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The Missouri Gaming Commission announced today, Aug. 15, 2025, that DK Crown Holdings (DraftKings Sportsbook) and Circa Hospitality Group (Circa Sportsbook) would receive the state’s two untethered sports betting licenses.
Three operators applied for the untethered Missouri sports betting licenses, the third being BetFair Interactive (FanDuel), and spoke before the MGC on Wednesday to present their cases. MGC Chair Jann Zimmerman stated in today’s meeting that the Commission was impressed with all three operators, and echoed other commissioners who expressed confidence that their decision was best for the citizens of Missouri.
The MGC released the following statement after today’s meeting:
“The Missouri Gaming Commission has selected DK Crown Holdings, Inc. and Circa Hospitality Group I, LLC as the candidates for priority investigation in awarding the state’s two available Sports Wagering Direct Mobile Licenses per Article III, §39(g) of the Missouri Constitution.
“The Commission considered many factors before the two applicants were chosen. We commend Betfair Interactive US, LLC for its efforts. It was a difficult decision, but the Commission is only able to grant two licenses.”
Circa Sportsbook, the dark horse candidate, stakes its claim
Circa CEO Derek Stevens, made his case Wednesday that Circa provided Missouri sports betting fans something different and, perhaps more importantly, something better for the health of the industry.
Stevens noted that 25% of betters bet legally, which is to say with a licensed and regulated sportsbook. The remainder bet with unregulated offshore sportsbooks. His argument to the MGC focused on the fact that Circa prioritizes providing the best betting lines in the industry while accepting lower hold percentages than its competitors.
Stevens cited that many larger sportsbooks claim a hold percentage as high as 16% while Circa held only 3.1% of wagers in 2024. Stevens argued that his book doesn’t target bettors making smaller bets, often parlays, which heavily favor the operator. Instead, it provides a service for people who want to bet larger amounts and don’t want to see their wagers limited, which often happens with larger sportsbooks. Stevens cited that 95% of all bets at Circa are for $50 or more.
Offering competitive odds while not limiting its customers’ wagers is, Stevens argued, what will bring some of those bettors back from the risky offshore market where they currently go to place larger bets and avoid having their accounts limited.
Friday’s meeting appears to be a validation of the need for this type of product in Missouri.
Stevens had this to say about the decision:
Winning one of Missouri’s first two untethered mobile betting licenses is a great honor. We came in as the long shot against national giants like DraftKings and FanDuel, but our licensure approval today proves there’s room for a different kind of operator. Circa Sports is built for bettors, with sharp odds, high limits and a low hold.
We’ve already connected with 81,000 Missourians through our Club One loyalty program, and we’re ready to be an active part of the community, from local events to supporting youth sports. We didn’t win by trying to be the biggest. We won by staying true to who we are, and I want to thank the Missouri Gaming Commission for recognizing that and giving us the opportunity to bring the Circa Sports experience to the State of Missouri. We can’t wait to get started!
DraftKings plans to be king of Missouri
DraftKings Sportsbook has made its intentions very clear when it comes to its standing in Missouri.
“We want to own Missouri,” DraftKings CEO Jason Robbins said recently. “It’s a must-win at all costs.”
In its 2025 Q2 earnings call, Robbins reflected on the most recent sports betting launch in the US–North Carolina, in 2023–and noted that DraftKings would be looking to move more quickly in Missouri. Where North Carolina regulatory restrictions created higher customer acquisition costs (CACs) for DraftKings, Robbins sees the Dec. 1 launch in Missouri as a scenario requiring slightly faster acceleration of its customer acquisition but ultimately a more cost-effective opportunity.
“I think the CACs will be fantastic,” Robbins stated to investors, “because it will be right smack in the middle of NFL, NBA, we’ll be having all the major sports outside of baseball happening.”
Ultimately, DraftKings wants to be the top operator in the state. Speaking to the MGC on Wednesday, DraftKings representatives offered their five-year vision. The key figures cited include an annual gross gaming revenue of $175 million earned from a customer base of around 900,000 people, or 18% of the state’s adult population.
“We’re pleased to secure one of two direct mobile licenses in Missouri — paving the way for us to bring DraftKings’ industry-leading online sportsbook to fans across the state,” said Matt Kalish, President, DraftKings North America. “Missouri is home to several professional teams and deeply passionate fanbases, and we look forward to enhancing their sports experience with a dynamic and responsible mobile platform.”
FanDuel must now seek a dance partner
By missing out on an untethered license, which would have allowed FanDuel to operate in the state without the need of a partner, it must now pursue one of the 12 tethered licenses approved under the Missouri sports betting law.
These licenses require online operators to “tether” themselves to either one of six “excursion gambling boats” or one of six pro sports teams.
FanDuel has an existing partnership with Boyd Gaming, which operates two Ameristar casinos, one in St. Charles and the other in Kansas City. This relationship will likely give FanDuel an easy pathway to make its application for a tethered license.
Final deadline for all sportsbooks is less than a month away
The remaining 12 tethered online licenses and 19 retail licenses will be awarded on Sept. 12, and we expect FanDuel’s name to be among the licensees.
Along with FanDuel, we know that Fanatics Sportsbook has applied for both a retail and online tethered license. Underdog Sportsbook, which operates its only other online sportsbook in North Carolina, has also applied for a tethered license.
Which other operators will toss their hats in the ring remains to be seen.
