DraftKings and Underdog are the first two operators to apply to launch online sports betting in Missouri’s upcoming market.
In the month since the Missouri Gaming Commission (MGC) began accepting bids for licenses from interested operators in mid-May, those two companies are the only who have lodged a formal application to date, an MGC spokesperson told SBC Americas.
DraftKings did not provide a comment when asked, but Underdog told SBC Americas it is confident in the strength of its proposal.
“We’ve had a longstanding and collaborative relationship with the Gaming Commission, including securing a license for our fantasy sports offerings in the state,” said Underdog’s Senior VP of Government Affairs and Partnerships Stacie Stern. “We’ve submitted a strong application for a sports betting license and look forward to continuing to work closely with the Commission throughout the review process.”
Underdog currently operates sports betting only in North Carolina, but has secured licenses to launch in Colorado and Ohio.
Under the legal framework for sports betting, the MGC can issue up to 19 retail licenses and up to 14 online licenses. Sportsbooks can either apply for one of two untethered “direct” licenses or seek to partner with one of the state’s six professional sports teams or one of the 13 bricks-and-mortar casinos. Each casino is entitled to two skins.
Applications for one of the two direct untethered online sports betting licenses are due on July 15 and those licenses will be awarded on Aug. 15. All other applications must be completed by Sept. 12.
Sports betting will be taxed at 10% and mobile sports betting licenses will cost $500,000 for a five-year term.
The Missouri online sports betting market is slated to launch on Dec. 1.
Who else will be applying?
SBC Americas reached out to various other operators seeking information on their plans.
While BetMGM has not yet applied, based on the MGC’s comments, it certainly intends to.
“We are preparing,” a spokesperson said. “Our plan is to satisfy all requirements to be ready to launch on Day 1.”
The MGM Resorts International and Entain joint venture secured market access in the state through a long-term deal with Century Casino & Hotel Cape Girardeau that will allow BetMGM to provide its online and mobile sportsbook under Century’s existing Missouri license.
U.S. market leader FanDuel and rising challenger Fanatics seem likely bets to apply for a Missouri license. Both operators declined to comment when asked by SBC Americas. Bet365 did not respond to a request for comment but seems primed to apply, given that it also secured market access via a partnership with the St. Louis Cardinals Major League Baseball franchise in March.
As well as Century Casinos, ESPN Bet and Hollywood Casino owner PENN Entertainment, Bally’s, Boyd Gaming and Caesars all own or operate land-based casinos in the Show-Me State.
