Kansas Sports Betting Prospers as the Revenue Continues Into the Final Months of 2022
Despite November’s monthly handles showing a decline in Kansas sports betting, the market has been thriving as it doesn’t get as much attention compared to the larger markets in the industry. Regardless of the handle numbers, the revenue has hit a new milestone.
Sportsbooks Finding Success in Kansas
After signing a bill into law, the Sunflower State became one of the quickest jurisdictions to join the industry. Bookmakers that gained market access in the state have found some level of success for the most part.
Bettors across the state wagered a total of $186.4 million for the month and registered a hold rate of 6.5 percent. The figure may be below the national average of 7.2 percent; however, it didn’t seem to matter in the bigger picture, as the revenue numbers stated otherwise.
Despite a two percent drop in handle from October’s $189.9 million, sportsbook operators generated $12.2 million in November. Bookmakers in the state are allowed to use promotional deductions, which gives them the opportunity to keep more of the gross revenue.
The state also has one of the lowest tax rates in the industry, which helps these platforms stay afloat, and focus on other marketing strategies. States like New York and New Hampshire have a tax rate that sits at 51 percent, and bookmakers operating in those states are still far from being profitable.
Online Kansas Sports Betting Is the Way to go
Sports betting has become a part of everyday life in most states across the nation, and states that are adding the mobile sports betting component to their arsenal have seen the average volume skyrocket. As an example, Maryland’s mobile sports betting unit has been a huge success in its first week.
Kansas online sportsbooks deducted $6.5 million in promo offers in November. The sports betting giants like FanDuel and DraftKings have been using the opportunity to the fullest as they continue to accept bets.
The leaders in the state are DraftKings, FanDuel, and BetMGM. DraftKings accepted $76.2 million, while FanDuel secured the second position with $50.6 million. BetMGM rounded out the top three by handling $25.4 million.
With $233.9 million in wagers through the first three months, DraftKings is leading the field. Since its launch, FanDuel has taken in $137.3 million, while BetMGM has taken in $76.4 million. However, FanDuel has taken the lead in the revenue department with $4.9 million, while DraftKings trails a bit behind with $4.6 million.
How Much Did Kansas Sports Betting Bring In?
November was also a great month for the brick-and-mortar sportsbooks as they registered a handle of $9.3 million, which is the highest amount since launch. Barstool Sportsbook at Hollywood Casino accumulated 76.3 percent of the market share with a handle of $7.1 million.
Overall, the state collected $795,784 in tax receipts for the month. When breaking down the numbers, November’s amount is $270,706 more than September and October combined.
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