Kansas Sports Betting Hits All-Time Low in June
LISTEN TO THIS ARTICLE:Kansas has seen a decline in sports betting handle for the month of June, with figures falling to an unprecedented low of $98 million.
This decrease is significant, reflecting a drop of more than 50% since the peak recorded in March, when the handle stood at $206.3 million. Additionally, revenue has also suffered, experiencing a 53% fall compared to May, totaling just below $4.2 million across both online and retail platforms.
Focus on American Sports Leads to Decline
Industry experts have said the cause of this decline is bettors’ preference for betting on major American sports. However, the scale of the drop has led to concern among professionals in the industry and regulatory bodies.
In June, online betting continued to rule the market, accounting for a remarkable 96.7% of all wagers on Kansas sporting events. Conversely, retail betting trailed significantly, with wagers amounting to only $3.2 million.
Among retail sportsbooks, Barstool’s outlet at Hollywood Casino was the undisputed leader, with 71% of all retail bets for the month. FanDuel’s book at Kansas Star was a close runner-up, while Caesar’s and DraftKings faced challenges in attracting a substantial part of the retail handle.
DraftKings and FanDuel Remain Favorites
The online betting industry in Kansas was marked by intense competition between DraftKings and FanDuel.
DraftKings attracted 45% of all online wagers; however, the net revenue, after considering promotional deductions, was only $1.3 million, translating to 32.5% of the total online revenue. FanDuel, on the other hand, captured a smaller 27.4% of the handle but generated $26.3 million in revenue, comprising 49.3% of the state’s total online betting revenue.
BetMGM and Caesar’s were competing for third and fourth positions, but BetMGM has not yet reported any net positive revenues, likely due to promotions during the player acquisition phase.
Previous Monthly Decline and Legislative Developments
As discussed in previous financial news, Kansas’ betting decline was also evident in May, reaching $120.3 million, a roughly 10% fall from April’s $132.9 million. Despite the reduction in the handle, revenue and tax proceeds remained relatively stable, with DraftKings leading the online betting sphere in May.
The legalization of sports betting, introduced on September 1, 2022, has provided Kansas with an advantage over neighboring Oklahoma, which was cemented when Oklahoma’s Rep. Ken Luttrell’s proposition to legalize sports betting, including mobile wagering, failed to secure Senate approval in April.
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