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Missouri’s sports betting launch is finally within reach, and this week’s developments may have laid the groundwork for a very different kind of sportsbook experience in the Show-Me State. While industry giants DraftKings and FanDuel made predictable pitches to regulators for untethered licenses, the real intrigue came from a dark horse: Circa Sports.
The Las Vegas-based sportsbook isn’t trying to outmuscle its competitors on size or flashy promos. Instead, it’s betting that authenticity, sharp odds, and a high-limit betting model can win over the Missouri Gaming Commission. The decision? Coming Friday morning.
Let’s break down Circa’s pitch, the state of play for Missouri’s upcoming betting launch, and who’s already got a foot in the door.
Decision Day Is Friday: What’s on the Line?
Missouri will award two “untethered” sportsbook licenses on Friday, August 15. These golden tickets allow sportsbooks to operate mobile betting platforms without having to partner with one of the state’s 13 casinos or six professional sports teams. That means more independence, fewer revenue-sharing requirements, and direct access to the Missouri market.
On Wednesday, the three applicants, DraftKings, FanDuel, and Circa, each had 30 minutes to present their case to the Missouri Gaming Commission. The criteria were clear: the state is looking for operators that can deliver revenue, promote responsible gambling, and create a safe and sustainable platform.
For Circa, that meant embracing the underdog role and pitching itself not as a high-volume machine, but as a sportsbook for bettors who want real odds and respect.
Circa’s Big Swing: Betting on the Sharps
Circa’s CEO, Derek Stevens, opened his pitch by acknowledging the obvious — his company is “small potatoes” compared to the two industry giants. Rather than trying to match FanDuel and DraftKings dollar-for-dollar, Stevens leaned into what makes Circa different.
Instead of relying on parlays and high-hold markets, Circa targets experienced bettors who want competitive lines and high-limit action. Stevens shared that 95% of Circa’s wagers are $50 or more, and the sportsbook’s hold percentage is around 3.5% — far lower than the 10-16% hold most major books operate with.
That lower hold, he argued, attracts savvy bettors who are currently betting offshore. By offering better odds and fewer restrictions, Circa believes it can pull that money into the legal market, tapping into a customer base that other books ignore.
He also pointed out that 81,000 Missourians have already interacted with Circa through its Club One loyalty program, suggesting there’s already some local traction.
A Local Pitch, Missouri Style
Stevens wasn’t all business. He made a point to connect with Missouri’s culture, referencing conversations with local sports teams, a desire to sponsor youth sports, and his vision to host activation events across the state — similar to what Circa has done in Illinois.
Circa may not have the national marketing muscle, but its pitch leaned heavily on authenticity and community presence. Stevens was transparent: Circa likely won’t generate more taxable revenue than the others. But it will, he argued, attract a totally different kind of bettor.
“We’re going to attract people that want to bet legally and want to do this from an American perspective,” Stevens told regulators. “They would prefer to bet within the United States, within a legal jurisdiction.”
FanDuel and DraftKings Make Their Usual Power Plays
To no one’s surprise, DraftKings and FanDuel came prepared with big numbers and big expectations.
- DraftKings projected $175 million in annual gross gaming revenue within five years, built on a customer base of nearly 900,000 Missourians. The company also emphasized its $15 million investment in responsible gambling programs across 34 states and its deep partnerships with major leagues.
- FanDuel, for its part, believes it can generate $400 million annually by 2034, and noted that 110,000 Missourians have already bet with the platform in other states. FanDuel claimed it delivers 35% more revenue per dollar wagered compared to the industry average, citing its superior margin structure.
Both companies relied heavily on brand trust, size, and their ability to rapidly acquire massive user bases.
What If Circa Doesn’t Win?
Only two untethered licenses are available, so one operator will get left out. If Circa is passed over — which many expect, given the competition — they still have a potential fallback. Tethered licenses (those tied to casinos or pro teams) are still up for grabs, with the next application deadline set for September 12.
The catch? Those tethered deals often require revenue sharing and local partnerships, which Circa currently doesn’t have in Missouri. DraftKings and FanDuel, on the other hand, have existing DFS databases in the state and national casino partners they could lean on.
Who’s Already Locked In for Missouri Launch?
While the untethered license battle is in the spotlight this week, several legal U.S. sportsbooks already have their Missouri entry plans finalized:
- BetMGM: Partnered with Century Casinos and the Kansas City Chiefs
- bet365: Partnered with the St. Louis Cardinals
- Underdog: Applied early and is expected to partner for a tethered license
- Fanatics Betting & Gaming: Submitted application for both retail and digital tethered licenses
Expect more major names like Caesars, Bally Bet, ESPN BET, and possibly BetRivers to announce partnerships before the September 12 deadline.
Who Gets In? Missouri’s Decision Looms
The Missouri Gaming Commission meets again Friday morning at 9 a.m. CT to make its final decision on the untethered licenses. Until then, Circa, DraftKings, and FanDuel are all waiting to find out who made the cut.
No matter which two come out on top, Missouri’s December 1 launch is shaping up to be a strong one. Whether you’re a casual NFL betting user or a seasoned sharp, this is a market with plenty of room to grow.
As for Circa? If they do win one of the licenses, expect them to bring a very different flavor to Missouri sports betting — one that favors big bets, low juice, and sharp lines. Whether the state wants that kind of diversity in its market is the question Friday’s vote will answer.
