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Missouri's Sports Betting Legalization Faces Opposition
SportsGrid
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9/18/2024
Category
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Sports
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00:00
It has been a slow year across the United States for news on legalizing sports betting.
00:09
And I guess partially the reason why is because it was such an incredible first few years
00:15
when they repealed PASPA and all of these different states started legalize sports gambling.
00:19
So last year, the big story was Florida, obviously getting it in the hard rock back and forth,
00:23
everything else.
00:24
It does appear that our story to cover in the final quarter of the year is Missouri
00:29
with it going on the ballot in November, but it's now being met with people who do not
00:34
want this legalized.
00:36
So I guess the question becomes is not, is it going to get legalized or not, Sam, but
00:40
what does this opposition really look like?
00:42
Yeah, definitely.
00:44
Craig you're spot on with, you know, the more states that have legalized, the less you have
00:48
left to legalize unless we would add more states to the 50 we already have.
00:52
But it's been a slow year for companies.
00:55
They're kind of focusing on Missouri, as you mentioned, which will bring sports betting
01:00
to the ballot in November.
01:02
Now ahead of November, we have some opposition that's popped up.
01:06
We hadn't really had much either side for or against this ballot.
01:12
But as we get closer to November, I imagine we'll get more and more of this kind of groups
01:18
coming out opposing it or being for it.
01:20
So the group that came out against it, surprisingly, is actually Caesars.
01:24
They donated $4 million to a newly formed political action committee called Missourians
01:31
Against the Deceptive Online Gambling Amendment, which was obviously formed to have commercials
01:37
or pass out pamphlets, whatever it may be, any sort of information that would have people
01:43
vote against this ballot.
01:44
Now you might ask, why Caesars?
01:46
Don't they want sports betting in Missouri?
01:48
And the answer to that question is, yes, they do want sports betting in Missouri, but they
01:52
want it on their terms.
01:55
As the language is written in this amendment, it would allow each of the state's casinos
02:00
to have one sports betting license and also create two more, which would be called untethered,
02:06
basically, no requirements that you have a partnership with a land-based casino or racetrack,
02:12
which we've seen a lot of other states do.
02:15
So this is a departure from previous attempts to legalize in Missouri, which would have
02:20
given each casino multiple licenses.
02:22
There's about six in Missouri, so that would have created up to 12, 15 sports books, each
02:28
of which would be controlled by the casinos and no untethered ones.
02:31
So the PAC says this question was written by and for the financial benefit of out-of-state
02:38
corporations and sponsors and funders, which would probably be FanDuel and DraftKings,
02:44
who are the two sports books that have donated to the campaign to legalize.
02:48
They've donated $11.5 million to get this on the ballot, to get it passed by the people
02:55
to create an amendment.
02:56
So Caesars is the first, it's pretty notable, Caesars is the first company that owns a casino
03:02
or owns sports betting to oppose it.
03:06
Others like BetMGM, MGM doesn't have any casinos in the state.
03:10
They haven't gotten involved yet.
03:11
So pretty notable that Caesars is coming out here and sort of directly opposing FanDuel
03:15
and DraftKings.
03:16
Now, if you ask me whether or not this will pass, I'd have to lean on yes, because there's
03:20
more money coming in on one direction.
03:23
I know Missouri has wanted to legalize sports betting for a while.
03:27
If sort of the only argument that's being put out there is by a casino that just wants
03:32
more control over it, it'd be sort of a tough hill to climb.
03:35
But you never know.
03:36
Missouri's been a tough one for a while.
03:37
So we'll check back in a few weeks.
03:39
I'm sure when more money comes the other way and have to see in November.
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