The Kansas Lottery unveiled its financial report for sports betting in October, reaching unprecedented heights in both handle and revenue. The Sunflower State posted a sports betting handle of $249.7 million during the month, garnering an increase of 31.5% compared to the corresponding period in 2022.
October’s handle shatters the previous record, surpassing September’s $219.3 million by an impressive 13.9%. The accompanying revenue experienced a reasonable surge, witnessing an almost 80% increase, soaring from $8 million in September to $14.3 million. This marks a record-breaking achievement for the state in revenue generated within a single month.
Out of the total revenue of $14.3 million generated in October, the majority originated from the Kansas online betting division, with online revenues reaching $13.1 million. This represents an increase of approximately 73% compared to the figures reported in September.
In contrast, the retail sector witnessed a surge in total wagers placed, reaching $8.8 million for the month, showcasing growth compared to the $5.3 million settled wagers in September. The majority of this increase stemmed from the Hollywood Casino and its Barstool affiliate. Revenue from the four physical sportsbooks within the state of Kansas amounted to $1.2 million, a notable rise from the $806,907 generated in September.
“The increase in sportsbook profit is thanks to an increase in the hold percentage. After paying out winners, the operators kept 10.2%. In comparison, September had a hold of 8.3%. On top of that, promotions came down a bit as the NFL season continues. Sportsbooks as a whole deducted $9.7 million from their taxable revenue, although 85% of these promotional deductions came from DraftKings and FanDuel,” a press release from Lottery read.
DraftKings Leads the Pack in October
The total handle for the month of October in Kansas received a significant boost of $240.9 million from online sports betting, a 19.8% increase from $201.1 million obtained in September.
DraftKings emerged as the frontrunner, securing $114.3 million in wagers, making it the sole sportsbook in the Sunflower State to attain a nine-digit revenue. The sportsbook’s October handle was 17% more than it generated in September. FanDuel mirrored DraftKings with nearly half of the total wagers, reporting $67.4 million, a 23% increase compared to the total from the preceding month.
BetMGM and Caesars were in close competition, registering $20.8 million and $20.7 million, respectively. Barstool contributed $9.1 million to the state’s overall sports betting handle, while PointsBet accounted for $8.7 million. Although submitting the lowest number of wagers in the month, PointsBet experienced the most substantial growth in its monthly handle, skyrocketing by 352% from the reported $1.9 million in September.
In the realm of sports betting revenue in Kansas, DraftKings led the way, bringing in $6.3 million, with the state receiving $629,028. FanDuel followed closely, generating $4.8 million in revenue and contributing $477,830 to the state’s share.
BetMGM secured the third-highest revenue at $1.6 million, followed by Barstool with $484,365 in reported earnings. Conversely, both Caesars and PointsBet incurred losses, resulting in zero revenue for the specified period.
Kansas raked in a total revenue of $1.4 million, fueled by $1.3 million from its online sportsbook arm and $122,493 from retail outlets. Looking at the fiscal year up to October, the state boasts a sports betting handle of $643.1 million, resulting in a revenue of $34.1 million and a state share of $3.4 million.