Missouri close to ruling on untethered sports betting licenses as DraftKings, FanDuel, Circa Sports present final cases

The competition for two untethered online sports betting licenses in Missouri has entered its final stage, with DraftKings, FanDuel, and Circa Sports making their last pitches to state regulators. The Missouri Gaming Commission will announce on Friday, August 15, which companies will be cleared to enter the market without having to partner with a casino or professional sports team.

Under Missouri’s licensing framework, untethered status allows operators to launch independently, while partnered licenses, which are available for application until September 12, require a market access deal. The state has authorized up to 19 retail licenses and 14 online licenses overall, with the first sports betting apps set to go live on December 1, 2025.Regulators said Friday’s decision will weigh a range of factors, including operational expertise, platform safety, prior industry experience, marketing plans, revenue potential, and commitments to responsible gaming.

For DraftKings, the pitch centered on converting an established base of daily fantasy sports users into sports bettors. Krista Thomas, the company’s Business Development and Partnerships lead, told commissioners that its sports betting platform has been rated best in class for the past two years by Eilers and Krejcik Gaming, and now counts over 4.8 million customers nationwide, up by a million in each of the last two years.

DraftKings CFO Alan Ellingson

CFO Alan Ellingson forecast $175 million in gross gaming revenue within five years of launching in Missouri. “We know Missourians are traveling across borders to place their dollars, and we’re excited to see those dollars come back into the state with the launch this fall (Dec. 1),” he said.

Ellingson added that the company would consider teaming up with a Missouri casino or sports franchise if its bid for an untethered license falls short, pointing to its existing partnership with the Kansas City Chiefs.

FanDuel has also operated daily fantasy sports in Missouri since 2018. Rich Cooper, the company’s VP of Regulatory, projected that by 2034, the platform could generate $400 million annually in gross gaming revenue in the state, equating to about $40 million in yearly tax contributions.

Stephen Higgins, Senior Director of Strategic Growth and Innovation, said FanDuel had already identified 110,000 Missouri residents who have placed bets with the company in neighboring states. That figure represents roughly 2.3% of the state’s eligible betting population.

“These customers will obviously wager with FanDuel in Missouri when sports betting is launched in December,” Higgins told the commission. Like DraftKings, FanDuel confirmed it would pursue a partnered license if it does not secure an untethered one.

Circa Sports positioned itself as the niche alternative, targeting serious bettors rather than the casual market. CEO/COO Derek Stevens told regulators that FanDuel and DraftKings control nearly three-quarters of the national market, but Circa thrives on larger wagers; 95% of its handle comes from bets over $50.

FanDuel CEO/COO Derek Stevens

“We take larger bets, we do not limit professional players, we do not limit customers, and we work with our customers to learn from them,” Stevens said. He noted that 81,000 Missouri-based users have been active with Circa in the past 13 months and could be brought into the sports betting fold if the company secures a license. Stevens also signaled readiness to partner with a casino or sports team if necessary.