Missouri Grants Untethered Sportsbook Licenses to DraftKings and Circa Sports

Circa founder Derek Stevens presented a different model, focusing on attracting high-limit bettors.

Ziv Chen

Last Updated: August 15, 2025 2:31 PM EDT • 2 minute read

Missouri Grants Untethered Sportsbook Licenses to DraftKings and Circa Sports — Pictured: Kansas City Chiefs receiver Jason Brownlee celebrates his touchdown against the Arizona Cardinals. Photo by Joe Rondone/The Republic / USA TODAY NETWORK via Imagn Images.

In a meeting held on Friday morning, the Missouri Gaming Commission (MGC) voted to grant DraftKings and Circa Hospitality the first two allocated mobile sports betting licenses that will be available in the State.

The three contenders for the two untethered Missouri sports betting licenses, Circa, DraftKings, and FanDuel, presented their cases on Wednesday to the Missouri Gaming Commission (MGC). With up to 21 total licenses available, two untethered and 19 tethered to retail casinos or professional sports teams, the three operators sought to differentiate themselves ahead of a planned Dec. 1 launch.

DraftKings and FanDuel highlighted their dominant US market positions, responsible gambling initiatives, high hold percentages of about 10%, and partnerships with major sports leagues. DraftKings reported 4.8 million active users, while FanDuel said it has 7 million. Both operate in more than 25 jurisdictions.

Circa founder Derek Stevens presented a different model, focusing on attracting high-limit bettors. Stevens said 95% of Circa's wagers exceed $50, and the company's hold is targeted at 3.5%.

Unlike larger rivals, Circa does not limit bet sizes. He acknowledged Circa's smaller footprint, including live or licensed operations in the Colorado sports betting, Indiana sports betting, Iowa sports betting, Kentucky sports betting, and Nevada sports betting markets, with plans for the Arizona sports betting and Michigan sports betting scenes, and admitted it could not match the taxable revenue volume of larger operators.

Stevens argued Circa would appeal to more experienced bettors, including business owners, farmers, and attorneys, and could bring some customers back from offshore markets by offering legal options in the US. He emphasized that Circa's approach targets a distinct segment of the market, aiming to stand apart from competitors that control roughly 80% of national digital sports betting.

Fanatics targets tethered license

While the untethered bids drew the most attention, the MGC also addressed tethered license applications. Fanatics is pursuing a tethered license, which requires a partnership with a Missouri casino or one of the state's six named professional sports teams before the Sept. 12 deadline.

Fanatics currently operates in 23 states, including Missouri's neighbors Illinois, Kentucky, Tennessee, and Kansas. Since acquiring PointsBet in 2023, the company has taken over its licenses and increased revenues. This expansion positions Fanatics to compete for market share in Missouri's upcoming launch.

The MGC will award the untethered licenses at a Friday morning meeting. Afterward, attention will shift to the tethered license process, with applications due by September. In total, 14 mobile licenses are available, though regulators expect the initial launch to involve fewer.

Operators that do not secure an untethered license can apply for a tethered one. All tethered applicants must partner with a licensed casino or professional sports team to operate legally in the state.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.