DraftKings Donates Another $5M to Missouri Sports Betting Legalization Campaign

DraftKings contributed another $5 million in efforts to legalize online sports betting in Missouri. The sports wagering giant has now spent $15 million on the campaign. FanDuel has added $10 million as well.

Missouri voters can either approve or reject Constitutional Amendment 2, which would legalize online sports betting

The latest contributions are pouring in during the campaign’s final stretch. Absentee ballots have already started to be mailed out and early voting begins later this month. Election Day, the final chance to submit ballots, is Nov. 5.

Constitutional Amendment 2 will ultimately decide the fate of online sports betting in the Show-Me State. Amendment 2 would set the sports betting tax rate at 10%, and promotional credits would also be capped at 25%.

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

DraftKings and FanDuel are working to secure public support via donations. Most of the $15 million has gone toward advertising and promoting the sports betting ballot measure.

The first series of ads have featured Missouri public school teachers, and recent commercials show voters the millions in annual tax revenue expected to be generated by taxes from sportsbooks.

DraftKings, FanDuel support Winning for Missouri Education

Winning for Missouri Education is a campaign backing the sports betting ballot initiative. The coalition recently applauded governor candidates Crystal Quade (D) and Mike Kehoe (R) for their support of legalized sports wagering.

A recent economic study commissioned by the campaign from Eilers & Krejcik Gaming found that Missouri gross gaming revenue (GGR) could reach nearly $560 million in total after five years of legalized sports wagering.

As a result, Missouri public education would receive up to $105 million in funding over the next five years.

Furthermore, the study projects total GGR of $335 million in the first year, increasing to almost $560 million by year five. Total tax revenue of $4.7 million is expected in the first year, climbing to $38.7 million in year five.