Kansas Bettors Wagered $1.85B in the First Year of Sports Betting

Last year, Kansas launched its sports betting market, allowing operators to partner with local entities to set up shop in the state. A year later, the state reported that its betting industry had earned $7 million in state revenue.

According to Matt Schwartz, Kansas Lottery’s finance director, Bettors have wagered a total of $1.85 billion in the first year of legal sports betting in Kansas. Schwartz added:

The state’s share of revenues for the first fiscal year, which was 10 months of operation, was a little more than $5.8 million.

Matt Schwartz, finance director, Kansas Lottery

In August alone, Kansas reported $94.4 million in settled wagers, which helped gaming companies generate $484,366 in state sports betting taxes.

Schwartz expects sports betting revenue to remain stable without any major fluctuations. He predicted that the state’s share of revenue in fiscal year 2024 will likely sit at around $10 million.

For reference, sports betting operators in Kansas are required to provide 10% of their total revenue to the state. Operators can reduce this number to deduct subsidies, allowing them to pay less.

Most of the money the state receives is sent to a fund that seeks to attract professional sports franchises to the Sunflower State.

Kansas’ Industry Continues to Evolve

Kansas’ sports betting revenue hit a record low in June because of various setbacks, affecting the overall fiscal year results. The decline was attributed to the local betting companies’ reliance on American sports.

Still, the magnitude of the drop sparked certain concerns about the future of the vertical in the state.

In other Kansas-related news, the Prairie Band Potawatomi Nation received a sports wagering amendment to their existing Class III gaming contract with the Kansas government. The amendment allows the tribe to launch sports betting on the premises of its Prairie Band Casino & Resort.

The Potawatomi Nation hopes to offer wagers on sports by the end of the year. It recently unveiled a partnership with Kambi Group that will make this happen.

In the meantime, Bally’s Corporation confirmed the opening of the now-expanded Bally’s Kansas City a few days ago. The renewed property sports a 35,000-square-foot gaming and retail area that will provide guests with exciting experiences. This includes new dining options, multiple new games and new entrances that make entering the casino much more convenient for visitors.