Three sportsbook bids for Missouri’s sports betting licence
Missouri is preparing to introduce online sports betting. The Missouri Gaming Commission is expected to issue two untethered licences, which will allow operators to offer online betting without being affiliated with a casino or sports team. FanDuel, DraftKings, and Circa Sports are the three remaining applicants, each having submitted bids ahead of the decision scheduled for 15 August 2025.
Missouri’s sports betting licensing structure
Missouri offers two types of sports betting licences. Tethered licences, which require a partnership with a local casino or sports organisation, cost $200,000. Untethered licences, priced at $500,000, permit operators to run independent online betting platforms. The Missouri Gaming Commission assesses applications based on operational history, projected revenue, and responsible gambling policies.
The final countdown
Following months of stakeholder input, application reviews, and public hearings, the Missouri Gaming Commission is expected to announce its decision on 15 August. This decision will influence the structure and timeline of the state’s sports betting rollout.
Applicants for untethered licences
Three companies are competing for Missouri’s untethered sports betting licences. FanDuel brings experience from its daily fantasy sports operations. DraftKings leverages a strong market presence and extensive cross-state betting data. Circa Sports, a smaller operator, focuses on high-stakes bettors.
FanDuel’s proposal
FanDuel highlighted its eight-year presence in Missouri through daily fantasy sports, citing brand recognition and an existing user base. Rich Cooper, Vice President of Regulatory Affairs, stated that this background supports the company’s readiness to operate in the state.
FanDuel’s proposal includes using local sports rivalries in promotions, targeting 110,000 Missouri residents currently betting in neighbouring states, and projecting $400 million in annual gross gaming revenue by 2034, with an estimated $40 million in annual tax contributions under the state’s 10 percent rate.
DraftKings’ strategy
DraftKings presented data showing that many Missouri residents travel to neighbouring states to place legal bets. Chief Financial Officer Alan Ellingson projected $175 million in annual revenue within five years and estimated around 900,000 active users annually, representing approximately 20 percent of the state’s adult population. The company also referenced its relationships with major sports leagues and proposed a betting experience tailored to Missouri, featuring local teams.
Circa Sports’ approach
Circa Sports acknowledged that its projected revenue is lower than that of its competitors. The company plans to focus on high-stakes bettors who often use offshore platforms. Its model includes no limits on professional players and a 3.5 percent hold rate, which is lower than typical sportsbook rates. CEO Derek Stevens stated that this approach is intended to attract a specific segment of bettors not currently served by larger operators.
Stevens stated, “If you look at what company will provide the most amount of taxable revenue to the state of Missouri, our company’s not going to be able to compete. I realize we are a small potato compared to what was just presented in front of me.”
Missouri’s sports betting market landscape
FanDuel and DraftKings cited their experience in daily fantasy sports as evidence of operational capability. In other states, both companies have reported high conversion rates from DFS users to sports betting customers, supported by brand familiarity.
Several operators have already formed partnerships in Missouri. BetMGM is aligned with Century Casino & Hotel Cape Girardeau. Bet365 has partnered with the St. Louis Cardinals, while Caesars, Bally’s, and ESPN Bet operate through their own casino licences. Fanatics and Underdog have applied for tethered licences, though their partners have not yet been disclosed.
Other operators join Missouri race
Underdog has officially applied for a mobile sports betting license in Missouri, which requires partnering with a local casino or sports team, according to Elizabeth Hoffman, public relations coordinator for the Missouri Gaming Commission. Fanatics has also entered the race, submitting applications for both mobile and retail licenses.
In addition to sportsbooks, several companies have applied for sports wagering supplier licenses, including Catalist, GLI, GeoComply, OpticOdds, Sportradar, and SportsContentCo. Once sports betting goes live on 1 December 2025 Missourians aged 21 and older will be able to place wagers either in person at physical sportsbooks or online through mobile and desktop platforms.
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