• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

Kansas Follows Up Debut With $190M Sports Wagering Handle For October

Tax return still low as operators work through carryovers from promo-heavy September

Chris Altruda by Chris Altruda
November 11, 2022
in Industry
Kansas October 2022 revenue report

Photo: Shutterstock

Share on FacebookShare on Twitter

It’s not the “Show Me State,” but Kansas bettors again showed out in October.

The Kansas Lottery reported sports wagering handle just shy of $190 million in October, following up a strong September launch with an 18.3% improvement in accepted wagers. That lifted the two-month total to just over $350 million.

Gross revenue dipped to $18.6 million, as the state’s four retail venues and six mobile sportsbooks cooled off to a 9.8% hold for October. The Sunflower State’s sports wagering bow coincided with a historic rout of the betting public, which led to an outsized revenue haul of $22 million and a 13.7% win rate.

Bettors continued to work through promotional offers, though the $9 million in credits was barely more than one-quarter the $34.4 million lavished upon the new market by the sextet of operators. Adjusted revenue totaled $9.2 million, a positive swing of close to $22 million from September that left the overall amount still more than $3.5 million in the red.

Four of the six mobile operators did not achieve a positive adjusted revenue for the month, between October’s totals and the negative carryovers permitted to be brought through from September. This meant they paid no state taxes. Of the $141,088 in overall tax receipts, approximately 63% came from Barstool Sportsbook andΒ Caesars Sportsbook.

DraftKings still No. 1 in handle, revenue

DraftKings was one of the four mobile sportsbooks that did not pay state taxes in October, but it moved closer to the break-even point after totaling $4.4 million in adjusted revenue. The online titan’s promotional spend slowed dramatically from September, dropping from $17 million to $3 million that was deducted from its gross revenue of $7.7 million. It carried over close to $3.5 million in negative adjusted revenue into November.

FanDuel, though, has a far better chance of being taxed when November’s numbers are tabulated. Its promotional spend of $3.2 million was less than half the $7.4 million from launch month, though its $2.8 million in adjusted revenue was less than half the $6.1 million reported in gross revenue. FanDuel’s adjusted revenue after the first two months is minus-$86,000, and it is the closest to break-even among the four operators who carried negative adjusted gross revenue (AGR) into November.

PointsBet, however, had a slightly different outcome, as its negative AGR resulted solely from its October performance. The Australia-based book had a 3.2% hold on $2.6 million handle, resulting in less than $85,000 in gross revenue. Promotional credits and other deductions were more than double that amount, leaving PointsBet with an AGR of -$106,464.

Along with FanDuel,Β BetMGM was one of two mobile operators to post back-to-back double-digit holds, but a drop of six percentage points to 10.5% contributed to a 48.8% drop in gross revenue to $2.4 million. Its promotional outlay was approximately 75% of that amount, which meant it applied $560,000 to the nearly $3.3 million in negative adjusted revenue carried over from September. BetMGM’s $2.7 million carryover into November is the second-largest among all operators.

As for Barstool and Caesars, both saw bettors regroup against them, as they each had drops of more than five percentage points when it came to holds on gross revenue. Barstool still had enough to top $1 million in gross revenue for the second straight month, and that was more than enough to absorb the negative-$27,221 it carried over into October, resulting in an overall net AGR of nearly $650,000 and a tax bill of $64,233.

Caesars’ handle surged 44.4% to $8.7 million, while revenue declined 17.5% to $625,000. Its relatively light promo spend — Caesars awarded less than $800,000 in credits the first two months — meant it was the only mobile book to pay taxes in both months.

Checking out the retail doings

While Barstool may be trying to nail down being the fourth mobile option in Kansas, it is the dominant brick-and-mortar venue in the early going. Its Hollywood Casino sportsbook generated more than $6.5 million handle, accounting for 80% of the overall retail wagering amount, but bettors limited the venue to a 5% hold as the book claimed slightly more than $325,000.

Kansas Star’s FanDuel-powered book was the other key retail location, with $1.5 million in wagers accepted and $188,317 in revenue thanks to a 12.5% hold. Boot Hill Casino, which can draw bettors from Oklahoma, Texas, Colorado, and even New Mexico, reported $191,201 in its first full month of accepting bets via DraftKings. The $24,742 in revenue provided a hold of 13%.

ShareTweetShare
Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

Related Posts

whats on tap
Industry

What’s On Tap: Final Four, LeBron’s Playoff Push, And MLB Opening Day

March 27, 2023
whats on tap
Industry

What’s On Tap: Elite Eight, WBC Finals, And Texas Sports Betting Hearing

March 20, 2023
Load More

Top Stories

taylor mathis

Taylor Mathis Got Sacrificed At The Altar Of Responsible Gambling

March 20, 2023
fanduel baseball wall

Premade Same Game Parlays Are Sucker Bets

March 13, 2023
maginfier-over-small-print

Read The Fine Print: A Proposed Federal Rule Could Change Everything For Indian Gaming

March 6, 2023
roman reigns wwe

Colorado Denies Report Stating That It’s Considering WWE Wagering

March 8, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – Where To Play, Bonus Offers And Promo Codes

by Brian Pempus
March 27, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 27, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
January 17, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 22, 2023

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
October 6, 2022

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

SportsHandle

  • Analysis
  • Casino
  • Features
  • Horse Racing
  • Industry
  • Legal
  • Legislation
  • Opinion
  • Podcasts
  • Poker
  • Politics
  • Promotions
  • Regulation
  • Sports
  • Uncategorized

Better Collective

This website is owned and operated by Better Collective USA. Trademarks and copyrights referenced on this website are and shall remain the exclusive property of their respective owners and/or licensors. Please be sure to visit the operator’s website(s) to review their terms & conditions. We advise you to read these carefully as they contain important information. Copyright Β© 2023 USBets.com | Better Collective USA
21 Play Responsibly
Gamble Aware West Virginia
Gambling Problem? Call 1-800-Gambler.
GameSense

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News

loading

Please wait while you are redirected to the right page...