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In a state where only two sports betting operators can offer their mobile wagering platforms without any connection to an existing casino or sports team, the heavyweights have shown up to claim the licenses.
This past week, it was revealed that FanDuel and DraftKings have applied for Missouri’s “untethered” mobile licenses. In a surprise move, the small sportsbook Circa Sports also applied.
Why Missouri’s untethered licenses matter
Sports betting is a competitive industry. Often, states have multiple sports betting operators battling for customers so they can generate as much handle (total amount bet) and revenue as possible. Typically, two operators earn at least 70% of a state’s sports betting handle and revenue: FanDuel and DraftKings.
Here’s a snapshot of how dominant the two sportsbooks are in some of the top sports betting markets in the country:
| State | Month | FD/DK revenue | Total revenue | FD/DK revenue share |
|---|---|---|---|---|
| Massachusetts (mobile) | June 2025 | $48,867,134.76 | $61,575,864.10 | 79.36% |
| New York (mobile) | June 2025 | $156,168,978 | $206,510,168 | 75.62% |
| Ohio | May 2025 | $63,679,079 | $87,073,568 | 73.13% |
| New Jersey | June 2025 | $60,114,518 | $91,858,292 | 65.44% |
Missouri’s untethered licenses would allow FanDuel and DraftKings to maximize their revenue by eliminating a license partner that would, in theory, take a cut of the revenue the two companies earn. With that in mind, it’s no surprise that the two sports wagering titans submitted applications for untethered licenses.
While Circa Sports is by no means out of the running for an untethered license, it would likely be tough for Missouri legislators to pass on the significant tax revenue that FanDuel and DraftKings could bring the state. For example, if DraftKings and FanDuel have a 70% share of the state’s sports betting revenue during the heart of the 2026 NFL season, PlayUSA estimates the pair could generate roughly $12 million in tax revenue.
While it’s no guarantee that FanDuel and DraftKings are a lock for the untethered licenses, there’s a strong chance we could hear their names called on August 15 when the Missouri Gaming Commission announces the recipients.
Public offers comments on sports betting rules
This past week, members were able to give comments about specific Missouri sports betting rules at a special MGC meeting. The public comment adds to a growing library of Missourians’ opinions, as the MGC also gathered emailed opinions from members of the public. The MGC has yet to release a recording of the session on its public website.
What’s ahead for Missouri sports betting?
There are three key dates that lie ahead for Show Me State sports betting:
- August 13: The state’s untethered license applicants will appear before the MGC.
- August 15: The MGC will announce the recipients of the state’s two untethered licenses.
- September 12: The sports betting application window closes.
- December 1: The slated launch date for Missouri sports betting.
