BetMissouri.com analyst Steve Bittenbender found the state had a strong first day of legal sports betting.
While snowy weather led to a slow day for in-person wagering at St. Louis casinos, that did not extend into the mobile betting world.
After Monday’s launch, geolocation service GeoComply registered 2.6 million uses of betting platforms in Missouri in the first 24 hours they were available.
Each of these uses doesn't necessarily represent a bet placed, but the volume shows a high level of interest and activity in mobile sports wagering, Bittenbender said.
“While each geo check isn’t a bet, that level of activity paints a clear picture: Missourians were eager to log in, explore the apps and start wagering right out of the gate,” Bittenbender said.
Additionally, nearly 188,000 accounts were created on betting platforms from Nov. 17 until the launch on Monday. Nov. 17 was the first day for legal account setup.
Bittenbender said he expects to see more accounts created as big games approach.
“With the Chiefs entering the home stretch of their season, we expect a surge of new users in the days leading up to their next home game kickoff,” Bittenbender said. “These early numbers suggest Missouri is poised to become a top-tier sports betting market in the Midwest.”
Missouri Gaming Commission Chair Jan Zimmerman said there are initial estimates that sports betting will generate $20 million to $28 million in revenue annually.
According to the Missouri Gaming Commission, a 10% tax will be applied on the adjusted gross revenue received by sports betting. That revenue will first go to the commission to reimburse expenses incurred by regulating sports wagering.
Afterward, the greater of either $5 million or 10% of the annual tax revenues will go to the Missouri Department of Mental Health to address compulsive gambling.
The remainder of the money collected by the state will go to the Missouri Department of Education.
