Winning for Missouri Education Cites Study Estimating $335M in Gross Gaming Revenue

Winning for Missouri Education, the group behind Amendment 2 for sports betting regulation in the Show-Me State, released an economic study on Friday estimating how much sports wagering money would support state education.

Winning for Missouri Education said up to $105 million would help fund Missouri schools over five years

Jack Cardetti, a spokesperson for Winning for Missouri Education, cited the findings in the new study by an independent research and consulting firm:

• Total potential gross gaming revenue of $335 million in the first year, growing to almost $560 million by year five.
• Total tax revenue of $4.7 million in the first year, rising to $38.7 million in year five.
• Over five years, up to $105 million for Missouri schools.

“It’s important there’s a cap,” said Cardetti. “We did that in Missouri to ensure… $105 million to education over the next five years.”

“In fact, our policy right now is pushing people to help Illinois classrooms and Kansas classrooms and Iowa small businesses and Arkansas small businesses.”

Additionally, Missouri voters in November will get to decide whether or not sports betting should be legalized in the state. Amendment 2 would set the sports betting tax rate at 10%. Promotional credits are capped at 25% as well.

The bill would also allow Missouri’s professional sports franchises along with the state’s 13 casinos to operate retail and online sports betting. Of course, two online betting platforms would be eligible to receive a license.

Missourians Against the Deceptive Online Gambling Amendment argues that there’s no guarantee the schools will see money

However, according to opponents, like Brooke Foster with Missourians Against the Deceptive Online Gambling Amendment, there’s no guarantee that money would go back to schools.

A statement from the anti-sports betting group reads:

“Even if the measure creates new revenue (after all the self-serving deductions are made), it would allow politicians to legally divert existing dollars away from education and simply back-fill with any new revenue.”

Furthermore, opponents also argue that the Missouri Department of Revenue claims that it lacks explicit collection or deposit authority. In response, Winning for Missouri Education said it’s in the state constitution. The Department of Revenue collects all taxes and fees payable to the state.

Winning for Missouri Education is leading the effort to bring sports betting to the Cave State. It secured more than 340,000 signatures in favor of a vote on sports wagering.