Kansas Monthly Underscoreg Revenue Record Falls in December

On a positive note, Kansas successfully completed its first full year of legal sports betting, as did some of the top sportsbooks operating within the state.

On Monday, the Kansas Lottery December revenue report was published, showing that both Kansas sports betting apps and the state’s retail sportsbooks achieved a new monthly record profit total.

Although the December 2023 handle was almost twice as much as in 2022, it did not quite surpass the sports wagering record set in November. Overall, the total handle for the Kansas sports betting scene in December pushed past the $2 billion milestone for the year.

$259.7 million December handle

In December, bettors in Kansas capitalized on various sportsbook promotions, spending $259.7 million. Although this fell just $1.2 million short of the record handle set in November, it marked a significant 42.7% increase from the nearly $182 million reported in December 2022.

In December, the mobile sector of the industry was a powerhouse in Kansas, accounting for $249.1 million of the total handle from sports betting sites in the state.

Kansas finished off 2023 with four consecutive months of sports wagers exceeding $219 million, contributing to the state’s total sports bets reaching just over $2 billion for the year.

Revenue record set in December

Although the Kansas sports betting handle did not break a record in December, the state’s sportsbooks saw a significant increase in revenue. The Kansas Lottery reported that a total of $30.9 million in gross gaming revenue was generated, making it the second-highest handle ever for sports wagering providers in the state.

This represents an increase of almost $13 million from the $18 million reported in November, surpassing the previous monthly profit record of $25.9 million set in October. It is nearly double the $16.8 million earned in December 2022.

The significant increase in revenue was primarily attributed to an 11.9% hold reported in December, one of the highest in Kansas history. This, along with a strong handle, led to the establishment of a new revenue record.

In comparison, Kansas sportsbooks had a hold rate of 6.9% during their best-performing month, which was November.

In December, Kansas sportsbooks paid over $2 million in taxes, marking the first time since the state’s legal sports wagering platform began in September 2022. The total tax contribution for the year surpassed $10 million.

DraftKings dominates

In December, DraftKings emerged as the top Kansas sportsbook once again, exceeding $100 million in bets for the third consecutive month with a total of $103.8 million. Additionally, the betting giant also led in December revenues, raking in $11.9 million.

In December, FanDuel Kansas came in second place as expected, with $86.5 million in bets and $10.3 million in revenues. BetMGM Kansas followed closely behind in third place, recording approximately $22.5 million in accepted wagers.

Last month, ESPN BET Kansas came in fourth place, trailing BetMGM by approximately 100K. ESPN BET only captured 9.1% of the Kansas market share, falling significantly short of their target to secure 20% of the American market share in the coming years.