The Missouri Gaming Commission Awarded Sports Betting Licenses to Draftkings and Circa Sports on Friday.
It’s a move that some keen observers of the gaming industry saying is a Major Surprise, Especially Considering Sports Betting Giant Fanduel was also making a play for whatso for? ” License.
“To put this in terms that I think most missourians could undersrstand, it’s kind of like the 2019 st. louis blues winning the stanley cup,” said steve bittenbeer, a writer and analyst for Betmissouri.com“This really came from out of nowhere.”
Missourians Legalized Sports Betting Last Year. And that Constitutional Amendments Gives The Missouri Gaming Commission Power to Give Two Licenses To Sports Betting Operators that Don’T Have An Agreement With a Casino or Sports Team.
Commissioners Picked Draftkings and Circa Sports on Friday, while Fanduel Failed to Make the Cut.
Ryan Butler, A Senior Analyst At covers.comSaid the move was a “huge surprise” Since Fanduel is Considered a Much Bigger Player in the Sports Betting Arena.
“Draftkings and fanduel absolutely had a bigger reputation,” butler said. “They’ve advertised across the country. They’ve spent literally billions on their product and marketing and all this stuff with it. And Circa Sports is A MUCH SMALLER, I’D Almost Say, I’D Almost Say, Niche Type Book. “
Missouri Gaming Commission Executive Director Michael Lera Said That Commissioners Liked How Circa Sports Catered to Larger Bettors. Draftkings and fanduel tend to market themselves to avid sports watchrs, as opposed to people who bet more money regularly.
“They it as an opportunity to attract different types of bettors to the state, for example, higher wagering,” Leara Said. “And that seemed to be appealing to the commissioners. INTEAD of Having two of the exact matter type of business models and betting platforms, having someting a little bit die at the peeple of The state. “
In a statement, Circa Sports Ceo Derek Stevens said “We came in as the long shot against national giants like draftkings and fand Operator. ” “We Didn’T win by trying to be the biggest,” Stevens said. “We won by staying true to who we are.”
Brian Munoz
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St. Louis public radio
An unusual system
Both butler and bittenbender said missouri is unusual compared to other states that offer sports betting. Most States Require An Agreement with a Casino or a Sports Team to Operate, Which often Costs Millions of Dollars for the Betting Service.
Missouri’s Sports Betting Amendment Does Provide the option for Fanduel to Partner with a Casino or Sports Team and Launch a Mobile Application throughout the state. Other Popular Sports Betting Operators, Such as BetmgmAre planning to take a similar approach Before Sports Betting Begins in Earnest on dec. 1.
“For the Missouri Sports Bettor Who Wants, It Does Not Matter if it’s tethered or unteethed. He or she is not going to know the difference,” Butler Said. “This is entryly just from the financial percent of it. So fanduel is going to find a tethed partner.
In Fact, on the same day the Missouri Gaming Commission its decision on the two tethered licenses, fanduel announced a partnership with st. Louis city sc.
“Missouri is home to some of the most passionate sports fans in the country, and we are through partner with st. louis city sc to introduce our industry leading product to the show me state,” Raffensperger, President, Sports at Fanduel, in a statement. “We look forward to support the team and engaging with the communication as we brings america’s #1 sportsbook to fans across missouri.”
To be sure, Circa Sports is Not Necessarily a Tiny Player in the Sports Betting Arena. The Sportsbook Area at Circa’s Las Vegas Resort is One of the largest in the worldWith a capacity of roughly a thousand people.
Butteenbender said it was notable They’re considered what’s knowledge as a “low hold” operator that ends up giving a larger percentage of money back to people making bets.
“They’re not going to produge the tax revenue that fanduel and draftkings will,” Bittenbinder. “But by brings in these new customers, and by brings in these high-dollar bets, even if there bets win and the gaming commission does not see the tax revenue from it Missouri. And that money is going to be spent or investment some in the state. “
Given that fanduel spent millions of dollars to help pass sports
“It’s a larGely symbolic Victory. It Saves Them A Few Million Dollars,” butler said. “But the little guy took down the big guy. And as someone who spends all day in the industry, there’s a lot of just persuasion and expertment for the little guy.”