Sports Betting

Kansas Sports Betting Handle Reaches $192M in April

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Kansas Sports Betting Handle Reaches $192M in April

The Kansas Lottery reported a sports betting handle of $192.1 million in April, down 24% overall from March’s handle of $252.9 million. Sportsbooks held 9.4% of the money they collected, a slight increase over the 6.7% in March.

Kansas sports betting handle is up 44% from April 2023

Last month’s handle is up 44% from April 2023 as well. Online bets totaled $185.9 million and retail bets reached $6.2 million. DraftKings, partnered with Boot Hill Casino, led the online market in net revenue with $5.1 million.

Net revenue also increased compared to March with the statewide operators claiming $10.4 million. Kansas’ 10% tax cut provided licensed sportsbooks $1 million to their coffers.

FanDuel reported $45.8K in revenue for retail and $4.9 million in online revenue. The operator finished second behind DraftKings ($84.3 million) in online settled wagers at $60.7 million.

However, only three of the state’s six operators reported a net revenue in April. BetMGM, ESPN BET, and Fanatics did not generate any revenue, holding more money than they paid out. All three sportsbooks utilized the state’s net carryover deduction to reduce their tax liability.

BetMGM saw the biggest monthly change as their handle dropped from $43.6 million in March to just $13.7 million in April. ESPN BET managed to outperform them. Even then, BetMGM didn’t report a net revenue in either month.

Fanatics saw $6.4 million in settled wagers and about $6 million in prizes.

Revenue in the Sunflower State increased to $98 million for 2024

Tax reached $1 million, almost all from online wagers. For the financial year of 2024 to date, sports betting revenue in the Sunflower State increased to $98 million, and the handle rose to $2.05 billion. Of the handle, $1.96 billion was wagered online and $89.5 million was gambled at land-based locations. Tax stands at $9.8 million.

Kansas sports betting first launched on Sept. 1, 2022. Six online sportsbooks received initial approval alongside retail sportsbooks at casinos. The state’s four casinos can operate retail sportsbooks and partner with up to three online sites.

The Kansas Expanded Lottery Act of 2007 authorized the four casinos to be located in different regions of the state. Another casino, the Golden Circle Casino, is scheduled to open in fall 2024.

PointsBet at Kansas Crossing Casino rebranded to Fanatics on March 28, 2024.