Circa Sportsbook has earned one of Missouri’s first two mobile sports betting licenses, a surprising development that positions a book celebrated by winning bettors to take wagers in the state.
DraftKings, the nation's No. 2 sportsbook by handle, earned the other license at Friday’s Missouri Gaming Commission (MGC) meeting. Both Circa and DraftKings are set to accept wagers on the state’s Dec. 1 legal sports betting launch.
"We're pleased to secure one of two direct mobile licenses in Missouri - paving the way for us to bring DraftKings' industry-leading online sportsbook to fans across the state," DraftKings president and co-founder Matt Kalish said in a statement.
U.S. market share leader FanDuel was the third applicant for the two “untethered” licenses awarded Friday. It can still apply for a tethered license ahead of the state’s Sept. 12 deadline.
The untethered licenses mean a third-party sportsbook does not have to partner with a Missouri brick-and-mortar casino or sports team to achieve market access eligibility, potentially saving the book millions of dollars annually.
How Circa pulled an upset
Circa’s license came against long odds. The MGC was required to consider marketing spend, revenue generation, and customer acquisition, factors that all seemed to favor FanDuel and DraftKings.
Based in Nevada, Circa has earned a strong following among bettors for its betting lines and high wagering limits. Unlike most other sportsbooks, Circa has the same available wagering limits on each bet for all customers and openly courts "sharp" action.
CEO Derek Stevens acknowledged at a licensing hearing Wednesday Circa could not match FanDuel and DraftKings in marketing spend or customer acquisition. He argued Circa’s business model distinguished it from all other books, presenting a new opportunity for a different kind of bettor and revenue generation channel for the state.
The MGC valued this opportunity ahead of the massive customer bases and projected revenue generation from the two national U.S. market share leaders.
"Winning one of Missouri’s first two untethered mobile betting licenses is a great honor," Stevens told Covers on Friday. "We came in as the long shot against national giants like DraftKings and FanDuel, but our licensure approval today proves there’s room for a different kind of operator. Circa Sports is built for bettors, with sharp odds, high limits and a low hold."
Both FanDuel and DraftKings have more than three million monthly average users. Each has spent hundreds of millions of dollars on advertising, free bets, and other promotions since the Supreme Court struck down the federal wagering ban in 2018.
DraftKings projected $175 million in yearly revenue at Missouri sports betting “market maturity” during a licensing presentation before the Missouri Gaming Commission Wednesday. FanDuel projected $400 million in annual revenue in the coming years.
FanDuel expects $400 million in Missouri sports betting annual gross gaming revenue at market maturity, company officials said during a licensing presentation today; that would be more than double DraftKings' revenue projections for the state
— Ryan Butler (@ButlerBets) August 13, 2025
That would generate close to $60 million in annual taxes for the state government, based on Missouri’s 10% tax on gross gaming revenue.
Stevens did not offer a revenue projection during Wednesday’s presentation, though he said the vast majority of his book’s handle comes from bettors wagering more than $50 on each bet, a figure significantly higher than DraftKings and FanDuel’s customers. Circa targets a 3.5% sports betting hold rate, Stevens said, compared to the 10% (or higher) goal for most other major U.S. books.
"We didn’t win by trying to be the biggest. We won by staying true to who we are, and I want to thank the Missouri Gaming Commission for recognizing that and giving us the opportunity to bring the Circa Sports experience to the State of Missouri," said Stevens. "We can’t wait to get started!"
FanDuel and DraftKings are the first or second-highest-grossing sportsbooks by revenue and handle in all of the more than two-dozen states they each accept mobile sports bets. Circa typically has low single-digit market share in the states it operates.
More context
FanDuel and DraftKings seemed positioned for the two licenses before the ballot measure passed.
After the Missouri legislature rejected sports betting legalization efforts in multiple sessions, the state’s pro sports teams organized a signature gathering campaign to put approval on a voter-backed constitutional amendment. FanDuel and DraftKings contributed nearly all of the $40 million raised to fund the signature drive and the “yes” vote on the ballot.
This all but guarantees FanDuel will seek a tethered license. It will have multiple potential partners with Missouri casinos or teams, several of which would seem eager to partner with a national market share leader.
FanDuel could join as many as 10 other potential applicants.
Caesars and ESPN BET are set to enter the state via partnerships with their respective parent companies’ operation of Missouri casinos. BetMGM has announced a market access deal with Century Casinos and bet365 will enter the state through a deal with MLB’s St. Louis Cardinals.
Fanatics and Underdog have also applied for mobile licenses but have not announced market access partners. BetRivers, Hard Rock, and Bally Bet are among the other leading candidates to apply for a sportsbook license.
