The first step to legalizing sports betting is to pass a law that allows local casinos to offer the activity. While Missouri has a bill pending, it has been stalled in the legislature and failed in passing it. In other words, sports betting in Missouri is unlikely to happen anytime soon. Even Missouri’s attempt to legalize sports betting by 2022 has fallen short. But it is possible that sports betting will come to Missouri and other states soon.
Legalization of sports betting in Delaware
If you haven’t been paying attention, you have likely heard about the legalization of sports betting in Delaware. The decision has sweeping implications. The state’s three casinos could lose millions of dollars in revenue annually if they don’t offer sports betting. If they do, there will be fewer out-of-state gamblers and a smaller amount of parlay revenue for Delaware’s casinos. In fact, sports betting only accounts for 2 percent of gaming revenue in Las Vegas.
Although the federal ban on sports betting is being lifted, there are still a few obstacles to overcome before the industry can truly take off. For one, there is still a high cost involved in launching a sports betting site. In addition, there are still many unanswered questions. In many ways, Delaware is the perfect place to test the waters. While many people may have doubts about sports betting in Delaware, the state’s gambling regulator is adamant that sports wagering will be regulated.
New Jersey’s legalization of sports betting
After years of litigation and voter referendums, New Jersey voters finally approved the legalization of sports betting. PASPA, the Professional and Amateur Sports Protection Act, had banned sports betting nationwide, but in May 2018, the U.S. Supreme Court ruled PASPA unconstitutional and the state’s sports betting laws have been changed to permit legal betting on all sporting events. Since then, New Jersey sportsbooks have opened, with FanDuel, DraftKings, and William Hill becoming the first legal sportsbooks in the state. The sports betting industry has since grown rapidly, and is projected to reach $11 billion a year by 2021.
In June 2018, the state passed an updated law allowing casinos and racetracks to open sports betting sites. While online sportsbooks must have a land-based partner, casinos can operate up to three online sportsbooks. After the initial roll-out of onsite retail sportsbooks, online and mobile sports betting sites opened in August 2018.
Missouri’s attempt to legalize sports betting in 2022 falls short
A comprehensive sports betting bill introduced by state Senators Denny Hoskins and Dan Hegeman, both Republicans, fell short of passing in the Senate on February 22. The bill would legalize sports wagering on Missouri riverboats and online, and enact reasonable tax rates. While the bill adheres to requests made by the MLB and NBA, it falls short in a few key areas. In particular, it does not establish an appropriate tax rate, and it fails to include an integrity fee for wagers placed on pro sports events.
The bill that failed to pass the Missouri legislature would have legalized sports wagering in Missouri by 2022. But the committee did not pass it, citing ongoing sexual assault allegations against Governor Eric Greitens. The bill’s demise could also affect legalization in other states in 2022. If the bill does pass the Missouri legislature, the legislation could reach other states sooner than later.
Kentucky’s legalization of sports betting
With lawmakers and religious groups opposing the new law, the question of whether Kentucky will legalize sports betting remains unanswered. But, the Kentucky General Assembly’s 2022 session ends on April 14. If lawmakers don’t act now, sports betting could begin in Kentucky by the summer. In the meantime, Governor Andy Beshear, a Republican, has endorsed the sports betting bill. But, opponents warn that sports betting is likely to drain family funds, especially with its temptations to gamble.
The Kentucky General Assembly has failed to pass a sports betting bill in 2018, despite widespread support for legalization. This is the fourth consecutive year that the General Assembly has failed to pass a bill legalizing sports betting, making it even more difficult to pass a bill next year. Rep. Adam Koenig’s bill would have legalized online and retail sports betting, generating an estimated $22.5 million a year.