The two nationwide U.S. sports betting revenue market share leaders expect similar success in Missouri.
- FanDuel, DraftKings project more than $575 million combined annual Missouri sports betting revenue.
- Both companies expect Missouri to rank 14th in population among their operating states.
- Missouri’s “untethered” licenses favor national leaders; the state will announce winners Aug. 15.
FanDuel and DraftKings both estimated more than $150 million in annual gross gaming revenue from Missouri bettors within the next five years, per respective presentations the two operators made to state regulators Wednesday. Combined, they expect to generate more than $575 million in sports betting revenue at “market maturity.”
At Missouri’s 10% tax rate on gross gaming revenue, that would mean nearly $60 million in combined annual taxes paid to the state from the two books.
The two daily fantasy sports pioneers turned online gaming leaders are first and second in handle and revenue in every state they operate. Wednesday’s presentations made it clear they expect to continue that trend in Missouri when legal sports betting begins Dec. 1.
More Missouri sportsbook specifics
Speaking at a hearing to award two separate “untethered” Missouri sports betting licenses, FanDuel officials projected roughly $400 million in annual revenue from Missouri before the decade’s end. FanDuel, the national market share leader, expects to generate around $5 billion in revenue nationwide from its existing sports betting platform in 2025.
Missouri is set to be the 14th-most populated of the 23 U.S. jurisdictions where FanDuel operates its mobile sportsbook.
In its most recent earnings presentation, FanDuel expected free bets, marketing, and other promotions leading up to and through the Dec. 1 Missouri launch to cost the company $30 million in lost revenue.
DraftKings projected $175 million in annual revenue once Missouri reached market maturity within the next five years. The company estimates roughly $4 billion in 2025 revenue from its sportsbook this year.
For DraftKings, Missouri also represents the 14th-most populated state it will offer sports betting. DraftKings has live betting in 25 U.S. jurisdictions.
DraftKings officials projected more than $10 million in lost potential revenue during its most recent earnings call from its marketing and promotional push in the Show Me State.
Hearing and more books
The financial projections came as the two U.S. leaders remain the heavy favorites to win each of the “untethered” licenses available for prospective sportsbooks.
Missouri’s 2024 constitutional amendment that legalized sports betting created two distinct license classes, including the classification for two books that don’t have to affiliate with a third-party. Any other mobile sportsbook is required by law to partner with a Missouri brick-and-mortar casino operator or in-state professional sports team to be eligible for a license, an arrangement that typically costs the sportsbook company millions of dollars a year.
DraftKings and FanDuel combined to spend $40 million to support the ballot measure.
The ballot measure language also specified requirements for regulators to award the two untethered licenses. These mandates, which include marketing reach, customer acquisition potential and nationwide reputation, all would seem to favor the two U.S. revenue leaders.
DraftKings would be open to partnering with a Missouri brick-and-mortar casino or sports team and open retail betting kiosks if it doesn't earn one of two "untethered" licenses that require such a partnership, company officials said during a hearing today
— Ryan Butler (@ButlerBets) August 13, 2025
Circa Sportsbook was the only other applicant for one of the two untethered licenses. The Missouri Gaming Commission will announce the two recipients Aug. 15.
The sportsbook left without a license Friday can still pursue market access through one of the state casinos or sports teams. Circa CEO Derek Stevens said during his presentation his group had already discussed deals with MLB’s Kansas City Royals and the NHL’s St. Louis Blues.
BetMGM and bet365 have already announced market access partnerships with Century Casinos and MLB’s St. Louis Cardinals, respectively. Missouri casino operators PENN Entertainment (ESPN BET) and Caesars have also announced launch plans for their respective mobile sportsbooks.
Underdog and Fanatics have also applied for licensure but neither has announced a market access deal. BetRivers, Hard Rock, and Bally Bet are among other potential Missouri sportsbook applicants.
