Circa’s company goals and ethos are likely to have been key factors in its surprise awarding of an untethered sports betting licence for access in Missouri’s market.

FanDuel and DraftKings had been widely expected to secure the two available untethered licences, so market observers were shocked to see Circa selected ahead of Flutter’s US brand.

Jessica Welman, Managing Editor at SBC Media, put Circa’s inclusion ahead of market leader and multi-billion dollar giant FanDuel down to multiple factors, including how it targets those wanting to bet with higher stakes. 

Welman, speaking on the iGaming Daily Podcast, said: “Derek Stevens of Circa said in his presentation ‘we’re not for everybody, I’m not here for the people that want to bet five bucks a pop, I’m here for a higher bankrolled bettor, who takes it more seriously, and that’s who we are going to court. 

“Revenue was obviously not the answer in terms of why Circa had the upper hand here, but perhaps in a moment where there’s been discussions about marketing and over-saturating, the state sees that they’re about to roll out and here’s somebody who is going to be a lot more measured in their approach and maybe we should reward them.”

She gave plaudits to the Missouri Gaming Commission for “giving a little guy an opportunity to succeed without some of the burdens that come with trying to enter a new market”. 

One of the most notable areas Circa has differentiated itself is with its minimum and average bet size. 

FanDuel averages around $25 per bet but Circa sits well above double that figure, according to its founder Stevens. 

Due to pre-bet taxation in certain states, such as Illinois, some operators are introducing minimum bets as well as fees for customers to place a bet. Illinois is one of the most widely known examples of this, but it is not alone.

Circa has raised its minimum bet to $10, which reflects its higher spending customer base, further demonstrating the company’s business model.

Welman said: “Stevens did kind of say, we’re not here for the two dollar bettor. He was very clear about that. 

“Circa are upping the minimum bet to $10, which I know doesn’t sound like a lot but there’s a mile of difference between someone whose standard bet size is five bucks and someone whose standard bet size is $20.

“That’s probably indicative of the sort of target demographic that they’re going after in that sort of sharper end of the market.”