Circa CEO Sees Steady Growth for His Sportsbook in Missouri
Derek Stevens is impressed with Circa's performance in Missouri as the operator continues along a different business path from the national brands.
Want to get more Covers content? Add us as a preferred source on your Google account here . The owner of Missouri’s lowest-grossing legal sportsbook by handle is pleased with the early results in the state.
Key Takeaways CEO Derek Stevens praised Circa's sports betting growth in Missouri despite the company trailing competitors in handle. The fan favorite sportsbook has taken a low-promotion, steady-growth strategy as rivals rely heavily on free bets. Missouri sportsbooks generated nearly $1 billion in handle in two months, though heavy promotions have limited tax revenue.
Circa Sportsbook trails seven rivals in handle, but company CEO Derek Stevens is impressed with the book’s performance, he told Covers in a recent interview. He said the company is taking the approach it wanted to take as it carves out a niche separate from higher-spending competitors. “Missouri is the first time we've actually been on a launch date, and I'm very glad we didn't go nuts on the advertising because I just think that it was kind of some diminishing returns,” Stevens said.
“I think what we've seen in all of our other states, we kind of grow at a more slow and steady pace, and I like it that way. ” Circa generated just under $3 million in handle during its first two months in Missouri compared to nearly $679 million combined for market leaders FanDuel and DraftKings. But Circa has deducted a smaller percentage of promotional free bets than most of its Missouri sports betting competitors and is one of just three operators to pay state gaming taxes on revenues during each of the state’s first two reporting periods.