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One expected and one perhaps less expected candidate have filed for Missouri sports betting licenses ahead of the initial July 15 deadline set for untethered licenses.
Per Legal Sports Report, a Missouri Gaming Commission spokesperson confirmed that DraftKings and Underdog have turned in applications.
They are vying for one of the 33 licenses available to operators ahead of the Dec. 1 launch of Missouri sports betting.
Applications for tethered licenses due by Sept. 12
Most of the licenses are tethered to a riverboat casino or professional sports team per the provisions of the law, which won narrow voter approval via a ballot measure in last November’s election. The total distribution of licenses, according to regulators, is:
- 19 retail licenses, one for each of 13 excursion gambling boats and one for each of the six professional sports teams; and
- 14 mobile licenses, one for each owner of an excursion gambling boat (six), one for each sports team (six) and two untethered licenses.
The two untethered licenses will be awarded following a review of the applicants at a planned Aug. 13 meeting allowing operators to make their case in person. Those applying for the untethered licenses are also able to apply for tethered licenses. The deadline for tethered licenses is Sept. 12.
DraftKings is not tethered … yet
DraftKings is certainly familiar to those who know sports betting. Even though the major operator has not officially aligned with a sports team in the way that rivals like BetMGM and bet365 have, DraftKings currently operates in 25 states and the District of Columbia.
That includes in neighboring Illinois, where a recent tax hike on sports betting has forced it and fellow operator FanDuel to pay the highest rate of all other operators in the state.
In a June 12 announcement, DraftKings let bettors know it followed FanDuel’s lead in establishing a 50-cent transaction fee on all mobile and online bets placed in Illinois, effective Sept. 1.
Underdog operating a sportsbook in just NC currently
Underdog has a much smaller sports betting footprint in the US than DraftKings, only operating a sportsbook in North Carolina, with licenses in Colorado and Ohio.
It may be familiar to daily fantasy sports aficionados in the Show Me State, however. Underdog operates DFS games in Missouri and 39 other states plus the District of Columbia, per its website.
Underdog told Axios recently that it has raised $70 million in Series C funding at a $1.23 billion valuation from Spark Capital, en route to a $100 million goal.
“Underdog co-founder and CEO Jeremy Levine sold prior startups to both DraftKings and the parent company of FanDuel, but recently told employees that he has no intention of ‘finishing third again.'”
BlackRock, Harris Blitzer Sports Entertainment, SV Angel, entrepreneur Mark Cuban, and NBA player Kevin Durant are among investors in the fledgling venture.
