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Missouri Senator believes sports betting tax rate is too low

April 7, 2022 5


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Missouri Senator believes sports betting tax rate is too low

Missouri Senator believes sports betting tax rate is too low

Senator Denny Hoskins who has spearheaded Missouri’s efforts to legalize sports betting, along with ongoing efforts to legalize video gambling, this week told other members of the panel the 8% tax rate approved in the House bill may be too low.
The 8% is estimated to bring in $9 million in new revenue for the state compared to the 21% Hoskins proposed which estimated generating $163 million in tax revenue. Hoskins said. “Is this bill the best bill we can get for the taxpayers of Missouri? That gives me cause for concern. When we look at surrounding states, 8% would be the second-lowest.” Referring to Iowa at 6.75%.
The effort to legalize sports betting has been stalled for four years over disagreements of how to rid the states of illegal slot machines.

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