Century Casinos and BetMGM: A Strategic Play on Missouri's $3 Billion Sports Betting Opportunity

Missouri's sports betting market, set to launch by December 1, 2025, represents a rare confluence of regulatory clarity, pent-up demand, and untapped revenue potential. Among the companies best positioned to capitalize on this $3 billion annual opportunity is Century Casinos, Inc. (CNTY), thanks to its strategic partnership with BetMGM. This alliance combines Century's existing Missouri gaming licenses with BetMGM's proven technology and scale, creating a low-risk, high-reward entry into one of the last major U.S. markets to open to legal sports betting.

Licensing as a Moat: Century's Head Start in Missouri

Missouri's sports betting framework, governed by the Missouri Gaming Commission (MGC), caps licenses at 14—6 for casinos, 6 for professional sports teams, and 2 untethered. Century, as a licensed Missouri casino operator, is already among the 6 tethered entities eligible to launch sportsbooks. This first-mover advantage is critical: the MGC's licensing process is now closed to new applicants, with deadlines met for December's launch. Century's existing licenses—particularly its presence at 13 Missouri casinos—allow it to monetize both retail and online channels without relying on uncertain standalone licenses.

BetMGM: Scaling Tech to Capture Mobile Dominance

While Missouri's retail sportsbooks are expected to be limited (only two teams are projected to open physical locations), mobile betting will dominate, accounting for over 80% of revenue, as seen in neighboring states like Ohio. BetMGM's industry-leading user base, intuitive app, and proven partnerships (e.g., with the Kansas City Chiefs) position it to capitalize on this trend. By leveraging BetMGM's platform, Century can avoid costly tech development and instead focus on recurring revenue streams, including:
- Transaction fees on bets placed through its casinos' BetMGM kiosks.
- Shared online revenue from Missouri's 10% tax rate, which applies to gross sports betting proceeds.

Regulatory Certainty: The December 2025 Catalyst

Missouri's launch timeline is non-negotiable, as mandated by constitutional Amendment 2, which voters narrowly approved in 2024. The MGC has already finalized licensing rules, with applications closed by September 12, 2025. This eliminates regulatory tail risk, ensuring Century and BetMGM can begin operations promptly. Once live, the partnership will benefit from:
- Tax efficiency: Missouri's 10% revenue tax is lower than the 15-25% rates in states like New Jersey.
- Cross-state synergies: Century's existing licenses in Nevada and Colorado provide a template for leveraging BetMGM's national footprint, with potential expansion into adjacent states like Illinois or Kansas.

Why CNTY is a Low-Risk Bet on U.S. Sports Betting Growth

1. Limited downside: Century's core casino operations provide a stable cash flow base, cushioning against sports betting execution risks.
2. High upside leverage: Sports betting revenue is high-margin, with minimal incremental costs once the BetMGM platform is integrated.
3. Catalyst-driven timeline: The Q4 2025 launch and subsequent revenue ramp-up create clear milestones for investor confidence.

The Bottom Line: Act Before the Puck Drops

Missouri's sports betting market is a once-in-a-decade opportunity for investors seeking exposure to a $3 billion revenue stream with minimal competition and regulatory certainty. Century Casinos' partnership with BetMGM combines the safety of existing licenses with the scalability of a tech leader, making CNTY an ideal vehicle to profit from this growth. With shares trading at 15x 2026E EBITDA (vs. 20x for peers like Penn National Gaming), the stock offers both valuation upside and event-driven catalysts.

Investors should act now—before the launch bell rings in December—to secure a stake in what will soon be one of the fastest-growing U.S. sports betting markets. The time to bet on Missouri is now.

Disclaimer: This analysis is for informational purposes only. Always conduct thorough due diligence before making investment decisions.