Kansas sports-wagering revenues climb, total betting dips slightly in November

KANSAS CITY, Mo. — Kansas took in practically thrice as a lot in tax income from sports activities playing in November because it had within the first two months since its legalization.

The Kansas Lottery — which oversees sports activities wagering at on line casino sportsbooks, on-line and by way of cellular apps within the state because it grew to become authorized in September — launched its month-to-month report for November, which confirmed general sports activities wagers had been down barely from October however reported revenues rose sharply.

The entire quantity of settled wagers dealt with by Kansas retail and on-line sportsbooks dipped for the primary time final month to almost $186.4 million, a drop of practically 2% from October.

However taxable income — which was lower than $1.3 million in September and barely $1.4 million in October — shot as much as greater than $8 million in November.

Meaning Kansas earned $795,784 as its share of sports-wagering revenues in November. The state share for September and October was solely $270,706 mixed.

Nevertheless, Kansas really set a file with greater than $9.3 million in settled wagers at on line casino sportsbooks in November, however that bulk of the playing motion — greater than $177 million in November — takes place on-line, together with cellular gaming apps.

DraftKings stays the biggest of the sports-wagering bookmakers working in Kansas adopted by FanDuel, however neither had contributed considerably to state revenues within the first two months as a result of large promotional choices.

“Lots of the platform suppliers have provided free guess join bonuses and different promotional presents by this launch interval to accumulate new gamers and in any other case set up a participant base,” the Kansas Lottery stated in an e mail to KSHB 41. “Whereas the profitable prizes have usually been according to trade expectations, the promotional wagers have been important in comparison with general play on this interval.”

A spokesperson for the Kansas Lottery referred to as such “aggressive promotional play” on the outset of a statewide sports-gambling launch an “trade customary” follow.

Regardless of dealing with practically $158 million in wagers throughout September and October, DraftKings claimed a internet income loss for the primary month and a meager $24,263 in reported income for the second month.

FanDuel dealt with greater than $89 million in wagers, however claimed a internet income for these two months of lower than $393,000.

These income numbers resulted in Kansas amassing a paltry $41,642 from greater than $247 million mixed wagers on DraftKings and FanDuel in September and October, however the income image grew to become significantly extra rosy in November.

DraftKings posted greater than $1.15 million in reported income and FanDuel reported greater than $4.8 million, resulting in a state share of practically $600,000 mixed, which accounts for the majority of the Kansas monies obtained final month.

Income expectations shifting ahead are extra according to November’s numbers and most sportsbooks working in Kansas have began to generate optimistic income.

“As anticipated, the promotional play throughout the first a number of months has been important in comparison with the general wagering exercise,” the Kansas Lottery stated. “By means of 3 months, solely one of many platform suppliers (BetMGM) is but to indicate optimistic income.”

Kansas sports-wagering revenues climb, whole betting dips barely in November.