Missouri’s sports wagering rollout on December 1 will begin with one notable absence. Although the state initially approved nine online sportsbook operators, Underdog withdrew its application shortly before launch, leaving eight platforms prepared to begin accepting wagers. The Missouri Gaming Commission (MGC) confirmed the operator’s exit, and the company likewise acknowledged the move but did not elaborate on its reasoning.
Underdog had been among the earliest applicants for a Missouri betting license, transitioning from its core daily fantasy sports business — which already operates legally in the state — into traditional sports wagering. The company’s Senior VP of Government Affairs and Partnerships, Stacie Stern, previously highlighted to SBC Americas that Underdog had developed a cooperative relationship with the MGC. Regulators also indicated that the company’s fantasy contest operator license remains active and in good standing.
Before withdrawing, Underdog established several Missouri-based partnerships. It secured a revenue-share arrangement tethered to MLB’s Kansas City Royals and later added a multi-year marketing agreement with the NHL’s St. Louis Blues. The Blues deal granted Underdog access to team branding, intellectual property, and video materials for use in promotions and fan-oriented events. With the sportsbook’s departure, the Royals-tethered license is once again available for another approved operator.
Pivot Toward Prediction Markets
Though Underdog has avoided publicly explaining its decision, MGC Executive Director Mike Leara shared with Fox2Now that he believes the company is redirecting its strategy toward prediction markets. As he noted, “They have decided to go to that market. It’s not regulated at any [state] level compared to what traditional sports betting is regulated, and obviously, there’s no tax on it.”
The operator has gradually expanded its prediction-market offerings since September through a technology partnership with Crypto.com, positioning those products mainly in states lacking legalized sports wagering. Missouri was not part of the initial rollout, but it is now listed among the states where Underdog provides event-contract style markets. Because prediction markets do not fall under the state’s gaming tax structure, the shift may have factored into Underdog’s choice to relinquish a license that would have required sharing revenue with the Royals and paying Missouri’s 10% tax rate.
With the withdrawal, North Carolina remains the only state where Underdog offers standard online sports betting, even though the operator runs daily fantasy sports contests in 41 states.
Eight Operators to Go Live
Despite Underdog’s exit, Missouri will proceed with eight approved sportsbooks for Monday’s launch. The platforms available to residents include DraftKings, Circa Sports, Caesars, BetMGM, bet365, theScore Bet, Fanatics, and FanDuel. Missouri’s law requires most applicants to partner with either a casino or a professional sports team; only DraftKings and Circa hold untethered licenses. Bettors will be able to place wagers from anywhere in the state, provided they are physically located within Missouri’s borders.
Source:
‘’Underdog bails on Missouri sports betting before market launch’’, sbcamericas.com, November 26, 2025.
The post Missouri Sports Betting Debut Moves Ahead Without Underdog first appeared on RealMoneyAction.com.