Despite a month filled with the NCAA tournaments and NBA/NHL playoff pushes, sports betting in Kansas was unimpressive.
The Kansas Lottery reported that the state accepted $132.9 million in legal sports betting last month, compared to $206.2 million in March. Despite the massive drop in handle, the sportsbooks’ revenue (and state taxes) numbers remained relatively unchanged.
The six operators in the Sunflower State enjoyed an 11% hold, higher than March's 10%. On top of that, sportsbooks offered fewer promos to deduct from their profits, netting them $9.1 million in revenue, roughly $84,000 more than the previous month.
With revenue nearly identical month-over-month, so too were the taxes. State coffers received $919,720 from April, which — after a 35% decline in handle — is good news for Kansas.
Operator order stays the course
Kansas’ sportsbooks maintained the same position as last month as they all suffered significant drops in action.
DraftKings was still the most popular sportsbook in the state, although they matched the state’s decline of 35% month over month. FanDuel remained in second while dropping 36%. Even though FanDuel accepted $13 million fewer in bets than DraftKings, they were the most profitable operator in April.
BetMGM took the second worst of the state’s shrinking market with a 42% monthly decline. Caesars was fourth after just a 30% fall in handle while Barstool’s crept closer after limiting their loss to 27%. PointsBet came in last with a 50% drop.
On the retail side, FanDuel’s sportsbook at the Kansas Star was the only profitable operator, and more than doubled its net revenue to $120,895.
And while Barstool’s Hollywood Casino remained the top dog in handle, their market share is taking a poor turn. In March, Barstool’s physical book accepted 74% of the entire retail market. In April, that fell to 64%.
