The owner of Missouri’s lowest-grossing legal sportsbook by handle is pleased with the early results in the state.
- CEO Derek Stevens praised Circa's sports betting growth in Missouri despite the company trailing competitors in handle.
- The fan favorite sportsbook has taken a low-promotion, steady-growth strategy as rivals rely heavily on free bets.
- Missouri sportsbooks generated nearly $1 billion in handle in two months, though heavy promotions have limited tax revenue.
Circa Sportsbook trails seven rivals in handle, but company CEO Derek Stevens is impressed with the book’s performance, he told Covers in a recent interview. He said the company is taking the approach it wanted to take as it carves out a niche separate from higher-spending competitors.
“Missouri is the first time we've actually been on a launch date, and I'm very glad we didn't go nuts on the advertising because I just think that it was kind of some diminishing returns,” Stevens said. “I think what we've seen in all of our other states, we kind of grow at a more slow and steady pace, and I like it that way.”
Circa generated just under $3 million in handle during its first two months in Missouri compared to nearly $679 million combined for market leaders FanDuel and DraftKings. But Circa has deducted a smaller percentage of promotional free bets than most of its Missouri sports betting competitors and is one of just three operators to pay state gaming taxes on revenues during each of the state’s first two reporting periods.
Nevada-based Circa has become a favorite for “sharp” bettors. Known for its in-house bookmaking and high betting minimums, Circa has built up its reputation without spending billions of dollars like several of the national market-share leaders.
Missouri regulators granted Circa one of the state’s first two sports betting licenses largely due to the book’s ability to draw a different set of sports bettors than the major brands.
The company’s sportsbook is available in only a handful of states, and Stevens has maintained he doesn’t expect to launch in all of the more than two-dozen legal sports betting jurisdictions that house most of the national brands. Instead of large-scale TV and internet advertising campaigns, Circa has prioritized direct team sponsorships, including partnerships with the Kansas City Royals and St. Louis Cardinals.
“We've taken a different approach than others,” Stevens said.
Missouri sports betting figures
Missouri's eight sportsbooks have accepted more than $919 million in bets during their first two months of legal betting, generating some of the highest initial per capita handle totals of any state. FanDuel estimated that roughly 5% of the Missouri adult population placed a bet within the first 30 days of launch, exceeding the company’s expectations.
Those handle numbers have been ballooned by several hundred million dollars in free bets. Missouri allows operators to deduct those bets against their revenues for their tax liabilities, which in turn has led to only $526,000 in taxes despite nearly $1 billion in handle.
Missouri’s handle (and free bet) totals nearly dropped in half between December 2025 and January 2026, an expected decline after the major books’ promotional blitz in conjunction with the Dec. 1 launch. February, in part due to fewer NFL games and days of the month, is expected to continue that decline when figures are reported in the coming days, though tax revenue is expected to increase as promo dollars dry up.
Stevens said that as of March 26, the month has already been Circa’s highest grossing by handle, driven by the first round of the NCAA Tournament. With fewer promo dollars expected from the nationwide brands, Stevens said he was optimistic Circa’s growth trend would continue through March and the rest of the year.
“We're not really that focused on these people that want to deposit just so they can get a deposit bonus, and then they get hammered on 20% hold wagers and then they go away,” Stevens said.
