The Missouri Gaming Commission selected DraftKings and Circa Sports as the winners of the state's two coveted untethered online sports betting licenses.

The Missouri Gaming Commission awarded sports wagering licenses to DraftKings and Circa Hospitality on Friday as the state moves toward launching legalized sports betting in December.

The move from the Missouri Gaming Commission to pass up FanDuel for a sports betting license was seen as a major surprise. DraftKings and Circa Sports were selected instead.

DraftKings Inc. (Nasdaq: DKNG) announced today that the Missouri Gaming Commission has granted the company a direct mobile sports betting license. This direct mobile sports betting license will enable DraftKings to operate independently across the state of Missouri,

The Missouri Gaming Commission heard presentations Wednesday from DraftKings, FanDuel and Circa Sports, three companies competing for two mobile sports betting licenses available in the state.

Most investors weren't swayed by its second-quarter report. After more than a year's worth of unrewarded growth, they should have been.