He added: “the historic vote […] ensures we no longer lose valuable tax revenue to our neighboring states.”
Apart from Oklahoma, every state bordering Missouri has legalized sports betting. An October GeoComply report revealed the pent-up appetite for sports betting in the state, with sportsbooks blocking 11.1 million online access attempts from Missouri.
What next
Whether or not the sports betting market launches over next summer, it will go live no later than December 1, 2025. The Missouri Gaming Authority will grant 19 retail and 21 online sports betting licenses. Under this allocation, each of the state’s six major league teams can apply for one retail and one online sports betting license each.
Many leading sportsbook firms will bet attracted to Missouri’s huge sports fanbase and its tiny sports betting revenue tax of 10%, one of the lowest of all 39 legal states.
Stifel analyst Steven Wieczynski added in a Wednesday report that Amendment 2’s provision for retail sportsbooks at brick-and-mortar casinos could catch the fancy of operators including Boyd Gaming, Caesars, Century Casinos, and Penn Entertainment.