As Missouri approaches a pivotal vote, the debate over two significant ballot measures concerning gambling is intensifying, marked by unprecedented spending. With nearly $55 million invested in the campaigns to legalise sports betting and expand casino operations, both proponents and opponents are making their voices heard. Amendment 2 seeks to legalise sports betting, while Amendment 5 aims to authorise a new casino near the Lake of the Ozarks. This record-breaking financial commitment demonstrates the high stakes involved, as supporters tout potential economic benefits, particularly for education funding, while critics raise concerns about the true impact on local communities and the distribution of profits.
Record spending for the campaign
Spending on the campaign to legalise sports betting and expand casino operations in Missouri is breaking records. As of now, nearly $55 million has been poured into promoting and opposing these ballot initiatives, reported the Missouri Independent. The campaign for Amendment 2, spearheaded by the group Winning for Missouri Education and heavily funded by online gambling giants DraftKings and FanDuel, has already attracted $32 million. This marks a record for the most money ever spent on a ballot initiative in Missouri, surpassing the previous high of $31 million raised for a 2006 stem cell research proposal.
In response, Caesars Entertainment, a casino giant with substantial business in Missouri, has committed $14 million to counter Amendment 2. Caesars opposes the legislation, asserting that it disproportionately benefits online platforms like DraftKings and FanDuel, with little direct benefit to the state. The campaign for Amendment 5, which seeks to authorise a new casino near the Lake of the Ozarks, has raised an additional $9.4 million.
Arguments for the legislation
Supporters of both Amendment 2 and Amendment 5 focus on the economic benefits these measures could bring to Missouri, particularly regarding education funding. Winning for Missouri Education claims that legalised sports betting could generate over $100 million for education programmes in the first five years, including increased funding for teacher salaries. Advertisements for Amendment 2 highlight that sports betting is already happening in neighbouring states like Illinois and Kansas, and argue that Missouri should capitalise on gambling rather than letting out-of-state schools benefit.
Proponents of Amendment 5 also stress the potential for job creation and economic growth, particularly in the Lake of the Ozarks region. Bally’s Corporation, which would likely receive the new casino licence if the measure passes, claims the casino project could bring 500 permanent jobs and a $400 million investment to the region, revitalising an area that currently experiences seasonal tourism lulls. Supporters also point to the fact that taxes from this new casino would directly fund early childhood literacy programs, offering an additional benefit to public education.
Dubious opponents
Detractors of both amendments raise concerns about the actual benefits these measures will deliver. Critics of Amendment 2, including Caesars Entertainment and the group Missourians Against the Deceptive Online Gambling Amendment, argue that the legislation is primarily structured to benefit out-of-state companies. They point to the fact that online gambling platforms, which have no significant physical presence in Missouri, stand to gain the most, while local entities like Caesars would see little advantage. Opponents are also sceptical of the revenue estimates provided by Amendment 2’s supporters. They argue that, after promotional giveaways and other deductions, Missouri could see only a fraction of the projected tax revenues.
The opposition to Amendment 5 follows a similar narrative, with critics warning that the supposed benefits of a new casino are overblown. They argue that while the proposed casino might generate revenue, it could also syphon off business from existing casinos and tourism centres, leading to no net gain for the state. Moreover, they contend that promises of increased funding for education often fall short in practice, citing previous examples like the state lottery, which was initially promoted as a boon for schools but has delivered less-than-expected results.
Next steps
As election day nears, the campaigns for and against these gambling initiatives are intensifying. Both sides are spending millions on advertising across various platforms, including TV, radio, and digital streaming services, to persuade voters. While Amendment 2 has gained support from major professional sports teams in the state, none of them have contributed financially to the campaign.
Polls show a close race for Amendment 2, with support hovering around 50 percent, but opposition is growing as more ads questioning the revenue projections for education hit the airwaves. Amendment 5, while less contentious, is also facing challenges due to the spillover effect of scepticism surrounding gambling revenues.
Missouri voters will soon decide whether to embrace the potential economic windfall or heed the warnings of those urging caution. If both measures pass, the Missouri Gaming Commission will begin issuing licences for sports betting and, potentially, a new casino. However, even if the amendments are approved, it could take months or even years for the full effects of the changes to be felt. As the debate continues, one thing is certain: the stakes in this high-dollar battle are enormous.
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