Sports betting brings many opportunities for states, but for Kansas February ahs proven to be a huge disappointment as the Sunflower State made a measly $1,134 last month.
Although the Kansas City Chiefs technically play in the neighboring state of Missouri, their Super Bowl win had a major effect on legal sports betting in the Sunflower State
The Kansas Lottery reported $194 million in wagers in February, a 5.9% drop in bets vs. the $206 million the previous month. That being said, sports betting in Kansas has only existed during the 22-23 football season making it difficult to weigh the Super Bowl’s impact on handle.
There was an obvious effect on revenues, they fell. After opening as favorites, the Chiefs were underdogs by kickoff, and nearly all online sports betting sites paid more money to customers than they took in. On the retail side, only DraftKings made a slight profit, while FanDuel, and PointsBet were the only online sportsbooks in the black.
That put the hold percentage at -.5%, lower than 7.4% from January. The state made $1,134, a 99.8% drop from the $598,745 in January. This is the second straight month of disappointing tax hauls, as January’s tax bill was 40% lower than December.
Disappointing promo options
If you thought there was a lack of promos for the Super Bowl, you may not be crazy. Promo deductions fell 13% month over month with DraftKings as the sole operator who increased their amount of promos. The slight jump did not increase their monthly handle however, and rival FanDuel increased its market share.
DraftKings was still the No. 1 online sportsbook with $74 million in bets. FanDuel was a close second with $69.9 million, and BetMGM came in third with $18.9 million.
On the retail side, promos fell 16%. Barstool was the only physical operator to offer promos and its Hollywood Casino had a larger handle than the other three casinos combined.