Posted on: January 30, 2026, 02:28h.
Last updated on: January 30, 2026, 02:28h.
- State notched $543 million in handle in first month of online sports betting
- FanDuel commanded 40% handle share, slightly above its active state average
- DraftKings in line with prior state launches
Earlier Friday, the Missouri Gaming Commission (MGC) released data indicating sportsbook operators there generated handle of $543 million in December — the first month in which online sports wagering was live and legal in the state.
In a note to clients, Stifel analyst Jeffrey Stantial points out Missouri’s per capita figure works to be about $85 per betting age adult, below the $91 and $92 seen in North Carolina and Ohio, which were the last two states to authorize online sports betting prior to Missouri. The analyst notes Flutter Entertainment’s (NYSE: FLUT) FanDuel, the largest US online sportsbook operator, got off to a strong start in the Show Me state.
FanDuel captured 40% handle share, 45% GGR share, and 39% handle less promo share during the inaugural month,” said Stantial in the report. “This compares to company-reported aggregate gross gaming revenue (GGR) share of 38% in 3Q25 (active states only; excludes Tennessee) and 34%/41% T3M handle/GGR share in Ohio. While market share in launch months is historically noisy, better-than-average active-state market share is notable given fears of market share contraction following competitor product improvements.”
Shares of DraftKings (NASDAQ: DKNG) are off 8.48% at this writing and some of that slide may attributable to investors expecting more from the operator’s first month in Missouri. It garnered 36% handle share there last month.
“While initial market share is directionally consistent with the run-rate trend, we believe a better initial print may have been expected given product improvements and share momentum in more competitive existing states,” adds Stantial.
Bet365 Leads Tier 2 Operators in Missouri
While it’s just one month of data, the MGC’s December report confirms the FanDuel/DraftKings duopoly is alive and well, but at least one Tier 2 (T2) operator started strong in the state.
Stantial says Bet365 commanded handle and GGR share of 11% and 18%, respectively, outpacing its trailing three-month tallies in Ohio and the percentages seen in the operator’s broader active state average. On the other hand, privately held Fanatics got off to a bumpy start in Missouri, garnering handle and GGR share of just 4% and 2%, respectively.
“Similarly, BetMGM, Penn Entertainment (NASDAQ: PENN), and Caesars Entertainment (NASDAQ: CZR) were all at or below average active share which coupled with relative promo intensity suggests T-2 market share momentum may be limited to bet365, for now,” adds Stantial.
Speaking of promotional intensity, operators spent $125 million in Missouri last month. The state, as do others, allows those expenditures to be deducted from taxable profits, meaning the state was left with just $1 million for education and gambling counseling services.
Prediction Market Considerations
Missouri sportsbook operators may be faced with a unique situation: Attempting to wrest sports market share from prediction market firms because those companies were offering sports event contracts in Missouri before sports betting was legal there.
“Recent trading patterns suggest investors may also be reading into slower launch velocity as potentially reflecting impact from prediction markets which were live in Missouri pre-launch and in theory could impact pent-up demand relative to prior state launches,” says Stantial.
The sportsbook operators that are also involved in prediction markets typically don’t offer sports event contracts in states where online sports wagering is legal.