Fanatics Partners with Boyd Gaming to Enter Missouri Betting Market
Fanatics Sportsbook secured entry into the Missouri sports betting market on Monday through a partnership with Boyd Gaming. The agreement provides Fanatics with the necessary market access after the company was unable to obtain one of Missouri's limited untethered licenses. By aligning with Boyd, Fanatics will be able to launch online sports betting operations under Boyd's existing license in the state.
LISTEN TO THIS ARTICLE:The partnership extends beyond online wagering. Fanatics and Boyd Gaming will collaborate to open retail sportsbooks at two Boyd-owned properties in Missouri. The Ameristar Casino Hotel Kansas City and the Ameristar Casino Resort and Spa St. Charles are set to host Fanatics-branded retail sportsbooks. These facilities are still subject to regulatory approval, and Fanatics' in-house trading team will supply odds for the venues once they open.
Missouri is preparing to roll out regulated sports betting on December 1. The state's market has attracted significant interest from both national and international operators, as it presents a new opportunity for expansion in a region with a strong sports culture.
Fanatics formally applied for retail and online licenses with the Missouri Gaming Commission (MGC) earlier this month as part of its preparation for the launch. Under Missouri law, tethered license applicants like Fanatics are required to partner with an existing casino operator to gain market entry.
The regulatory framework in Missouri allows for up to 14 online licenses, but only two are considered untethered. These rare licenses grant operators the ability to enter the market independently without requiring a land-based casino partner.
Earlier this month, the MGC awarded those untethered licenses to DraftKings and Circa Sports. Both companies paid $500,000 for their untethered licenses, which come without revenue-sharing obligations.
In contrast, tethered licenses, which cost $250,000, require operators to share profits with their partner casinos. These agreements may also involve additional costs such as exclusivity fees, sponsorship arrangements, or guaranteed payments. For Fanatics, the deal with Boyd Gaming ensures a foothold in Missouri while tying the sportsbook's financial commitments to Boyd's casino operations.
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Operators Anxious to Launch in Missouri
The competitive Missouri market has quickly attracted other high-profile operators. FanDuel, bet365 and BetMGM have all secured tethered licenses and announced their market access partnerships.
BetMGM partnered with Century Casino & Hotel Cape Girardeau earlier this year, while bet365 entered into an agreement with MLB's St. Louis Cardinals. FanDuel recently finalized a deal with Major League Soccer club St. Louis City SC, strengthening its position in the state through a sports team partnership.
The campaign to legalize sports betting in Missouri drew major financial support from the industry. FanDuel, alongside DraftKings, spent millions advocating for legislation. FanDuel alone contributed more than $3 million in 2023 toward a ballot campaign backed by six professional sports teams that ultimately pushed wagering forward in the state.
Other operators are also working toward establishing a presence. Underdog has applied for a tethered license but has yet to announce its casino partner. Caesars Entertainment, Bally's and PENN Entertainment, which owns ESPN Bet, all have land-based casinos in Missouri but have not confirmed their sportsbook launch plans.
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