The Kansas Lottery reported $186.4 million sports wagering handle for November, continuing a strong early start that has seen the Sunflower State surpass half a billion dollars in accepted bets in its first three months of operation.
The November handle figure was down 1.9% compared to October’s $189.9 million, but all three months have seen bettors make at least $160 million worth of wagers. Operators enjoyed another solid month with $19.1 million in gross revenue, up 2.6% from the previous month thanks to a 10.2% hold. Kansas operators have posted a 9.8% win rate or better each of the first three months.
Promotional spend has sharply trailed off among the state’s six mobile sportsbooks, totaling $6.5 million in November after more than $34.4 million in credits were lavished upon the public in September to get things rolling. The $12.2 million in adjusted gross revenue (AGR) for November was the highest of the three months and moved the all-time total into the black for the first time at $8.7 million.
The uptick in adjusted revenue meant a noticeable sum for state coffers, which received an inflow of $795,784 for the month to clear $1 million overall. November’s receipts were nearly triple the $270,805 generated in September and October combined.
DraftKings continues to fend off FanDuel
Running November Top 10 #SportsBetting handles by state:
1 New York $1.56B
2 Indiana $452.32M
3 Tennessee $439.46M
4 Iowa $247.48M
5 Maryland $219.07M
6 KANSAS $186.35M <-NEW
7 West Virginia $69.85M
8 Oregon $55.5M
9 Delaware $10.17M
10 Montana $5.78M#GamblingTwitter
— Chris Altruda (@AlTruda73) December 16, 2022
In a scenario that has played out in some other states, DraftKings has been winning the handle battle while losing the revenue war to eternal rival FanDuel. That has yet to happen in Kansas, though, with DraftKings doing the double in each of the first three months. FanDuel has been shrinking the gap in gross revenue, but has yet to grab the crown.
DraftKings had $7 million in gross revenue for November, besting FanDuel by $63,524. Furthermore, DraftKings generated $76.2 million handle and has accounted for 43.6% of the state’s $536.8 million worth of wagers through the first three months, totaling $233.9 million.
FanDuel cleared $50 million handle for the second straight month and had the top mobile hold at 13.7%. It has had a win rate of 11.9% or higher each of the first three months of action, and FanDuel’s $17.7 million in total gross revenue is more than that of BetMGM, Barstool Sportsbook, PointsBet, and Caesars Sportsbook combined.
BetMGM rounded out the podium spots for handle ($25.4 million) and gross revenue ($2.4 million), but its carryover from previous months means its all-time adjusted revenue — minus $2.1 million — has yet to zero out. That means BetMGM has yet to pay any state taxes. PointsBet’s carryover from October created the same outcome, though its total is far closer to break-even at minus $61,565.
Barstool totaled $1 million in monthly gross revenue, and its light promotional spend of around $200,000 in November resulted in its best AGR total at $776,570. Caesars’ handle again increased from the previous month to $9.7 million, while its $691,000 in gross revenue was enough to nudge its three-month total to over $2 million.
Hollywood Kansas again paces retail betting
The $9.3 million generated in retail wagering in November is the highest for the first three months, but the brick-and-mortar books are still chasing the opening month’s revenue haul of $985,000. The 8.4% hold in November resulted in $780,000 in gross revenue, bumping the overall total above $2.3 million.
Hollywood Kansas continues to be the top draw — its $7.1 million in wagers accepted accounted for more than three-quarters of the total retail handle. The Kansas Speedway venue had a robust 11.6% win rate, generating nearly $820,000. But bettors dealt Kansas Star Casino its first monthly loss, coming out $39,000 ahead on $2 million wagered.
It is the largest monthly loss for a retail venue in the state’s young history, with Boot Hill’s $91 loss in September sliding to second-worst. Boot Hill eked out a narrow win in November, claiming $2,263 in winnings for a 1.1% hold.