Latest news with #MissouriGamingCommission
Yahoo
4 hours ago
- Business
- Yahoo
DraftKings, Circa Sports win Missouri mobile gambling licenses: What to know, what's next
The Missouri Gaming Commission has announced its selection of the companies that will receive for the state's two available direct mobile sports betting licenses. In a press release on Friday, the commission said it awarded the state's lone two untethered sportsbook licenses to DraftKings and Circa Sports. That means the companies can operate independently in the state without needing to first partner with a casino or sports team. "The Commission considered many factors before the two applicants were chosen," Missouri Gaming Commission Chairman Jan Zimmerman said. "It was a difficult decision, but the Commission is only able to grant twolicenses." Gambling company FanDuel was not awarded an untethered license despite contributing millions to the campaign to legalize sports betting in the state. In response, FanDuel announced it has entered into a new market access agreement with soccer club St. Louis CITY SC. What's the difference between tethered and untethered? Missouri offers two types of sports betting licenses – untethered and tethered. With untethered licenses, sportsbooks can operate in Missouri independently and are able to keep 100% of their revenue, less a 10% state tax on gross gaming revenue. Meanwhile, a tethered license requires sportsbooks to partner with either a Missouri-based casino or a Missouri-based professional sports team. Companies also have to share their revenue with their market access partner, and are subjected to the same 10% gross gaming revenue tax. The deadline for tethered license applications is Sept. 12. Is sports betting legal in Missouri? After voters narrowly approved Amendment 2 during last year's general elections, Missouri became the 39th state to legalize sports betting. This added a constitutional amendment allowing both in-person and online sports wagering. Although sports betting is technically legal, it has yet to be implemented. Sports betting will truly go into effect once the state's gaming commission finishes setting up regulations, as well as grants licenses to participating sports betting operators. When will sports betting be legal in Missouri? According to the Missouri Gaming Commission, sports wagering is officially set to launch in Missouri on Dec. 1. Fourteen sportsbooks are expected to be operational in the state by that time. This article originally appeared on Columbia Daily Tribune: Missouri sports betting: DraftKings, Circa Sports approved, what to know
Yahoo
19 hours ago
- Business
- Yahoo
DraftKings (DKNG) Stock Trades Up, Here Is Why
What Happened? Shares of fantasy sports and betting company DraftKings (NASDAQ:DKNG) jumped 3.1% in the morning session after the company secured a direct mobile sports betting license to operate in Missouri. The Missouri Gaming Commission granted the company one of only two "untethered" sports betting licenses in the state. This allows DraftKings to operate its online sportsbook independently, without needing to partner with a land-based casino or professional sports team. The direct license provides broader market access and potential cost savings. This approval, announced on Friday, August 15, paves the way for the company to launch its platform on December 1, 2025, marking the 29th U.S. state where DraftKings will offer regulated sports betting and highlighting the expansion of its North American footprint. After the initial pop the shares cooled down to $45.68, up 1.6% from previous close. Is now the time to buy DraftKings? Access our full analysis report here, it's free. What Is The Market Telling Us DraftKings's shares are quite volatile and have had 16 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The biggest move we wrote about over the last year was 6 months ago when the stock gained 14.3% on the news that the company reported strong fourth-quarter results, which blew past analysts' EPS and EBITDA expectations. Looking ahead, it slightly lifted its full-year revenue guidance, beating analysts estimates', while EBITDA outlook for the same period was roughly in line. On the other hand, revenue missed expectations by a whisker as average revenue per user dropped 16%, primarily due to lower spending from Jackpocket users and a lower sportsbook hold rate. This dynamic played into earnings, as GAAP operating margin fell. Overall, this was a decent quarter with key positives. DraftKings is up 25.9% since the beginning of the year, but at $45.68 per share, it is still trading 14.6% below its 52-week high of $53.49 from February 2025. Investors who bought $1,000 worth of DraftKings's shares 5 years ago would now be looking at an investment worth $1,228. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-06-2025
- Business
- Yahoo
Missouri prepares for sports betting rollout
