Missouri’s December Betting Launch Offers Fresh Upside for Gambling Stocks

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Missouri’s December Betting Launch Offers Fresh Upside for Gambling Stocks

Online sports betting will officially launch in Missouri on December 1, making it the 33rd state, plus Washington, D.C., to offer online sports betting.

And most of the major sportsbooks are lining up to get in on the action, but just who is in and who is out won’t be known for a while.

The December 1 launch was announced over the weekend, making official what Missouri residents and sportsbooks have been waiting for since online sports betting was approved in the state last November.

For sportsbooks, it will be the first new state to launch since North Carolina did it in March 2024. For sportsbooks that are publicly traded, any time a new state launches, it provides an opportunity for revenue and earnings generation.

Several sportsbooks have expressed their intentions to launch their platforms in Missouri. Among publicly traded companies, they include DraftKings (NASDAQ:); FanDuel, which is owned by Flutter (NYSE:); ESPNBet, which is owned by Penn Entertainment (NASDAQ:); Bally’s (NYSE:); Caesars (NASDAQ:); and MGM (NYSE:).

But while all are hoping to be in the Missouri market, there are some hoops to jump through.

Let the Licensing Begin

On May 15, the Missouri Gaming Commission began accepting license applications to open sportsbooks in Missouri.

The regulations allow each of the 13 state-licensed casinos to have their own online sportsbooks, so that would include Caesars, Bally’s, and Penn – all of which own Missouri casinos.

The other casinos, owned by Boyd Gaming (NYSE:), Affinity, and Century Casinos (NASDAQ:), can partner with online sportsbooks since they do not have their own. FanDuel has an existing partnership with Boyd Gaming, so that could be a potential option for FanDuel, according to Bet Missouri. Other online sportsbooks are said to be lining up with Missouri casinos, reported Bet Missouri.

In addition to the 13 casino-based licenses, the Missouri Gaming Commission is offering two untethered, independent licenses with no casino connection required. Applications for these two untethered licenses are due by July 15. The commission will then announce the two untethered selections by August 15.

Then, for the rest of the licenses, applications are due by September 12 in order to offer sports wagering starting December 1.

DraftKings and Flutter stocks were up on Monday, while Caesars, MGM, Penn, and Bally stocks were trading lower.

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