Missouri Sportsbetting Bill Advances

The state of Missouri is one step closer to seeing legalized sportsbetting, as a bill that would do just that just passed through the House of Representatives and will move onto the Senate.

House Bill 556 will allow for there to be up to 39 sportsbetting operators in the Show Me State, with retail licenses available for riverboat casinos. There would be an exclusion zone around their sites. Licenses would cost $100,000 for the gambling boats, and online licenses would run $150,000. Renewal fees would be $50,000 and $125,000 each. The activity will be taxed at a rate of 10% on net revenues, with funds going into the Missouri state education fund. $500,000 of the state's yearly budget would go to help with gambling addiction.

The industry would be regulated by the Missouri Gaming Commission.

Those wishing to participate would need to be 21 years of age or older and physically located in the state.

The bill will now head to the state's Senate, where it'll undergo debate and a vote next week. If it passes there, it will head to the desk of Governor Mark Parson, who can sign it into law or veto it.