Missouri sportsbook – Derek Stevens Wins Over Missouri Regulators to Launch New Online Sportsbook | 10BET
Derek Stevens Secures Missouri Regulatory Wins to Launch New Online Sportsbook
The Missouri Gaming Commission has selected DraftKings and Circa Sports for its two untethered online sportsbook licenses. The Missouri Gaming Commission has selected DraftKings and Circa Sports for its two untethered online sportsbook licenses.
- The mobile licenses are valuable because they don’t require revenue sharing with a physical partner.
- FanDuel was surprisingly passed over.
Derek Stevens is no stranger to success. Having notably transformed downtown Las Vegas with Circa, this showy businessman recently secured a significant victory in Missouri.
On Friday, after hearing testimonies from representatives of major sportsbook players like FanDuel and DraftKings, the Missouri Gaming Commission (MGC) made a surprising announcement, awarding its coveted untethered online sportsbook licenses to DraftKings and Circa.
The MGC resolution stated: “The Missouri Gaming Commission selects DraftKings and Circa Sports as the two top qualified applicants for the two available direct mobile licenses. If either of the top qualified applicants is deemed unsuitable after full investigation, the Commission shall select another top applicant from the remaining applicants.”
During the 2024 election, Missouri voters passed a statewide referendum authorizing retail and online sports betting, specifically through Amendment 2, which narrowly secured passage by fewer than 3,000 votes.
This change to the Missouri Constitution permits retail betting at casinos and professional sports venues, allowing each licensed physical facility to partner with up to two online sportsbook operators while also granting two untethered sportsbook skins.
Tethered mobile sportsbooks typically share a portion of their betting profits with their physical partners, while untethered books retain 100% of their revenue, making these licenses extremely valuable in Missouri, the 19th most populated state in America.
Circa and DraftKings Victorious
While DraftKings’ acquisition of one of the two unattached sportsbook permits was expected, Circa Sports’ achievement came as a surprise. According to iGaming analyst Alfonso Straffon, DraftKings controls around 35% of the mobile sports betting market outside of Nevada.
Currently, DraftKings operates mobile sports betting in 25 states and Washington, D.C.
“We’re thrilled to have secured one of the two direct mobile licenses in Missouri, allowing us to bring DraftKings’ industry-leading sportsbook to fans across the state,” said Matt Kalish, president of DraftKings North America. He highlighted Missouri’s passionate fan bases and the excitement they plan to introduce to the market.
FanDuel is currently leading with an estimated market share of nearly 39% in mobile Gross Gaming Revenue (GGR), with its online sportsbook operating in 23 states, including Washington, D.C.
In contrast, Circa Sports currently operates in Nevada, Colorado, Illinois, Iowa, and Kentucky but holds less than a 1% share of the mobile sports gambling market. However, Derek Stevens, who advocated for Circa Sports before the MGC, impressed the commissioners, enabling this pivotal moment for the brand.
“Winning one of Missouri’s first two untethered mobile betting licenses is a great honour,” Stevens expressed in a release.
Stevens noted, “Coming in as the underdog against established players like DraftKings and FanDuel demonstrates that there is room for a new kind of operator. Circa Sports is designed with bettors in mind, offering sharp odds, high limits, and a low hold. We’re excited to bring the Circa Sports experience to Missouri, and cannot wait to get started.”
More about Mobile Licenses
Pending favourable suitability investigations, both DraftKings and Circa Sports will pay $500,000 for their Missouri online sportsbook skins, with annual renewals set at the same rate. Missouri will take a 10% cut of all sportsbook revenue, whether generated from online or retail betting. Interestingly, this 10% tax is appealing compared to the average national rate of around 19%.
Conclusion
The recent licensing victories for DraftKings and Circa Sports certainly reshape the landscape for online sports betting in Missouri. With both companies poised to make waves in a burgeoning market, sports fans can look forward to an enhanced betting experience that capitalises on the state’s passionate sports culture.
Frequently Asked Questions
What licenses were awarded by the Missouri Gaming Commission?
DraftKings and Circa Sports were awarded the two untethered online sportsbook licenses.
What is the advantage of untethered licenses?
Untethered licenses do not require revenue sharing with physical partners, allowing full revenue retention.
Why is this licensing important for Missouri?
It reshapes the online sports betting landscape and promotes competition among operators.
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