I often belittle the Missouri state legislature for being backward. So it’s only fair that I offer a suggestion as to how it could display a more progressive mindset—some forward thinking.
If our legislators would grasp two simple words, many if not most of the state’s financial woes would be solved.
Those words?
Online gambling.
The FBI estimates that $5 billion was on the line legally and illegally during Sunday’s Super Bowl. More than 90 percent of that number is wagered illegally.
Obviously, people want to gamble on the Super Bowl and many other sporting events. That’s why the Society of Human Resources Management estimates that almost 70 percent of American businesses have some type of office pool for the Super Bowl. About that same percentage of companies have a bracket pool for the NCAA Men’s Basketball Tournament.
Later this year, Congress could actually vote on legalizing and taxing online gambling. The subject got serious discussion last summer, and with the federal government in desperate need of revenue, a bill legalizing gambling online has a chance of passing in 2011.
Missouri should set the standard and pass a state bill this session approving online gambling. Instead of being last or in the bottom 10, let’s be first. If the state takes this dramatic step, if and when the feds say it’s OK to play your money online, the Show Me state can show the rest of the nation the way. Horse racing, dog racing, poker, and sports wagering could all help bring Missouri millions of dollars in tax revenue. Dollars would pour in from all over the world.
Oh, and by the way: if you won an office Super Bowl pool, the IRS is emphasizing that you must pay tax on winnings. It goes on Line 21 of your 1040 form, under “Other Income.”
