WATCH: Gambling.com's Steve Bittenbender On Missouri Surprise, FanDuel Strategy
On the newest episode of “The Edge,” Gambling.com’s Steve Bittenbender and Larry Henry discuss two recent major news stories involving sports betting.
Those stories are:
- The Missouri Gaming Commission’s selection of a smaller sports wagering operator, Las Vegas-based Circa Sports, over sports betting giant FanDuel for an untethered license in advance of the Dec. 1 launch of legal wagering in the state.
- FanDuel’s announcement that it has formed an alliance with the CME Group, a derivatives exchange.
During the video interview, Bittenbender, a veteran gaming reporter, breaks down the importance of this recent sports betting news.
Click For Developments In the Sports Betting World
'Eye Opening' FanDuel News
Regarding the Missouri Gaming Commission vote, Bittenbender notes that even though FanDuel did not receive an untethered license, the New York-based company has partnered with a soccer team in Missouri and is expected to receive a license through that alliance.
The second of two available untethered licenses went to Boston-based DraftKings. Untethered licenses allow sports betting companies to offer their app statewide without having to partner with a brick-and-mortar casino or professional sports team. Companies wanting a license tethered to a casino or sports team have until Sept. 12 to file an application.
Even though FanDuel did not receive an untethered license, the company still is expected to be granted a license and will be a sports betting revenue leader in Missouri, Bittenbender said.
“FanDuel and DraftKings are going to be number one and number two in Missouri," he said.
Bittenbender added that it's "a coin flip on which one is going to be number one, which one's going to be number two."
“That's the way it is in nearly every state that has online sports betting in a competitive market,” he said.
On the FanDuel arrangement with the CME Group, Bittenbender said that “eye opening” development could lead to other sports betting companies forming similar partnerships with prediction market operators. Prediction markets allow people to place a yes-no wager on topics such as political elections, gold prices and even sporting events, including in states where regulated sports betting has not been legalized.
“Once FanDuel gets involved," Bittenbender said, "then you'll see DraftKings and then perhaps a few other of the sports betting operators."
