"Prediction markets are becoming a hot topic, but we believe regulated sportsbooks play a critical role"

Few figures embody the intersection of ambition, innovation, and pure Vegas energy quite like Derek Stevens, CEO of Circa Resort & Casino and founder of Circa Sports. Amid the growing momentum of Circa’s record-breaking football contests and expansion into new markets, Stevens spoke with Yogonet about the soaring popularity of Circa’s contests and the strategy behind expanding Circa Sports across new U.S. markets, including an upcoming Missouri launch.

Moreover, Stevens discussed the role of retail sportsbooks in a digital-first world, the challenges of regulation, and the importance of proprietary tech, while offering his opinion on the rise of controversial prediction markets. "It’s hard for me to imagine leagues or states allowing them to operate freely without paying fees or taxes, or without addressing problem gambling concerns," he said.

Let’s start with a Circa Sports favorite: the contests. They’re breaking records again this year. What’s the cultural significance of these competitions at this point? Do you see them mainly as a marketing tool, a community, or a statement about Circa’s identity?

I think the great thing about them is how they show the growing interest in contests across the U.S. We were very excited to bring a third football contest into the mix this year, and I wanted to make sure it wouldn’t cannibalize Circa Million or Circa Survivor. The addition of Circa Grandissimo did exactly that. It became hugely popular without hurting the others.

Altogether, the three contests had more than $31 million in entries. That’s just incredible. These contests have become an essential part of Circa, not only for our sports brand, Circa Sports, but also for the property itself. They bring people in during July and August, which are typically slower months, and that helps the casino and restaurants. Since participants must register in person, it’s great for foot traffic.

For Circa Sports, it’s equally valuable because of all the media and fan interest. It’s tremendous publicity and a huge part of who we are now.

Is there still room to scale them further, or are you reaching a point where the risk of overlays outweighs the marketing upside?

That’s a question I’ve been asked before. Even two years ago, when we guaranteed $8 million and reached $9 million. People thought that might be the ceiling. Then it went to $14.2 million, and now $18.7 million. I honestly don’t know what the limit is.

But as more people hear about the contests, interest keeps growing. Fans love seeing those massive payouts. How big could it get next year? It depends on how this season plays out. And who knows, maybe we’ll even see a single winner of the Survivor contest for the first time. That would be something special.

Circa recently secured one of two unthetered mobile licenses in Missouri. What are your expectations as launch day approaches?

We’re really excited. Missouri will be our sixth state, and that’s a big milestone. We want to keep growing Circa Sports across the country, and Missouri is a great step. After that, we’ll keep exploring new opportunities in other states as well.

Circa has recently opened Kentucky's largest retail sportsbook. What have you learned in these first few weeks?

It’s only been open a couple of months, so we’re still learning. But overall, the response has been terrific. People love it. It’s been a good reflection of the Circa Sports brand: bringing that big, immersive Vegas sportsbook atmosphere to a new audience.

The retail sportsbook experience is central to Circa’s philosophy. Why is that physical presence so important when most bets are now placed on mobile?

The vast majority of wagers happen on phones. But having a large, visible retail sportsbook gives players confidence. It shows there’s real investment and infrastructure behind the brand.

There are a lot of apps out there, and players want to know their money is safe. When they see a sportsbook like ours, which is massive, transparent, and built with care, it reinforces that trust.

Circa’s known for transparency and high limits, a model that sets you apart from most operators. What challenges and opportunities does that bring as you expand into new states?

Our reputation for taking bigger bets and providing the best customer service is something we’re very proud of, and we want to maintain it as we grow. Having a culture that prioritizes fairness, service, and respect for players isn’t a limitation. It’s part of what defines us.

Regulation can make or break an investment. How do you balance Circa’s growth strategy with the different tax and regulatory frameworks across U.S. states, especially as some states debate updates to their regimes?

That’s a huge factor. When we evaluate new jurisdictions, we look at several things: the regulatory structure, the tax environment, and now, whether those rates might change. Some states simply aren’t attractive for operators under current conditions.

As much as we want to grow, there are markets where we just wouldn’t enter right now because the regulatory setup doesn’t make sense for sustainable business.

What would make a large market like California, yet to legalize sports betting, appealing for Circa?

It depends on the details. Whether there’s remote registration or physical registration, remote funding, and of course, the tax and regulatory elements. Those three factors are key in deciding whether a market makes sense for us.

Last year, you mentioned Circa was building its own tech platform to gain more control over the experience. Where do things stand now? 

Perfect timing for that question. We actually launched our new tech this morning in Iowa. We'll roll out on December 1st in Missouri, and then later in Colorado. So we're really in the middle of that transition right now. It's exciting to finally see it go live. Launching the new platform in three states back-to-back will teach us a lot. We'll use those learnings when we switch our Illinois app over to the new tech in 2026. 

Where do you see the market — and Circa — headed in the next few months? And what's your take on the growing debate around prediction markets?

Looking ahead, we want to keep growing in the legal sports betting space. Prediction markets are a hot topic here at G2E, but we believe regulated sportsbooks play a critical role.

It’s hard for me to imagine leagues or states allowing prediction markets to operate freely without paying fees or taxes, or without addressing problem gambling concerns. From a player’s perspective, those markets are also very unequal: casual bettors would have almost no chance of winning.

It reminds me of the early days of DFS, when only a small group of pros consistently won. That’s not healthy for the market or for consumers. Legal, regulated sportsbooks like ours serve a much more balanced and responsible purpose.