Episode 89: Can Circa Crack Nationwide Sports Betting?

In this episode of Zero Latency, Brad Allen interviews Derek Stevens, CEO of Circa Sports, about Circa's recent success in obtaining an untethered license in Missouri and their broader expansion plans. Stevens discusses Circa's strategy of using a low hold model to differentiate themselves from larger competitors like FanDuel and DraftKings. A key focus of the conversation is Circa Sports' development of its own tech stack, set to launch in Iowa, Colorado and Missouri, which will enable them to offer a wider range of betting options, including cash-out and SGPs in the future. They also delve into the challenging regulatory environment in Illinois, where new taxes and fees are impacting the economics of sports betting, potentially benefiting illegal bookmakers and neighboring states. Finally, they touch on the threat of prediction markets and Stevens' skepticism about their long-term viability given state revenue interests and regulatory concerns.