The Missouri Chamber of Commerce, the state's largest business organization, has declared its support of an initiative on the ballots in November that seeks to abolish the state's loss limit law.
In effect since 1992, the law limits individuals from losing more than $500 every two hours. Missouri is the only U.S. state with a loss limit law.
The Chamber of Commerce, the state's casinos and other supporters argue that removing the loss limit is essential to the state's ability to compete with other states. They claim the loss limit is the public's top complaint about gaming in Missouri.
The initiative to remove the loss limit would also increase the amount of tax paid by casinos to the state to 21 percent. The state gaming tax generates nearly $300 million a year in funds for schools.
The initiative to repeal the loss limit is called the Schools First Initiative.