Legal sports betting will kick off in Missouri on December 1, 2025. To begin, the Missouri Gaming Commission will offer successful applicants tethered and untethered licenses. DraftKings, FanDuel, and Circa Sports have already sent in their application for a tethered license.
Missouri has already selected the successful applicants, with one denied, since it has an allocation for only two. However, the window for tethered licenses is still open until September 13, 2025. We’ll be exploring both licenses, the applicants and their proposals, and the successful ones. Once done, we will cover what we can expect going forward.
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A Look at the Missouri Online Sports Betting Licensing Structure
Missouri plans to offer two types of licenses, which are the tethered and untethered. This is similar to many other US states where sports betting has become legal. Here’s a breakdown of how both work.
Tethered License
Tethered licenses will require sportsbooks to partner with a brick-and-mortar casino or professional sports team. The sportsbook will then receive a license to operate in the state from this partnership. What’s more, it will share its revenue with whoever it collaborates with, making it a win-win for both parties.
The state plans to award 12 licenses, and it is expected that all the applications must have been filed and completed by September 12, 2025.
Untethered License
In contrast, the untethered license will allow sportsbooks to offer their services in the market without a market access partner. This means there will be no need to share its revenue with a market access partner, since it receives licensing directly from the state.
However, they will be subject to a 10% tax on gross revenue from the Missouri Gaming Commission. The state of Missouri had only two spots for untethered licenses, and the application ended on July 15, 2025, with the recipients getting the license on August 15, 2025.
Who Applied for the Missouri Untethered Sports Betting License?
Since the untethered license gives Mo betting sites more freedom, it naturally sparked interest from interested parties, including leading names like FanDuel and DraftKings. However, Circa Sports, a smaller operator with a focus on high-stakes bettors, also showed interest in the license. Here’s a look at the proposal from each one.
DraftKings’ Proposal
DraftKings is already a key name in the US sports betting scene with operations in more than 20 US states. It showcased data showing that Missouri residents traveled to nearby states to find legal sports betting opportunities.
The company projects that it will generate an annual gross revenue of about $175 million in five years, targeting around 900,000 sports bettors. This estimate represents almost 18.8% of the adult population in the state. DraftKings also outlined its relationship with leading sports leagues and its efforts to ensure responsible gaming.
The company indicated that it had contributed more than $10 million every year to the state’s responsible gaming program since 2022.
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FanDuel’s Proposal
Fanduel is another key name in the sports betting scene, also available in numerous US states. It leaned towards bank recognition, indicating its eight-year presence in the state through its DFS platform. According to Rich Cooper, the Vice President of Regulatory Affairs, this background with existing users suggests that the company is prepared to run its operations in the state.
FanDuel estimated $400 million in annual gross revenue in 2034, a figure that’s much higher than what DraftKings proposed. It also projected around $40 million in yearly tax contributions under the state’s 10% tax law.
FanDuel stated that it planned to target its already existing customers in the state, numbering about 110,000, which makes up 2.3% of the population.
Representatives of the company went on to highlight the company’s edge in generating revenue. It claimed that over the last five years, it has achieved a 35% return on investment for every dollar wagered, which is higher than the market average.
Circa Sports’ Strategy
As a smaller name, Circa did not deny that its estimated revenue is less than that of the other interested parties. However, it aimed to focus on high-stakes bettors who depend on offshore betting sites. Its strategy included placing no limits on professional bettors and a 3.5% hold rate, which is less than what’s offered on most sportsbooks.
According to CEO Derek Stevens, this approach aimed to target bettors that larger operators don’t currently serve. He noted that around 25% of sports betting was done illegally, and his goal was to draw them into the legal sports betting market.
Who Received the Untethered License?
In a surprising turn of events, DraftKings and Circa Sports received the untethered license while FanDuel was denied.
Derek Stevens, the CEO of Circa Sports, stated that the brand claimed an untethered license from the state because it stayed true to itself instead of trying to be the biggest. He went on to appreciate the Missouri Gaming Commission for recognizing their truth and offering the sportsbook to bring its services to residents of the state.
DraftKings co-founder Matt Kalish, on the other hand, mentioned that the company was happy to win one of the untethered licenses. He further added that they looked forward to providing a dynamic and responsible mobile sports betting platform to Missouri.
What’s Next for FanDuel?
While FanDuel missed the untethered license, all hope is not lost. A spokesperson from the company appreciated the Missouri Gaming Commission and their decision. It also noted that they anticipated bringing their sportsbook to Missouri residents. FanDuel is now expected to strive for access in the state via a tethered license.
What Does the Future of the Missouri Sports Betting Market Hold?
Everything looks great with DraftKings and Circa Sports spearheading entry into the sports betting market via untethered licenses. The window for tethered licensing is still open with a long list of interested operators. Names like bet365, BetMGM, Underdog, and Fanatics have already sent in their applications.
We can expect other popular sportsbooks such as Caesars, Bally Bet, and ESPN Bet to send in their applications since they already have stakes in the state. The window closes by September 12, which means there is enough time for interested sportsbooks to apply.
For now, everything is going as planned for a successful and profitable market launch.
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