The coalition of St. Louis and Kansas City pro teams that spearheaded a ballot referendum to legalize sports betting in Missouri saw it narrowly pass last week, though with a framework that could drastically diminish the value of the licenses they secured as part of it.

Missouri gambling regulators will offer online and retail sportsbook licenses to six major pro sports franchises, as well as each of 13 casino locations across the state. It also will allow “untethered” online-only licenses to two operators that choose to enter the state without striking a market access deal with a team or casino.