Kansas registers $190 million in sports betting transactions for October

Kansas registers $190 million in sports betting transactions for October

In a historic month for sports betting in Kansas, the market saw a significant surge in activity, with a combined sports wagering handle of nearly $190 million in October. This figure represents a substantial increase from the market's initial launch in September, where the combined handle stood at $160.5 million.

The Kansas sports betting scene is now home to six mobile sportsbooks, including DraftKings, FanDuel, BetMGM, PointsBet, Barstool Sportsbook, and Caesars Sportsbook. However, due to the market's recent launch in September 2022, there is no specific data available comparing the revenue and handle for these operators in October 2021.

Among the operators, Barstool Sportsbook continues to make waves, generating more than $1 million in gross revenue for the second consecutive month. The sportsbook, operated by Barstool, also accounted for 80% of the overall retail wagering amount, with a handle of over $6.5 million.

Barstool Sportsbook, however, experienced a drop of more than 5 percentage points in holds on gross revenue. This decrease in hold is a common trend in the industry, as new markets often see a rise in promotional spending, leading to a decrease in the hold percentage.

Speaking of promotional spending, both DraftKings and FanDuel were active in this area in October. DraftKings spent $3 million on promotions, while FanDuel's promotional spend amounted to $3.2 million.

Other operators saw mixed results in October. BetMGM, for instance, had a 10.5% hold on a $2.4 million handle, but this resulted in a 48.8% drop in gross revenue to $2.4 million. PointsBet, on the other hand, reported a negative Adjusted Gross Revenue (AGR) of -$106,464 in October.

The state's four retail venues and six mobile sportsbooks collectively had a hold of 9.8% in October. It's worth noting that Caesars Sportsbook was the only mobile book to pay taxes in both months.

In addition to Barstool Casino, which is operated by DraftKings, other retail venues also reported impressive figures. Boot Hill Casino, for example, reported $191,201 in revenue with a 13% hold in its first full month of accepting bets.

However, four out of the six mobile operators did not achieve a positive adjusted revenue for the month. BetMGM applied $560,000 to the nearly $3.3 million in negative adjusted revenue carried over from September. FanDuel's adjusted revenue after the first two months stands at a loss of $86,000.

As the Kansas sports betting market continues to grow, it will be interesting to see how the operators fare in the coming months. For now, the market is off to a strong start, with a combined sports wagering handle of over $350 million in just two months.

[1] Source: Kansas Lottery and Gaming Commission reports.

1. The Kansas sports betting market, launched in September 2022, saw a significant surge in October, with a combined sports wagering handle of nearly $190 million, marking a substantial increase from the initial launch in September.
2. Barstool Sportsbook, one of the six mobile sportsbooks in Kansas, generated over $1 million in gross revenue for the second consecutive month in October.
3. Despite generating a considerable amount of revenue, Barstool Sportsbook experienced a drop of more than 5 percentage points in holds on gross revenue in October.
4. DraftKings and FanDuel were active in promotional spending in October, with DraftKings spending $3 million and FanDuel spending $3.2 million on promotions.
5. The state's retail venues and mobile sportsbooks collectively had a hold of 9.8% in October and reported a combined sports wagering handle of over $350 million in just two months.
6. Four out of the six mobile operators in Kansas did not achieve a positive adjusted revenue for October, with BetMGM applying $560,000 to the nearly $3.3 million in negative adjusted revenue carried over from September.

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