Missouri is offering two untethered sports betting licenses
FanDuel, DraftKings and Circa Sports are all bidding for these licenses
Hearings to determine which sites will get them began on Wednesday
You don't need to be a whiz at math to know that three into two won't go. Yet that's the equation currently being deciphered in Missouri.
The state is offering two untethered sports betting licences. Three online sportsbooks - FanDuel, DraftKings, and Circa Sports - are in the bidding for these licenses.
Hearings to determine the outcome began on Wednesday at 9 AM CST before the
Missouri Gaming Commission
(MGB). Presentations are to be made by representatives of each of the three applicants. DraftKings CFO Alan Ellingson, Rich Cooper, FanDuel's Vice President, Regulatory, and Circa Sports CEO/COO Derek Stevens are scheduled to appear at the meeting.
A ruling on the matter is expected on Friday.
The Show-Me State became the 39th US state to legalize online sports betting via a referendum held during the November 8, 2024, elections. It was a close call, but Missourians voted in favor of legalizing sports betting by 50.1% to 49.9%. Missouri is set to launch legal and regulated retail and online sports betting on December 1, 2025.
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What is an untethered sports betting license?
In total, the MGB can award up to 19 retail sports betting licenses and 14 online sports betting licenses. The 14 online sports betting licenses must be partnered with a land-based entity, either a brick-and-mortar casino situated in the state or one of Missouri's pro sports teams.
Untethered sports betting licenses, on the other hand, do not require that the sportsbook partner with any organization. The other advantage of an untethered licence is that the online sportsbook won't need to share any revenue earned with a business partner.
To date, Missouri has received five applications for sports betting licences. Fanatics Sportsbook and Underdog have both filed for a regular licence. To date, neither sports betting site has announced its land-based partner.
Sportsbooks have until September 12 to submit applications for standard sports betting licences. The site that loses out for the untethered licence will be permitted to refile for a regular licence.
Is this a David vs Goliath scenario?
Assessing the three applicants for the untethered sports betting licenses, one sportsbook is not like the others.
FanDuel is the clear industry leader in the US online sports betting market. The company controls a dominant 43% of the country's sports betting handle. There's already a FanDuel presence in the state. The company operates FanDuel Sports Network Midwest, the broadcaster of games involving Missouri professional sports teams like the MLB St. Louis Cardinals and Kansas City Royals, and the NHL's St. Louis Blues.
Next in the US sports betting pecking order is DraftKings. The company is situated second overall in US sports betting handle, commanding 34% of the market. DraftKings is actually in more US markets than FanDuel, or any online sportsbook for that matter. They operate in 25 states and the District of Columbia. The company is usually among the first in line whenever new states launch legal and regulated sports betting.
Then there's Circa Sports. The company originally built its brand with brick-and-mortar retail sportsbooks. Circa Sports operates three land-based sportsbooks and one land-based casino in Las Vegas.
When the US legalized online sports betting in 2018, Circa Sports moved cautiously into this new marketplace. Today, the company operates mobile sportsbooks in Colorado, Illinois, Indiana, and Kentucky.
Interestingly, Illinois and Kentucky are border states with Missouri. Could that be a factor as the MGB weighs its decision?
Remember, in the iconic fable, David felled the mighty Goliath. However, David wasn't taking on two Goliaths at the same time.
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