BetRivers Sets Sights on Missouri’s Growing Sports Betting Market

Rush Street Interactive, the parent company of BetRivers, has reaffirmed its enthusiasm for Missouri’s burgeoning online gaming prospects, including sports betting and potentially online casinos. During the Needham Consumer Tech and Ecommerce Virtual Conference on Monday, Rush Street CEO Richard Schwartz highlighted Missouri as an appealing market due to its substantial population and robust casino infrastructure.

“It’s a large population and one that we think is an attractive market as well for other reasons, we were glad it ed,”Schwartz remarked during the event, referring to Missouri’s recent legalization of mobile sports wagering.

Missouri’s approval positions it as the 31st state to permit statewide mobile sports betting, a decision reached through one of the tightest margins seen in any U.S. sports betting referendum.

Narrow Approval Signals Bright Future

Missouri voters narrowly ed the sports betting measure, with final certification expected next month. Out of nearly three million votes cast, the measure ed by only a few thousand votes.

Despite the close results, Schwartz expressed optimism, stating, “I thought perhaps it would have been a little bit of a wider margin. But it’s good for the industry that it did .”

The new law paves the way for sportsbooks like BetRivers to pursue one of the state’s mobile sports betting licenses. Currently operational in 15 states, including neighboring Illinois and Iowa, BetRivers is positioned to leverage its regional experience.

To establish a foothold in Missouri, BetRivers will need to collaborate with a professional sports team or casino, both viable options in the state.

Licensing Opportunities Abound

Missouri’s six professional sports teams are eligible to partner with sportsbooks for mobile operations and can also establish retail sportsbooks near their venues. This arrangement presents a promising opportunity for a national operator like BetRivers, even as some teams have existing partnerships with competing sportsbooks.

Alternatively, partnerships with one of Missouri’s six casino operators could offer another route. However, this path may be more challenging, as major operators like Caesars, Penn Entertainment, Bally’s, and Boyd already have proprietary sportsbooks. The willingness of smaller entities like Century Casinos or Affinity Gaming to collaborate remains uncertain.

Missouri’s enabling legislation also permits two “untethered” licenses for sportsbooks that do not need to partner with a sports team or casino.

These licenses are expected to attract giants like DraftKings and FanDuel, which contributed over $40 million to the ballot initiative.

Online Casino Gaming

In addition to sports betting, Rush Street Interactive envisions opportunities for online casino gaming in Missouri. Schwartz noted that online slots and table games generate significantly higher revenues compared to sports betting, with states offering both reaping three times the tax revenue from casino games.

However, the road to online casino legalization appears challenging. Missouri’s Republican-controlled legislature is unlikely to prioritize iCasino legislation in the short term. Advocates may instead aim for a constitutional amendment for the 2026 ballot, though the narrow margin for sports betting suggests a difficult battle ahead.

Missouri’s favorable demographics, strong sports culture, and established gaming infrastructure make it an appealing prospect for both sportsbooks and online casinos, should further legalization occur.

Source:

”Missouri: BetRivers’ parent company bullish on sports betting, online casino”, cdcgaming.com, November 26, 2024.