A relatively smaller sportsbook will challenge FanDuel and DraftKings for an untethered sports gambling license in the state of Missouri. The Missouri Gaming Commission announced that Circa Sports submitted a postdated application after the window closed on July 15.
- Image
Missouri will only offer two untethered licenses when its sports gambling market opens on December 1, 2025.
Terms and Conditions
New customers only. Deposit min. $10. Place first bet of min $5 and get $150 in bonus bets if your bet wins.
Gambling Problem? Call 1-800-GAMBLER.
21+ and present in OH.
Circa Sports' Uphill Battle
When it was announced that Missouri would allow two out-of-state licenses, it seemed obvious that FanDuel and DraftKings would each get a license.
The two giant US sportsbooks were instrumental in opening up the market, contributing tens of millions of dollars to Winning for Missouri Education.
Unlike FanDuel and DraftKings, which are available in over 20 states, Circa is only legal in five states: Nevada, Colorado, Iowa, Illinois, and Kentucky. It's going to be an uphill battle for the book to convince the Missouri regulators to acquire one of their out-of-town licenses.
As part of the application process, applicants must demonstrate their ability to maximize revenues for the state. In FY24, FanDuel generated $228.2 million of revenue in Maryland, a state of similar size to Missouri. DraftKings was second with $112.8 million in revenue.
It's hard to see how Circa can compete with the two largest books in the US, specifically considering its business model.
What Is Circa Sports?
What sets Circa Sports aside from other traditional sportsbooks is its lack of limits. The book will take bets of any size, which is particularly appealing for sharps who often find themselves limited by other books.
But that model hasn't always worked well for Circa. It lost almost $100,000 over a single day early in its existence.
The book also promises to offer less vigorish on its lines, ensuring they have more competitive lines than other books.
Ultimately, Circa is a no-nonsense book designed to offer lines and take wagers, and not to discriminate against those of us who seem to have a knack for winning.
Terms and Conditions
GAMBLING PROBLEM? CALL 1-800-GAMBLER, (800) 327-5050 or visit gamblinghelplinema.org (MA). Call 877-8-HOPENY/text HOPENY (467369) (NY).
Please Gamble Responsibly. 888-789-7777/visit ccpg.org (CT), or visit www.mdgamblinghelp.org (MD).
21+ and present in most states. (18+ DC/KY/NH/WY). Void in ONT/OR/NH. Eligibility restrictions apply. On behalf of Boot Hill Casino & Resort (KS). Fees may apply in IL. 1 per new customer. Must register new account to receive reward Token. Must select Token BEFORE placing min. $5 bet to receive $200 in Bonus Bets if your bet wins. Min. -500 odds req. Token and Bonus Bets are single-use and non-withdrawable. Token expires 10/19/25. Bonus Bets expire in 7 days (168 hours). Stake removed from payout. Terms: sportsbook.draftkings.com/
What Is The Benefit Of An Untethered License?
A tethered license holder must partner with one of the state's brick-and-mortar casinos or professional sports franchises. The state will approve up to 14 tethered mobile sports gambling licenses.
Unlike a tethered license, an untethered license holder is not required to strike this partnership as part of the licensing process.
Meaning the untethered licensee can skip any revenue sharing. Letting the book retain millions per year. That is a significant win in an industry where profit margins seem to shrink daily as more and more states increase the tax rate applied to sportsbooks.
