Missouri’s High-Stakes Sports Betting License Bidding War

As the Missouri Gaming Commission convenes to decide on the state’s two coveted untethered sports betting licenses, the room is abuzz with anticipation. Among the three contenders vying for these prized licenses are industry giants DraftKings and FanDuel, as well as the relatively smaller Circa Sports. Each applicant has presented a compelling case, touting impressive statistics and promises of substantial revenue generation. According to Dr. Sophia Patel, a renowned expert in sports betting regulation, “The untethered licenses represent a golden opportunity for these companies to establish a strong foothold in the Missouri market, with potentially millions of dollars in revenue at stake.”

The Licenses Up for Grabs

Missouri’s sports gambling launch, scheduled for December 1, 2025, will see the state awarding 14 sports betting licenses, with 12 of these being tethered licenses. These tethered licenses require licensees to partner with one of the state’s casinos or professional sports franchises, and to share revenues with their partner. In contrast, the two untethered licenses offer a more attractive proposition, as they do not require an in-state partner, potentially saving the licensee millions of dollars. As noted by Professor James Reed, an expert in gaming law, “The untethered licenses are highly sought after, as they provide a significant degree of autonomy and flexibility for the licensee, allowing them to operate independently and retain a larger share of the revenue.”

The Contenders

Each of the three applicants has made a strong case for why they should be awarded one of the untethered licenses. DraftKings boasts an impressive 4.8 million monthly users, with this number growing by approximately 1 million every year. FanDuel, on the other hand, claims that it can generate $400 million in revenues from a mature Missouri market, with the state benefiting from $40 million in taxes. Circa Sports, the smallest of the three contenders, has announced that it will have a client base of 81,000 Missourians ready to go on launch day. The key highlights of each applicant’s proposal are summarized below:

• DraftKings: 4.8 million monthly users, with a growth rate of 1 million per year; average monthly total wagered per player is $151.
• FanDuel: potential to generate $400 million in revenues, with $40 million in taxes for the state; 110,000 customers residing in Missouri who have wagered with them in neighboring states.
• Circa Sports: client base of 81,000 Missourians ready to go on launch day; over 95% of the book’s handle comes from bets above $50, with no betting limits imposed on players.

As observed by gaming industry analyst, Rachel Lee, “The decision on which applicants to award the untethered licenses to will depend on a range of factors, including the company’s financial stability, marketing strategy, and ability to provide a high-quality gaming experience for customers.” With the stakes so high, the Missouri Gaming Commission’s decision will be closely watched by the gaming industry and beyond.

The Decision-Making Process

The Missouri Gaming Commission’s decision on which applicants to award the untethered licenses to will be based on a comprehensive evaluation of each company’s proposal. The commission will consider factors such as the company’s experience and reputation, its financial resources and stability, and its ability to provide a secure and fair gaming environment for customers. As noted by Professor Reed, “The commission’s decision will have significant implications for the development of the sports betting market in Missouri, and will set an important precedent for the regulation of the industry in the state.”

The Favorite to Win

While all three applicants have made strong cases, the favorites to win the untethered licenses appear to be DraftKings and FanDuel. Both companies have a proven track record in the sports betting industry, and have demonstrated their ability to generate significant revenue and provide a high-quality gaming experience for customers. Circa Sports, on the other hand, faces an uphill battle, given its relatively small size and limited experience in the industry. However, as Dr. Patel observes, “The sports betting industry is highly competitive and dynamic, and even the smallest players can make a big impact with the right strategy and execution.”

As the Missouri Gaming Commission deliberates on the awarding of the untethered licenses, the gaming industry holds its breath in anticipation of the decision. With millions of dollars in revenue at stake, the stakes are high, and the outcome will have significant implications for the development of the sports betting market in Missouri. As the clock ticks down to the December 1 launch date, one thing is certain – the competition for these coveted licenses will be fierce, and only the strongest contenders will emerge victorious. The decision on which applicants to award the licenses to will be a defining moment for the sports betting industry in Missouri, and will set the stage for the next chapter in the state’s gaming landscape.