Missouri Sports Betting Market Emerging Ahead of December Launch

By Matt Speakman,
Betting Expert at online-gambling.com

Matt Speakman Betting Expert at online-gambling.com

A die-hard fan of the Patriots, Matt Speakman is an expert on everything related to sports betting and DFS sites. Over the years, he has proven a valuable asset for our team at online-gambling.com. You can find Speakman's professional tips and tricks in any of his many articles on the website.

• Twitter
• Email

More About Matt Speakman

Last updated: September 6, 2025

Sportsbook operators are preparing to launch in Missouri this December, after betting was legalized in December 2024. The state’s regulator is already making an unexpected licensing decision.

Fanatics Partners with Boyd Gaming for Missouri Sports Betting Launch

Fanatics is teaming up with Boyd Gaming to enter the Missouri sports betting market. The partnership will bring both online and in-person sportsbooks to the state. Boyd operates two Ameristar casinos in Missouri, located near Kansas City and St. Louis.

Fanatics is the latest operator to announce its plans for the Missouri sports betting market. This month, the Missouri Gaming Commission awarded two untethered licenses to DraftKings and Circa. Other operators must partner with the state’s casino companies or professional sports teams to apply for one of the 14 remaining online licenses.

Missouri’s sports betting is still on track for a December 1st launch. Applications for tethered licenses are due by September 12th for sportsbooks aiming to start accepting bets in December.

A Surprising Decision

In addition to DraftKings and Circa, FanDuel also applied for one of the two available untethered licenses. While FanDuel seemed like a safe choice for generating state tax revenue, the Missouri Gaming Commission (MGC) ultimately chose its top competitor, an operator targeting a niche market segment.

“The Commission considered many factors before the 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..”

MGC Chairman Jan Zimmerman

The operators who didn’t secure an untethered license will need to strike a costly relationship with a casino or professional sports franchise to secure a tethered license. After the MGC’s decision, FanDuel revealed a market access agreement with the MLS team, St. Louis CITY SC.

In a release, Mike Raffensperger, the president of sports at FanDuel, expressed excitement about partnering with St. Louis CITY SC to bring their industry-leading product to Missouri, citing the state’s passionate sports fans.

How Circa Secured an Independent License When Others Couldn’t

The untethered licenses come with a $500,000 application fee, double the $250,000 fee for tethered licenses. However, with a tethered license, third-party operators like Circa or FanDuel must pay their partner, often through a revenue-sharing agreement.

During an MGC hearing, Circa owner Derek Stevens outlined the unique features of his sportsbook. One key difference is Circa’s target hold of 3.5%, significantly lower than the 10% or higher rates of other operators. He also pointed out that 95% of the bets come from wagers over $50. Additionally, Stevens emphasized that Circa does not limit bettors.

While Stevens acknowledged that Circa wouldn’t compete in terms of marketing budget or customer acquisition, he made a compelling case that the sportsbook’s business model would attract a different group of bettors, offering a unique revenue opportunity for the state.

MGC Executive Director Michael Leara, who approved the independent license, explained that the Commission saw Circa’s model as an opportunity to attract different types of bettors to the state, particularly those making higher wagers. He noted that this approach seemed appealing to the commissioners, as it offered a distinct business model and betting platform, providing something unique for the people of Missouri rather than just having identical models.