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 BioDraftKings and Circa Sports have secured the two untethered mobile sports betting licenses in Missouri, edging out the third bidder, FanDuel.
The Missouri Gaming Commission (MGC) announced its decision on August 15, following presentations from all three operators a few days prior.
As part of the licensing process, MGC will conduct a regulatory investigation to ensure the two winning bids meet the requirements to offer sports betting in Missouri, set to launch on December 1.
Missouri’s Untethered Licenses
Missouri allows two types of mobile sports betting licenses: 12 tethered and two untethered. Tethered licenses require operators to partner with a physical casino or sports team in the state and share a portion of the revenue with them. Meanwhile, DraftKings and Circa can operate independently and keep all revenue after tax.
While DraftKings’ selection was widely expected given its market leader position and experience with fantasy sports in the state, Circa’s inclusion surprised many.
FanDuel, the top sportsbook in the US by market share, was also a frontrunner. Both FanDuel and DraftKings donated heavily (over $20 million each) for the legalization of sports betting in Missouri. Like its rival, FanDuel also has a long history of running fantasy sports in the state and has an existing customer base.
MGC Chair Jan Zimmerman said Circa’s distinctive approach persuaded commissioners:
“It was a different type of player. It was a different business model and felt like it was going to be offering something different to the sports wagers in the state of Missouri.”
Circa has positioned itself as a high-roller-friendly sportsbook, offering a high-volume, low-hold business model that contrasts with the mass-market focus of its larger rivals.
FanDuel Quickly Pivots
FanDuel wasted no time after missing out on an untethered license. Just hours after MGC’s decision, the operator announced a partnership with St. Louis City Soccer Club.
In a press release, Mike Raffensperger, President, Sports at FanDuel, said:
“Missouri is home to some of the most passionate sports fans in the country, and we are thrilled to partner with St. Louis CITY SC to introduce our industry-leading product to the Show Me State.”
“We look forward to supporting the team and engaging with the community as we bring America’s #1 sportsbook to fans across Missouri.”
FanDuel must submit a tethered license application by September 12. If approved, Missouri will become the operator’s 25th jurisdiction.
Missouri Market Taking Shape
Now that DraftKings and Circa have secured untethered licenses, Missouri’s mobile sports betting market is taking shape. In addition to the two untethered licenses, five other operators have applied for tethered ones:
- FanDuel has partnered with St.Louis City SC.
- BetMGM partnered with Century Casinos.
- bet365 partnered with the St. Louis Cardinals.
- Underdog Sports – applied; partner not disclosed.
- Fanatics Sportsbook – applied; partner not disclosed.
Furthermore, as Caesars, Bally’s, and PENN Entertainment operate retail casinos in the state, it’s widely expected that they tie those properties to Caesars Sportsbook, Bally Bet, and ESPN Bet, respectively.
While there’s no word yet, it’s likely that Rush Street Interactive’s BetRivers Sportsbook will also apply.
Circa Sets Illinois Minimum Bet at $10
Just hours after it secured a Missouri license, Circa Sports made headlines in neighboring Illinois by announcing it would implement a $10 minimum bet in the state, starting September 1.
That makes Circa the latest operator to respond to the state’s latest tax increase of $0.25 to $0.50 on every wager.
Circa’s announcement came shortly after ESPN Bet introduced plans to implement a $1 minimum per wager. Other operators that have adjusted include:
- BetRivers: $1 minimum
- Hard Rock Bet: $2 minimum
- BetMGM: $2.50 minimum
- FanDuel, DraftKings: $0.50 surcharge
- Fanatics: $0.25 surcharge
Only two Illinois sportsbooks, bet365 and Caesars Sportsbook, have yet to unveil a strategy. However, given that the rest have moved in that direction, they will likely follow too.
Industry observers note that minimum bet requirements are often viewed as more player-friendly than surcharges. Minimum limits typically fall under the average bet size for most bettors. Meanwhile, fees from FanDuel and DraftKings are considered to be higher costs passed directly to customers.
In announcing the $10 minimum, Circa Sports founder and CEO Derek Stevens said:
“No one should have to pay a fee to make a wager.”
Notably, Circa’s minimum is higher than that of its competitors. Still, the sportsbook has built its brand catering to high-rollers and sharp bettors. That suggests the move may align with its strategy rather than alienate its audience.
