Lawmakers in Missouri push to legalize sports betting
Lawmakers in Missouri push to legalize sports betting. It’s becoming a Sunday ritual for gamblers in Missouri to road trip to Illinois to get their bets in. Unlike regular casino gambling which is legal in both states, Missouri has not yet legalized sports betting. The state rep has introduced a bill that sets $100,000 upfront for licensing and a $50,000 renewal fee every two years, with a 10% tax on profits.
iBET ETF Insights: States are tired of seeing the money move next door, we just saw the impact this had on NY, which is no longer losing revenue to NJ. Penn National Gaming (PENN) would be positively impacted by this as they would add sportsbooks at its Hollywood and River City Casinos in St. Louis County.