Sports Betting

Kansas Sports Betting Handle Increased By $50M In March

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Kansas Sports Betting Handle Increased By $50M In March

The Kansas Lottery reported a sports betting handle of $252.9 million in March, nearly a $50 million increase from February’s $203 million earnings. The “handle” is the total amount of money wagered by bettors. 

It was the third-highest handle in any calendar month in the state’s history, surpassed only by November and December last year, per Gaming Today. 

Total revenue in March for Kansas reached $7.1 million. Out of all of the state’s casinos last month, Boot Hill Casino & Resort led all with $4.7 million in revenue.

Kansas online sportsbooks collected $243.1 million in handle, retail locations earned $10 million in wagers

Boot Hill, in collaboration with DraftKings, also accepted the largest number of online wagers last month. The casino received almost $98.3 million in bets.

Online sportsbooks combined for $243.1 million in the handle while retail locations in the Sunflower State accounted for approximately $10 million in wagers.

Regarding gross revenue, the state’s six online sportsbooks and four retail books combined to collect over $16 million. 

Combined net revenues totaled $7.14 million, after promotional deductions are factor in as well. In March, Kansas collected $714,697 in tax receipts.

DraftKings dominated all other licensed sportsbooks in the state, collecting $98.2 million in handle. Having said that, the hold rate was lower than intial projections for DraftKings after the company paid $90.5 million to bettors. 

The sportsbook spent $2.1 million in promotional expenses to finish with a net revenue of $4.7 million. DraftKings led Kansas in tax payments especially, with an estimated total of $473,600.

Overall, DraftKings’ handle in this fiscal year in Kansas is $785.6 million with gross revenue above $70 million. 

DraftKings paid roughly $30 million in promotional expenses. Net revenue came close to $40 million and tax payments totaled almost $4 million.

Next, FanDuel collected $70.2 million in the handle. However, the sportsbook had a gross revenue of under $5 million after paying back $65.4 million to gamblers. 

FanDuel’s net revenue finished at $2.1 million after spending $1.7 million on promotional content. Overall, FanDuel paid out $215,390 in tax to the state in the month of March.

The sportsbooks also went over $500 million in this fiscal year for the handle, which is almost at $545 million. It should be noted that the company paid $500 million back to patrons. 

Caesar’s Sportsbook was the only other profitable betting company in the Sunflower State last month

Furthermore, Caesars Sportsbook was the only other profitable betting company in Kansas in March after pulling in $11.9 million in the handle. 

The company’s gross revenue was just under $900,000. The company collected $257,071 and paid $25,707 in tax at a rate of 10%.

ESPN BET, BetMGM, and PointsBet (now Fanatics) did not pay any tax to the state. Out of the three, BetMGM had the highest collection, finishing at $43.6 million. 

PointsBet rebranded to Fanatics last month. 

“On March 28, 2024, the online sportsbook operation for Kansas Crossing Casino rebranded from PointsBet to Fanatics. All account balances on the PointsBet platform and all wagers placed through the platform prior to the rebranding were carried over to Fanatics,” the Kansas Lottery announced.

Although BetMGM collected gross revenue of over $1 million, it had spent almost the entire amount in promotional expenses.

While ESPN BET generated $17.9 million in betting handle, it paid back $16.3 million to customers. PointsBet collected $1.3 million in wagers and paid back $1.1 million.