DraftKings Writes $3.5 Million Check To Support Missouri Sports Betting PAC
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DraftKings plowed $3.5 million Friday into a political action committee (PAC) pushing for legal sports betting in Missouri.
The Boston betting giant’s generosity came just three days after the PAC, Winning for Missouri Education (WME), managed to get an initiative on the ballot for November 5.
The proposed measure will ask voters if they approve a constitutional amendment to legalize both land-based and online sports betting.
Under the plan, the first $5 million annually in state taxes from sports betting would fund efforts to address problem gambling, while the remainder would support public education.
Missouri Secretary of State Jay Ashcroft (R) announced Tuesday that the signature-gathering campaign had met the requirement to qualify for the ballot, with approximately 171,592 validated signatures.
Will Missouri Vote Sports Betting?
Will Missourians support sports betting on November 5? Polls show mixed results. A survey by Saint Louis University and YouGov found 60% in favor, while another by Emerson College in June reported only 38%.
Campaign spokesman Jack Cardetti told The St. Louis Post-Dispatch that DraftKings’ unexpected cash boost will be used to inform Missourians about the initiative.
«Now that we are officially on the ballot, we’ll spend the next two and a half months explaining to Missourians why establishing a legal sports betting framework is beneficial for public education,” Cardetti said.
If approved, the measure would allow the Missouri Gaming Commission to grant sports betting licenses to the state’s 13 riverboat casinos. Professional sports stadiums and arenas would also be eligible to apply for a license, along with up to two online operators.
Pro Sports On Board
It’s clearly enough to have whet DraftKings’ appetite. It’s estimated that a future Missouri sports betting market could be worth $290 million annually. Based on that figure, the blanket 10% tax proposed by the amendment would generate $29 million for state coffers in addition to the $11.75 million licensing fee for each applicant.
WME has also been financially backed by FanDuel, as well as by the state’s six professional sports teams — the St. Louis Cardinals, St. Louis Blues, St. Louis City SC, Kansas City Chiefs, Kansas City Royals, and the Kansas City Current.
“On behalf of all six of Missouri’s professional sports teams, I would like to thank everyone who signed a petition to get this on the ballot. A vote for Amendment 2 in November is the right thing to do for both Missouri public schools and our favorite sports teams,” said Cardinals President Bill DeWitt III in a statement.
