Missouri Sees Big Interest in Sports Betting Launch

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00:00The state of Missouri, where a large portion of the state

00:04seemingly interested in betting on sports.

00:06Sam McQuillan joins us here now.

00:08And by large, Sam, I mean, to me, I read this article in this column

00:13that you posted here on social media.

00:15My gosh, like, I never would expect more than 1% of the state

00:19to be downloading apps and betting.

00:21But it's a lot higher than that.

00:23People were really salivating at the opportunity.

00:26And tell us about the numbers and where they stand.

00:30Right, again, this has been a really interesting launch

00:33because it's the first state we've had launch a live sports betting market

00:37in over a year.

00:39You know, we're now at about 39 states with legal sports betting.

00:42So we're far away from those days where we were launching,

00:46you know, one after the other.

00:47It kind of seemed like there'd be like four or five a year.

00:49So it's interesting to look at Missouri here,

00:51where you have 250,000 active accounts on day one,

00:56which, as you alluded to, Craig, is 6.4% of the state's population over 21.

01:02Now, of course, that doesn't mean that 6.4% of people in Missouri are betting.

01:07You can have multiple accounts.

01:09You know, the average sports bettor, I think, has one to two accounts.

01:12But it's still a large sample size,

01:15especially when you talk about not having a state launch in a long time.

01:19And another really interesting thing was about 75% of those accounts

01:22were pre-registered in November before the state went live with sports betting

01:26on December 1st, which has been a big thing that states are now doing

01:31where they can have people sign up and have the books, you know,

01:34issue promotions even before launch day.

01:36So there's already an immediate ramp up.

01:39You had, obviously, the Monday night football game

01:41between the Patriots and the Giants

01:44was kind of the big first game that people were betting on.

01:47There were about 2.6 million geolocation checks,

01:51which means any time you're on a sports betting app

01:54or logging in or logging back in during the game.

01:57So big numbers there.

01:59LSR is projecting about $625 million in handle

02:03just in the first month,

02:05which would be about $60 million in revenue,

02:08which is largely fueled by, you know,

02:10the outsized promos that are being spent in the state.

02:13You know, I'm in a state like New York

02:14where we've had sports betting for a long time now.

02:16We don't have the same promos

02:18that a new state like Missouri is getting.

02:20And, of course, we expect it, again,

02:21to be a two-horse race between DraftKings and FanDuel

02:24as kind of the whole sports betting story has been so far.

02:28But Missouri seems to be off to a hot start.

02:31They're certainly doing good numbers according to their size.

02:34They're surrounded by other legal states,

02:36which I think has helped as well,

02:38kind of project they're going to be around similar to Maryland,

02:40which makes sense because it's around the same size,

02:43around the same population.

02:44So it's something we're going to keep monitoring

02:46throughout the year

02:47and going to be really interesting

02:48when we talk about sports books

02:50and their approach to next year

02:51because, again, Missouri is really the only new state

02:54that will be impacting their promo spend

02:56and kind of what they do with their dollars

02:57and business decisions.

02:59So something we'll keep watching,

03:00but off to a hot start for Missouri.

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