Derek Stevens Wins Over Missouri Regulators, Circa Named Untethered Book
Posted on: August 15, 2025, 10:39h.
Last updated on: August 15, 2025, 11:15h.
- The Missouri Gaming Commission has picked DraftKings and Circa Sports for its two untethered online sportsbook licenses
- The mobile licenses are valuable because they don’t require revenue sharing with a physical partner
- FanDuel was surprisingly passed over
Derek Stevens knows a thing or two about winning. He’s helped overhaul downtown Las Vegas with Circa. The showy businessman’s latest victory, however, comes by way of the Show-Me State.
On Friday, after fielding testimony a day earlier from representatives with sportsbook giants FanDuel and DraftKings, along with Stevens and his Circa Sports, the Missouri Gaming Commission (MGC) surprised the sports betting industry by awarding its coveted, untethered online sportsbook licenses to DraftKings and Circa. The latter came as a shock.
The Missouri Gaming Commission selects DraftKings and Circa Sports as the two top qualified applicants for the two available direct mobile licenses,” an MGC resolution signed August 15 read. “If either of the top qualified applicants is deemed unsuitable after full investigation, the Commission shall select another top applicant from the remaining applicants.”
Missouri voters authorized retail and online sports betting through a statewide referendum during the 2024 election. Amendment 2 narrowly passed by fewer than 3,000 votes.
The change to the Missouri Constitution allows retail betting at casinos and professional sports venues. It authorizes each licensed physical facility to partner with up to two online sportsbook operators, and additionally creates two untethered sportsbook skins.
Tethered mobile sportsbooks share a portion of their sports betting win with their physical partner. Untethered books retain 100% of their hold, making the two available concessions highly valuable in the country’s 19th most populated state.
Circa, DraftKings Victorious
DraftKings being awarded one of the two unattached sportsbook permits came as little surprise. The Boston-based sportsbook giant controls an estimated 35% of the mobile sports betting market outside of Nevada. That’s according to Alfonso Straffon, an online sports betting and iGaming analyst.
DraftKings operates mobile sports betting in 25 states, plus Washington, DC.
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,” said Matt Kalish, DraftKings North America president. “Missouri is home to several professional teams and deeply passionate fanbases, and we look forward to enhancing their sports experience with a dynamic and responsible mobile platform.”
FanDuel leads in terms of mobile GGR with an estimated market share of nearly 39%. FanDuel’s online sportsbook is live in 23 states, plus Washington, DC.
Circa Sports, operational in only Nevada, Colorado, Illinois, Iowa, and Kentucky, is thought to control less than 1% of the mobile sports gambling market. But Stevens, who presented Circa Sports’ presentation to the MGC on Thursday, won over the commissioners.
Winning one of Missouri’s first two untethered mobile betting licenses is a great honor,” Stevens said in a release.
“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. 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. We can’t wait to get started,” Stevens added.
Mobile Licenses
Pending favorable suitability probes, DraftKings and Circa Sports will pay $500K for their Missouri online sportsbook skins. Annual renewals are set at $500K.
Missouri will take 10% of all sportsbook revenue, regardless of whether the money is generated from an online or retail bet. The 10% sports betting tax is attractive, as the average rate is around 19% nationwide.
Last Comment ( 1 )
Wow what’s next. Maybe he will get 2% Derek Stephen’s wants to take over the gambling world.