JOPLIN, Mo. — Legal sports betting in Missouri is now just a few months away. If you want to place a bet on the big game, that's legal for half of the Four States. Sports betting is allowed in Kansas and Arkansas, and isn't far off for Missouri. 'For a number of years, people have tried to convince us that we are losing revenue to other states. It doesn't change the activity. People who live in Missouri still engage in the activity. It's just that we don't benefit in any way from it, and it was simply good for business,' said MO. Rep. Lane Roberts, R. The Show Me State switch is happening in 2025 with the 'Missouri Gaming Commission' taking applications for direct mobile licenses through next month. There are a couple more months to go for applicants for other retail and mobile licenses. 'I think we're pretty much on target – I believe the end of the year is what we'd like to accomplish,' said Roberts. Voters approved sports betting last fall, setting that timeline in motion. Much of the tax revenue from the change is earmarked for education. That comes from a state tax of ten percent, something that had been a longtime issues for state lawmakers. 'We normally try to attach that to something that benefits a certain area of our budget or a population,' said Roberts. The Gaming Commission expects to officially launch Missouri Sports betting on December 1. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
17-05-2025
- Business
- Yahoo
When can you bet on sports in Missouri? Gaming commissioner speaks out
KANSAS CITY, Mo. — Back in November, the sports betting measure on Missouri ballots passed. The initiative voters approved said sports betting has to be in place by December 1. It's taken every bit of that time, but why? Since November, the Missouri Gaming Commission has been creating rules, including how people are going to wager and where those wagering locations will be. It's the application phase not just for sports betting, but for all gambling in the state of Missouri. Missouri Gaming Commission Chairman Jan Zimmerman says it's a very involved process, and she's confident people have been anticipating the date for some time now. George Brett makes good on '85 promise ahead of anniversary celebration 'Well, I think that the reason that everyone's so interested right now is that, you know, there was a lot of hope that we would be able to, to be up and running by maybe the World Series or maybe the start of the football season,' she explained. 'And, you know, the staff just feels, no matter how they do the math, that we're just not going to be able to do it before December 1.' Zimmerman also mentioned that whether casinos or sports teams, as the initiative petition also provided a 'sports district' surrounding a stadium (400 yards out from the stadium), will be known as a sports wagering district. Potential for Clay County stadium gets boost from Missouri House bill 'First, we had to create those rules and, you know, create all of the rules that are associated with, you know, how people are going to wager, you know, where those wagering locations were going to be,' Zimmerman continued. 'The Gaming Commission is dedicated to making sure that, you know, no one inappropriate gets a license. That, you know, we vet all those people and we check financial background and criminal history.' The application period for getting a sports wagering license has now officially opened, with sports betting set to begin on December 1. According to the gaming commission's website, the application period opened yesterday. 'The application period for all licenses opens on May 15, 2025. Applications for the two available Direct Mobile Licenses shall be due by July 15, 2025. Applicants for Direct Mobile Licenses shall have an opportunity to appear before the Commission on August 13, 2025. More information on this process will be provided at a later date. The Commission shall announce the two applicants selected for the available Direct Mobile Licenses on August 15, 2025. For all other Retail and Mobile Licenses, an applicant must submit a completed application by September 12, 2025, if the applicant wishes to offer sports wagering beginning on December 1, 2025.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-04-2025
- Yahoo
Online casino scam targets Missourians; Missouri Gaming Commission warns
MISSOURI — An online casino scam that has spread across the country is now targeting Missourians, claiming to be operated by legitimate casinos in the state. The Missouri Gaming Commission said advertisements of the online game have spread across social media, claiming specific Missouri casinos are 'going online.' The advertisements use genuine photos from the casino's website to make it look like it represents the corporation. Federal charges filed in well-known Wildwood cat-hoarding case The Missouri Gaming Commission warns that online casinos are illegal in the state and any claims such as these recent scams are 'highly suspicious.' Due to the lack of regulations of online casinos, the MGC said it is currently unable to resolve complaints that have arisen from the fake gaming site, which leaves victims with little to no chance of recovering any lost funds. The MGC advises that anyone who comes across an online casino scam should document the website URL, app, business, and promotional materials. Additionally, it should be reported to the Federal Internet Crime Complaint Center, and they should immediately stop their use of the platform and monitor their bank accounts for suspicious activity. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
