DraftKings Signs $3.5M Check to Back Missouri Sports Betting PAC
A political action group (PAC) advocating for allowing sports betting in Missouri received $3.5 million from DraftKings last week.
Three days after Winning for Missouri Education (WME), a PAC, was successful in obtaining an initiative on the November 5 ballot, the Boston-based betting behemoth showed its generosity.
Voters will be asked if they support a constitutional proposal that would legalize sports betting both online and in physical locations.
The plan calls for the first $5 million in annual state taxes on sports betting to be used to fight problem gambling, with the remaining funds going toward public education.
With about 171,592 verified signees, Missouri Secretary of State Jay Ashcroft (R) declared on Tuesday that the signature drive had reached the required number to be included on the ballot.
Will Sports Betting Get Missouri's Vote?
On November 5, will Missourians support sports betting? There are polls everywhere. 60% of respondents are in favor, according to a research conducted by Saint Louis University and YouGov; yet, another study conducted in June by Emerson College revealed that only 38% of respondents were in favor.
The St. Louis Post-Dispatch was informed by campaign spokesperson Jack Cardetti that the unexpected funding boost from DraftKings would be utilized to inform Missourians about the project.
"Now that we are officially on the ballot, we’ll be over the next two and a half months talking to Missourians across the state about why it makes sense to set up a legal sports betting framework that helps public education,” Cardetti said.
The Missouri Gaming Commission (MGC) would be able to grant sports betting licenses to the 13 riverboat casinos in the state if voters supported the proposition. Arenas and stadiums used for professional sports would also be able to apply for a license. It would also allow up to two internet providers to apply.
On Board: Professional Sports
Evidently, it's sufficient to pique DraftKings' interest. The projected yearly value of the Missouri sports betting market is $290 million. According to that amount, the amendment's proposed blanket 10% tax would bring in $11.75 million in licensing fees and $29 million for state coffers.
Additionally, WME has received financial support from FanDuel and the six professional sports teams in the state: the Kansas City Chiefs, Kansas City Royals, St. Louis Cardinals, St. Louis Blues, St. Louis City SC, 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.
