Group behind the Missouri sports betting amendment releases study
KANSAS CITY, Mo. — Missouri voters will soon be deciding whether to legalize sports betting
Ahead of the vote, Winning for Missouri Education, the group behind Missouri Amendment Two released an economic study estimating how much sports betting money would support state education.
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Missouri could become the . While opponents say the findings aren't accurate, Jack Cardetti with Winning for Missouri Education says it's time for Missouri to join its neighbors.
"In fact, our policy right now is pushing people to help Illinois classrooms and Kansas classrooms and Iowa small businesses and Arkansas small businesses," said Cardetti.
The help Cardetti is talking about would flow to education from a 10% draw from taxable revenues. Promotional credits are capped at 25%.
"It's important there's a cap," said Cardetti.
"We did that in Missouri that ensures that we are going to bring in 105 million to education over the next five years."
Cardetti also brought up 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.
"A major flaw in the fiscal note, as we saw it, is that it is almost entirely premised on one data set," said Chris Krejcik of Eilers and Krejcik Gaming.
"Indiana, whose early data was negatively impacted by COVID."
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However, opponents, like Brooke Foster with Missourians Against the Deceptive Online Gambling Amendment , argue that there's no guarantee money would go back to schools, citing the Missouri State Auditor's analysis.
A statement from the 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."
Opponents also argue that, in the state's fiscal note, the Missouri Department of Revenue claims it lacks explicit collection or deposit authority.
On the other hand, Winning for Missouri Education says it's in the state constitution that the Department of Revenue collects all taxes and fees payable to the state.
In the end, the group is betting on Missouri voters to come through for a win on election day.
