Missouri reports online sports betting September handle of US$325 million as promotions double
September and the coming of NFL season saw promotions for Missouri online sports betting double sequentially – as a percentage of revenue, promotional outlays went from 22% in August to 44.1% in September.
Handle for the Show Me State was US$325 million. Books held at 9.5%, resulting in pre-promo revenue of US$31.1 million, of which US$13.6 million went back out to customers promotionally. Books kept US$15.5 million.
Although second in win, FanDuel led in promotions with US$5 million. It won US$9.3 million out of US$100.6 million wagered with it.
The top spot in Missouri went to DraftKings with winning of US$13.1 million on handle of US$129 million. It laid out US$4.2 million in promotions. DraftKings held at a state-best 10.2%, a full percentage point higher than FanDuel’s 9.2%.
Bet365 had third-place honors with US$2.6 million in win. It held at 9.8% on handle of US$26.2 million and expended US$2.4 million promotionally.
Despite being narrowly ahead in handle, Fanatics Sportsbook finished slightly behind BetMGM in win. BetMGM kept US$2 million to Fanatics’ US$1.9 million. The two books spent US$800,000 (BetMGM) and US$700,000 (Fanatics) on promotions. BetMGM held at 8.8% to Fanatics’ state-low 7.9%.
Caesars Sportsbook held at 9.6% on US$11.5 million in handle. It won US$1.1 million and spent US$400,000 on promos.
Bringing up the rear was theScore Bet. Its handle of US$8.9 million boiled down to win of US$700,000, as it held at 8.3%. Its promotionally outlay was also the smallest in Missouri – US$200,000.
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
Dig Deeper
Related stories
The Backstory
A football-season test for Missouri’s young market
Missouri’s September sports betting results mark an early stress test for a market still moving from launch-driven customer acquisition toward more sustainable seasonal patterns. The arrival of the NFL season pushed online handle to US$325 million, a clear step up from summer levels, but the sharper signal was promotional spending. Operators returned US$13.6 million to customers, equal to 44.1% of pre-promotion revenue, roughly double the August ratio.
That mix matters because the state’s leading books are not competing only on brand recognition or product. They are still paying heavily to shape customer habits in a market that launched less than a year earlier. September showed that operators were willing to spend into football, even after several months in which promotional intensity appeared to be moderating. The result was strong wagering volume and a healthy 9.5% hold, but a more compressed net-revenue picture after free bets and credits were deducted.
The month also reinforced the familiar national hierarchy. DraftKings led Missouri in handle and revenue, while FanDuel remained close behind and spent more aggressively on promotions. Bet365, BetMGM, Fanatics Sportsbook, Caesars Sportsbook and theScore Bet formed the next tier, competing for customers at smaller scale and with more varied hold outcomes.
Launch month set the template
Missouri’s current pattern began with an unusually promotional debut. In the state’s first month of legal online sports betting, operators generated US$103.4 million in revenue from US$538 million in handle, helped by a 19.2% hold. But promotional outlays reached US$125.1 million, more than total win, leaving operators collectively in the red after bonuses and incentives. That debut, detailed in Missouri’s first-month sports betting results, established the core tension that continues to define the market: strong customer response paired with high acquisition costs.
FanDuel and DraftKings dominated from the outset. FanDuel generated US$46 million in revenue from US$212.5 million in handle, while DraftKings took US$31.6 million from US$195.1 million. Their promotional spending reflected the value both operators placed on early market share. FanDuel spent US$53.2 million on promotions and DraftKings spent US$48.5 million. Bet365 also came out forcefully, spending US$14.4 million while posting a 31.7% hold.
Those launch economics were not unusual for a competitive online betting market, but Missouri’s scale made the early numbers notable. The state immediately drew major operator attention, and the first month showed that aggressive promotional offers could produce significant handle quickly. It also made clear that revenue before promotions would not tell the full story for regulators, investors or rivals trying to assess market health.
Early moderation did not end the bonus race
Promotional activity cooled after the opening surge, though it remained substantial. In February, Missouri operators spent US$11 million on promotional allowances, equal to 36% of revenue. That was down from 61% of winnings in January and 9% of handle at the start of the market. The figures in February’s Missouri sports betting report suggested the market was beginning to normalize after launch, even as books continued to use bonuses to defend early customer gains.
