Fanatics found its market access partner in Missouri on Monday as one of the online sports betting operators that failed to secure an untethered wagering license in the state.
The sports betting and casino operator reached a market access agreement with Boyd Gaming to provide online sports betting in the Show-Me State under Boyd’s license.
As part of the deal, Boyd and Fanatics will collaborate to launch brick-and-mortar sportsbooks at two Boyd properties in Missouri. The properties that will house a Fanatics-branded retail sportsbook are Ameristar Casino Hotel Kansas City and Ameristar Casino Resort and Spa St. Charles, with plans to open the facilities pending regulatory approvals. The retail sportsbooks will have odds provided by Fanatics’ trading team.
Missouri is set to debut as a regulated sports betting market on Dec. 1.
Fanatics prepared for its potential launch in Missouri by applying for a retail and online wagering license with the Missouri Gaming Commission (MGC) earlier this month. Fanatics applied for one of the state’s tethered licenses requiring a partner for market access. SBC Americas reached out to Fanatics for comment on the market access deal.
Circa Sports makes a splash in Missouri
Missouri’s gaming regulator can issue up to 14 online sports betting licenses but only two are untethered, which don’t require a market access partner and have less long-term financial ramifications. Earlier this month, the MGC awarded Circa Sports and DraftKings the state’s two untethered licenses. DraftKings and Circa are required to pay $500,000 for their untethered licenses due to no-revenue-sharing requirements. On the other hand, Fanatics along with other tethered license holders will have to pay $250,000 for their licenses.
Fanatics’ tethered license will require the operator to share profits with Boyd through a percentage of gaming revenue or annual guaranteed payments. Market access agreements for operators may also include exclusivity fees, sponsorship fees and actual launch fees.
Missouri’s growing portfolio of online sportsbooks
FanDuel, bet365 and BetMGM have already announced launch plans in Missouri through their tethered licenses. BetMGM secured a market access deal in May with Century Casino & Hotel Cape Girardeau, while bet365 is partnering with the St. Louis Cardinals.
Last week, FanDuel secured a deal with MLS club St. Louis CITY SC. The Flutter brand secured a deal for its tethered license after spending millions with DraftKings to campaign for approval for online sports betting in Missouri. Last year, it contributed more than $3 million to a campaign led by six professional sports teams to bring wagering to Missouri.
Underdog has also applied for a tethered license but has yet to announce its partner. Caesars, Bally’s and ESPN Bet owner PENN Entertainment all operate land-based casinos throughout the Show-Me State. Caesars and Bally’s haven’t confirmed their plans, but PENN told SBC Americas that it will launch ESPN Bet not only online but also as a physical retail sportsbook at its three casinos in the state.
Missouri’s gaming regulators can issue up to 19 retail sports betting licenses.
