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Missouri’s sports betting market is beginning to take shape ahead of a Dec. 1 launch, with DraftKings and Circa Sports securing untethered licenses, FanDuel pursuing a tethered license, and Fanatics Betting and Gaming announcing a new partnership with Boyd Gaming. The moves set the stage for a competitive mix of operators as the state prepares to award 12 additional tethered mobile licenses this fall.
Missouri’s online sports betting market is quickly coming into focus as operators and casinos prepare for the Dec. 1 launch of Missouri sports betting apps and retail sportsbooks. A week after the Missouri Gaming Commission (MGC) awarded its two coveted untethered licenses to DraftKings and Circa Sports, the competition for the state’s 12 tethered mobile licenses is heating up — and major players are already securing partnerships.
DraftKings, Circa seize early edge in Missouri sports betting race
The MGC’s decision to grant untethered licenses — which allow operators to launch independently without partnering with a casino or professional sports team — to DraftKings and Circa Sports surprised many in the industry. DraftKings was widely expected to secure one of the two licenses, but Circa’s entry over FanDuel and BetMGM caught analysts off guard.
The decision leaves FanDuel, BetMGM and other national sportsbooks to pursue tethered licenses, which require a revenue-sharing agreement with a Missouri casino or pro sports team.
FanDuel eyes tethered license after Missouri sports betting snub
Although missing out on an untethered license was a setback, FanDuel is still considered a frontrunner for one of the state’s tethered licenses. The application window remains open until Sept. 12, and the MGC is expected to announce recipients soon after.
Industry observers believe FanDuel will almost certainly gain entry into Missouri, given its market dominance in other states, where it consistently competes with DraftKings for more than 70% of national handle.
Based on PlayUSA projections, Missouri sports betting apps could generate more than $170 million in annual revenue, with FanDuel potentially securing a 30% market share. That would equate to about $51 million in revenue during the last four months of 2025, making Missouri a likely top-15 state for the company.
| State | 2024 population (estimate) | Total revenue from September to November 2024 | Revenue per capita (average) | Per-capita revenue |
|---|---|---|---|---|
| Arizona | 7,582,384 | $218,272,757 | $28.79 | |
| Massachusetts | 7,136,171 | $208,283,016 | $28.19 | |
| Indiana | 6,924,275 | $159,157,350 | $22.99 | |
| Maryland | 6,263,220 | $197,372,081 | $31.51 | |
| Colorado | 5,957,493 | $150,086,924 | $25.19 | |
| Total | 33,863,543 | $933,172,128 | $27.56 | |
| Missouri (projected) | 6,245,466 | $172,105,287 | $27.56 |
Missouri could also become a relatively important market in FanDuel’s broader portfolio. The operator’s most profitable states include Illinois, Ohio, Pennsylvania, New Jersey and New York. Adding Missouri would not only boost revenue but also create an interesting geographic link: the state would fill the gap between Kansas and Illinois, giving FanDuel state-line-to-state-line sports betting coverage stretching from Wyoming to Vermont.
Fanatics-Boyd team-up reshapes Missouri sportsbook landscape
In another major development, Fanatics Betting and Gaming (FBG) announced a strategic, multi-year partnership with Boyd Gaming. Under the agreement, Fanatics Sportsbook will operate mobile sports betting under Boyd’s license and will open branded retail sportsbooks at Ameristar Casino Hotel Kansas City and Ameristar Casino Resort and Spa St. Charles.
“Fanatics Sportsbook plans to launch its online and retail betting products with the debut of regulated sports wagering in Missouri this December, contingent upon receipt of all required regulatory approvals,” the company said in announcing the partnership.
The rollout will also feature Fanatics’ signature consumer incentives. As the company put it in a GlobeNewsWire press release: “Winning Hits Different in Missouri on Fanatics Sportsbook with up to 10% FanCash back on every bet, win or lose; Fair Play™ injury protection; and events and experiences that only Fanatics can pull off.”
Boyd Gaming will benefit from Fanatics’ growing brand presence and customer base, while FBG strengthens its national expansion alongside competitors such as DraftKings, FanDuel and BetMGM.
The partnership highlights the importance of tethered licenses in Missouri, as operators unable to secure one of the two untethered licenses must align with a local partner to participate.
Countdown to Missouri sports betting apps launch begins
With the tethered license application window closing in just a few weeks, the Missouri sports betting landscape is beginning to solidify. DraftKings and Circa will enter the market untethered, while FanDuel, BetMGM, Fanatics and others race to finalize tethered deals.
The MGC is expected to announce tethered license approvals this fall, giving operators a short runway to prepare before the Dec. 1 statewide launch ahead of the NFL playoffs.
Missouri’s mix of untethered and tethered operators, combined with strong competition among industry heavyweights, positions the state to quickly become one of the most competitive sports betting markets in the Midwest.
