- Missouri sports betting will go live no later than Dec. 1.
- Which operators will be the main players?
- Circa, DraftKings and FanDuel are making moves.
Three operators will vie for two exclusive Missouri sports betting licenses that will allow them to take wagers across the Show-Me State without the need of an in-state partner. Missouri Gaming Commission Executive Director Mike Leara announced Wednesday, at the end of a special meeting, that Circa Sports submitted its paperwork for an untethered license. The commission received the packet on Wednesday, but it was postmarked with Tuesday’s date, which was the deadline for submissions.
“In the spirit of good business, we're considering (Circa’s application) at least in our possession in a timely fashion, but whether or not it's complete, we don't know yet,” he said. “Unless something comes in today or tomorrow (postmarked by July 15), I would not expect it, but that would be it.”
DraftKings and FanDuel's Strategic Moves in Missouri Sports Betting
Besides Circa, others that have applied for the standalone licenses are DraftKings and FanDuel Missouri. Those two companies, which together control most of the U.S. online sports betting market share, founded “Winning for Missouri Education,” the committee that backed the state constitutional amendment voters narrowly passed last November. DraftKings and FanDuel also provided more than $40 million in funding for the campaign.
A spokesperson for FanDuel declined to comment, and a message to DraftKings was not immediately returned.
Circa Sports Targets Missouri Market with Untethered License Application
BetMissouri had a chance to speak with Circa owner Derek Stevens when the Las Vegas-based gaming executive attended a preview of Circa’s brick-and-mortar sportsbook under construction at Kentucky Downs nearly two months ago. At that time, Stevens said Circa was interested in pursuing a Missouri license because its regulatory structure was similar to most of the other states where Circa operates.
“Our model’s not going to be a model that’s perfect for every state, but for states that have a good regulatory background, we think we bring something unique,” Stevens told BetMissouri.
Circa operates differently from most national sportsbooks that focus on their parlay products and promotions. While Circa does offer parlays, it focuses more on providing better odds and a willingness to take large wagers. In December, the book took a $3.1 million moneyline bet on the Philadelphia Eagles.
Presently, Circa is available to bettors in Colorado, Illinois, Iowa, Kentucky and Nevada. Four of those states rank among the lowest for tax rates on sportsbook revenues. The exception is Illinois, where that state’s sports betting law initially set the tax rate at 15%. However, in recent years, the tax has skyrocketed to as much as 40% depending on the amount of revenue generated. Illinois also passed a 25-cent surcharge on wagers that took effect earlier this month.
Other License Applications Due In September
According to the MGC, those seeking an untethered license may give a presentation to the commission on Aug. 13, and the state agency will announce the recipients of those two licenses on Aug. 15.
Those will not be the only licenses available to sports betting operators in Missouri. However, the others will require sportsbooks to partner with an existing casino operator in the state or one of the six major professional sports teams located in either Kansas City or St. Louis.
Some partnerships will be elementary.
- PENN Entertainment, which owns ESPN BET, and Caesars Entertainment, which runs a sports betting app under its flagship brand, operate casinos in the state.
- BetMGM in late May said it would partner with Century Casinos, a smaller regional gaming operator, and bet365 is teaming with the St. Louis Cardinals.
- Fanatics Sportsbook, another sports betting operator with a national presence and almost certain to apply for a license, has yet to reveal its Missouri partner.
None of those operators have officially submitted their applications, which are due on Sept. 12. One company that has is Underdog. A spokesperson for the MGC told BetMissouri that the sportsbook’s proposed partner “is not public information” and directed questions to the New York-based gaming operator.
A message to Underdog executives was not immediately returned.
Commission OKs Temporary Licenses
Also at Wednesday’s MGC meeting, the commissioners unanimously approved two measures that would allow Leara to issue temporary licenses to sports betting operators, their suppliers and the key personnel who work for the approved entities.
Temporary licenses would allow sportsbooks to operate while commission staff conduct background investigations. Commission staff estimated the number of licenses expected to be issued in the several hundreds.
The constitutional amendment requires Missouri sports betting to go live no later than Dec. 1 of this year.
“To meet this deadline and ensure that all necessary individuals and entities are licensed to perform their relevant duties, commission staff believes that the issuance of temporary licenses in an efficient and timely manner is crucial… This will permit entities and individuals crucial to a well-regulated sports wagering industry to perform their duties without unnecessary delay,” MGC General Counsel Nikki Evans said.
Stick with BetMissouri for all coverage of incoming Missouri betting apps ahead of the state launch.
