House bill 2502 was first introduced on January 19 and would allow both online and retail sports betting.
It was one of several sports wagering bills that were introduced in the Missouri state legislature in March.
Under the bill, operators must pay an application fee of $150,000 and a renewal fee of $125,000 if they wish to obtain an interactive sports wagering licence.
Sports betting revenue will be taxed at a rate of 8%.
For the first year of implementation, one hundred percent of the costs of free bets will be deducted from taxable revenue.
Thereafter, play will be decreasing by twenty-five percent each year following until the fifth year, in which no cost of free play or promotional credits shall be deducted.
According to the bill, the state’s riverboat casinos may partner with three online operators each. Meanwhile a “designated sports district mobile licensee” – defined as the owner of a professional sports team – may offer sports wagering within the state through one interactive sports wagering platform.
The law also explained that each designated sports district mobile licensee shall be required to be licensed by the commission as an interactive sports wagering platform operator.