Missouri Sports Betting Off To A Show-Show Start

The Missouri Gaming Commission (MGC) has revealed the first month’s sports betting data, and things are off to a bonus-heavy start in the “Show Me State”, with a combined retail and online handle topping a respectable US$543 million (£396.3m).

But revenue–because of massive US$125 (£91.2m) million bonus giveaways offered by companies to build brand loyalty–showed an overall loss of US$20 million (£14.6m), with the biggest losers, in order, being DraftKings, FanDuel, Fanatics and Caesars sportsbook.

A midwestern state of just over six million people–known for producing the likes of President Harry S. Truman, author Mark Twain, animator Walt Disney and actor/heart-throb, Brad Pitt–, Missouri made history in 2025 as the only U.S. state to launch regulated online sports betting, with eight online platforms and eight retail bookies, going live on December 1, 2025.

Official MGC data confirms the launch as a limited success for the major U.S. betting operators, who, by and large, prioritised early market share and player acquisition over short-term profitability.

To put the stats into perspective, in Maryland–a state with a similar size population and per capita income–, online firms scored a taxable revenue of just US$298,609 (£217,812) during their first month of operation, December 2022. 

And bonus spending for Maryland’s launch was more modest at US$70.9 million (£51.7m), on a handle of US$498.2 million (£363.4m).

Show Me The Money?

The bulk of the 25.6 million bets placed in Missouri in December, which generated the US$543 million handle, were made with mobile platforms. 

But due to aggressive new bettor bonuses, such as free bets, total gross gambling revenue (GGR), after deductions, was a negative US$20.07 million (£14.6m). Taxes totalled US$521,200 (£380,491).

According to the MGC, sportsbooks paid out nearly US$438 million (£319m) in winnings, while free play promotions accounted for more than US$125 million (£91.2m). 

Voided and cancelled wagers pushed total deductions to around US$564 million (£411.7m).

Despite overall losses, MGC Executive Director Michael Leara called the results “encouraging”.

Losses

Retail sportsbooks all finished the month with positive GGR, totalling US$87,226 (£63,659), paying US$8,722 (£6,365) in tax.

But half of all online operators finished launch month with overall losses. 

FanDuel, which issued roughly US$53.2 million (£38.8m) in welcome and promotional bonuses, had a net revenue loss of US$7.2 million (£5.2m). 

DraftKings, which gave some US$48.5 million (£35.4m) in promos, posted the largest losses, down by US$16.9 million (£12.3m).

Fanatics (-US$1.8m/£1.3m) and Caesars (-US$12,247/£8,926) also finished the month on negative revenue, paying no tax.

On the profit front, British-origin bet365 led the market with US$3.8 million (£2.7m) in GGR after deductions, followed by Penn Sports (US$227,589/£166,140), BetMGM (US$145,239/£106,025), and Circa (US$117,393/£85,697).

While negative revenue may appear concerning, heavy bonusing and customer acquisition campaigns are a familiar feature of U.S. sports betting rollouts. 

And for operators that can afford to absorb short-term losses, the loyalty gains from acquisition spending are considered a worthwhile trade-off in a market where brand loyalty runs deep.

Dominating Acquisition

Winning the acquisition race and dominating the state’s market share with 39.5 percent of the total mobile handle, FanDuel reported the highest wagering volume in Missouri’s debut month. Playing out the familiar pattern and rivalry, DraftKings claimed second place.

In terms of online betting behaviour and interest, DraftKings took first place with 12 million wagers, followed by FanDuel at nine million. As per the handle, FanDuel attracted larger average bet sizes than its main rival.

Together, U.S. market leaders FanDuel and DraftKings commanded a combined 75 percent of the market, meaning there’s a tight share left for the remaining six mobile operators.

In comfortable third place, with 10.7 percent of the market, was bet365, usurping MGM Resorts and Entain joint-venture BetMGM, who came fourth; followed by Fanatics, Caesars, Penn and Circa.

To date the MGC has issued only eight of the 19 retail sportsbook licences and 14 online licences it is empowered to award.

Recent estimates, based on states with similar populations and per capita wealth, project that Missouri sportsbooks will generate around US$4 billion (£2.9bn) in handle for the first full year, with US$525 million (£383.2m) in operator revenue and US$50 million (£36.5m) in taxes.