February handle was US$277 million, with operators holding 11.3% for US$31 million in gross revenue. FanDuel posted the strongest hold among the leading books at 12.9%, while DraftKings remained the revenue leader with US$13 million. FanDuel again spent the most promotionally, at US$4.6 million. Caesars Sportsbook was far more restrained, spending US$200,000.
March extended that transition. Operators won US$36 million from US$329 million in handle, with a 10.9% hold. Promotional spending was US$12 million, or about a third of winnings and 4% of handle, according to Missouri’s March sports betting results. DraftKings and FanDuel were nearly tied in revenue, but their handle and hold profiles differed. DraftKings led in handle, while FanDuel held slightly better.
By spring, the market looked less like a launch giveaway and more like a normal competitive state with elevated promotional costs. Operators had pulled back from the extreme first-month spending but had not abandoned bonus-led customer acquisition. That distinction is important for September: the football-season rebound in promotions was not a return to launch chaos, but it showed the ceiling for spending can rise quickly when the sports calendar improves.
Summer showed discipline, then pressure rebuilt
The summer months gave operators a chance to manage spending before football returned. June was particularly instructive. Statewide handle was US$258.3 million, operators kept US$24.6 million and the hold rate was 9.5%. Promotional outlays totaled US$9 million, equal to 37% of operator revenue and 3.5% of handle, according to Missouri’s June promotional spending figures.
That level was elevated but measured compared with the launch period. DraftKings took US$103.4 million in handle and US$9.8 million in revenue, spending US$3.4 million on promotions. FanDuel had US$76.3 million in handle and US$8.2 million in revenue, with US$3.3 million in promotional spending. Bet365’s profile was more bonus-heavy relative to its size, returning US$1.3 million promotionally from US$2 million in win.
The June data also showed the competitive gap between the top two operators and the rest of the field. Fanatics, BetMGM, Caesars and theScore Bet all remained active, but their revenue bases were smaller and their ability to change the statewide picture was limited. That structure carried into September. DraftKings and FanDuel set the market’s tone, while challengers used narrower promotional strategies to hold or build share.
The sequential jump in September promotional share, from 22% of revenue in August to 44.1%, suggests operators treated the NFL kickoff as an opportunity that justified higher near-term expense. That spending likely helped lift engagement, but it also reduced the amount books retained from a month in which the underlying hold was solid. The market’s key question is whether promotions convert into durable wagering behavior or simply subsidize seasonal bettors.
National comparisons frame the stakes
Missouri’s trajectory is also easier to read against more mature online betting states. Maryland, for example, showed the economics of a market with established customer bases and less emphasis on launch-cycle spending. In April, Maryland online books generated US$62.1 million in revenue from US$566.1 million in handle, holding 11%, as described in Maryland’s April online sports betting results. The market posted year-over-year gains in both handle and revenue, indicating growth without the same launch-stage volatility.
The operator order in Maryland was familiar. FanDuel led with US$29 million in revenue and a 12.9% hold, while DraftKings won US$16.9 million. Fanatics and BetMGM were closely matched in the second tier, and theScore Bet operated at smaller scale. That lineup resembles Missouri’s competitive structure, but Maryland’s results are shaped by a market that has already moved further into retention and product performance.
For Missouri, the comparison underscores what is at stake over the next several months. If September’s promotional spending helps operators lock in customers for the remainder of football season and into basketball, the expense may prove rational. If the spending must keep rising to maintain share, net revenue and tax receipts could remain more volatile than headline handle suggests.
The state’s rules also influence behavior because promotional allowances are tax-deductible up to 25% of handle. That creates room for operators to spend aggressively, particularly in high-volume months. For policymakers and analysts, the central measure is not just how much Missourians wager, but how much revenue remains after incentives. September showed a market with real demand, entrenched national leaders and continuing subsidy pressure. The next phase will show whether Missouri is settling into a profitable sports betting state or entering a prolonged fight for share.
