Published on: October 30, 2024, 02:25h.
Last updated on: October 30, 2024, 02:25h.
The Missouri sports betting referendum campaigns are expected to spend over $54 million by Election Day.
In addition to the presidential election, Missouri voters will decide on expanding gambling to include sports betting.
Campaign finance records show Winning for Missouri Education, supporting Amendment 2, raised $40.75 million, with $19.2 million contributed by DraftKings and FanDuel.
This sets a new record for ballot referendums in Missouri, surpassing the $31 million raised for stem cell research in 2006.
Opponents, including Caesars Entertainment, have raised $14.2 million to oppose Amendment 2.
Opposition Spending
Critics say Caesars’ opposition is due to concerns about revenue sharing and competition from non-casino operators.
Caesars’ campaign against Amendment 2, named Missourians Against the Deceptive Online Gambling Amendment, has raised $14.2 million.
If Amendment 2 passes, Missouri casinos will have retail and online sports betting opportunities.
Online licenses will cost $500K and retail permits $250K every five years.
Missouri stands to gain nearly $29 million annually from sports betting.
The first $5 million yearly will be allocated to the Compulsive Gambling Prevention Fund.
Missouri could become the next state to legalize sports betting, joining several neighboring states.