Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioThe Missouri Gaming Commission heard presentations from FanDuel, DraftKings, and Circa Sports, who are competing for the state’s two untethered mobile sports betting licenses, which do not require the operators to partner with a retail casino or sports team.
The meeting drew attention from industry observers, as it moves one step closer to helping shape Missouri’s betting market ahead of its planned December launch.
FanDuel and DraftKings, which spent millions on the campaign to legalize sports betting, leaned on market dominance. They also cited experience with Missouri consumers through daily fantasy sports.
Both operators emphasized their proven credibility, brand familiarity, and compliance records (even though both have received multiple fines, such as DraftKings’ $450,000 fine in Massachusetts).
Meanwhile, as a smaller operator, Circa Sports pitched itself as a unique option. It said its advantage is attracting large wagers without limiting players, positioning itself as a high-roller-friendly alternative.
The commission will select the two license winners on seven criteria:
- Expertise in business
- Integrity, sustainability, and safety
- Past relevant experience
- Advertising and promotional plans
- Ability to generate revenue for the state
- Commitment to responsible gaming
- Capacity to increase the number of betters on their platform
A decision is expected on August 15.
The Bigger Picture: Missouri’s Sports Betting Landscape
Legalization & Timeline
Missouri voters narrowly approved Amendment 2 (50.05% in favor) during the November 2024 elections, legalizing sports betting. Under the law, the state must launch sports betting by December 1, 2025, which is now the target date.
While Missouri residents missed out on last year’s NFL playoffs, the market’s launch will come in time for the last few weeks of the regular season and the playoffs.
License Types & Fees
The state will issue up to 14 mobile licenses (two untethered) and 19 retail licenses. Applications opened May 15, 2025, and tethered applications close September 12, 2025. The licensing fees are as follows:
- Untethered (direct) mobile licenses: $500,000, allowing operation without a local partner.
- Tethered licenses: $250,000, requiring a partnership with a Missouri casino or professional team.
Tethered license applicants include:
- Underdog Sports – applied; partner not disclosed.
- Fanatics Sportsbook – applied; partner not disclosed.
- BetMGM partnered with Century Casinos.
- Bet365 partnered with the St. Louis Cardinals.
- Caesars, Bally’s, and PENN Entertainment have retail properties, meaning Caesars Sportsbook, Bally Bet, and ESPN Bet will likely partner with them.
Tax Structure & Revenue Allocation
Missouri set a 10% tax rate on adjusted gross receipts for both retail and mobile sportsbooks. The rate is on the low end compared to other states, but falls in line with neighbors like Iowa and Kansas.
The tax proceeds will fund the cost of MGC operations, a minimum of $5 million, or 10% of remaining revenues (whichever is greater) to the Compulsive Gambling Prevention Fund, and the remainder to education.
The state projects sports betting revenue could contribute up to $29 million annually.
Sidebar: Illinois’s Untethered Cautionary Tale
Neighboring Illinois also introduced untethered mobile sports betting licenses, but without success.
The state’s Sports Wagering Act allows up to three online-only licenses, but with a staggering cost of $20 million. That’s double the maximum fee of $10 million for the regular license.
There were two bidding rounds, but the state’s regulator did not issue a single license. During the first round, four operators applied. However, two withdrew, one missed the application deadline, while the Illinois Gaming Board rejected the fourth.
During the second round, Betway, which has since exited the US, was the sole applicant. However, the operator withdrew from the process.
In comparison, Missouri’s untethered license fee, set at $500,000, is dramatically lower, but so is the market. Still, the low barrier to entry has made it more accessible, with more applicants than available licenses.
