Missouri Set to Launch Legal Sports Betting on December 1st

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00:00the state of Missouri will implement legalized sports betting. Who do you anticipate will have

00:05access to that? Will it be FanDuel? Will it be DraftKings? I guess we're going to have to wait

00:09and see. Well, Craig, thank you so much for having me on. Well, yes, December 1st is going to be the

00:17launch date for Missouri sports betting, likely the only state in 2025 to launch sports betting.

00:25You asked who I think will be available in sort of the Missouri sports betting landscape when

00:32everything does launch. You're certainly going to see the big players in some way. You'll see your

00:39DraftKings, your FanDuel, Fanatic Sportsbook, Bet365, Caesars. But right now, what's being discussed

00:48is who is awarded the very valuable untethered online sports betting licenses. There was a

00:57hearing yesterday which involved representatives from FanDuel, DraftKings, and Circus Sports,

01:05all making their case to the Missouri Gaming Commission to be awarded one of two untethered

01:13online sports betting licenses. Now, these licenses are valuable because they don't have to partner

01:20with either a casino or a sports franchise to do business in Missouri, which basically means that

01:28they don't have to enter into a revenue sharing agreement. They don't have to pay for a market

01:33access partnership. Basically, they get to keep 100% of the tax revenues themselves. There are only two of

01:40these licenses available. There are three candidates. As I mentioned, you have FanDuel and DraftKings,

01:45who are by far the two largest players in the sports betting landscape. And then you have the

01:52absolute dark horse in Circus Sports. Circus Sports is a very well-respected operator. They don't do

02:02anywhere near the business of FanDuel or DraftKings, but they cater to, I guess you would call it a less casual

02:11class of bettors. Their CEO and founder, Derek Stevens, during their licensed presentation, basically said that

02:21they, over 95% of their handle, handle, excuse me, comes from a $50 or more bet, where in terms of DraftKings

02:31at FanDuel, I mean, you'll see more of the $1, $5, $10 bett varieties. So right now, basically,

02:38we're sort of waiting to see what's going to happen. The Missouri Gaming Commission will make

02:42their decision on who gets these two licenses tomorrow, actually. They have a meeting at 9 a.m.

02:49Central time, and they're going to award the first two ever sports betting licenses in the state.

02:54It's very exciting. We'll get to know who the rest of the operators are in September,

03:00when the partnered license applications are due. And we're well on our way to another state offering

03:07sports betting.