The post Kansas Sets New High For Sports Wagering Handle At $219.3 Million appeared first on SportsHandle.
The Kansas Lottery reported sports wagering handle totaling $219.3 million for September, a new all-time high as the Sunflower State kicked off its second year of betting.
The handle eclipsed the previous record of $206.3 million established in March. Kansas made its legal sports wagering debut in September 2022 with $160.5 million worth of accepted wagers. Last month marked the third time it cleared the $200 million threshold.
The Sunflower State also became the 21st to surpass $2 billion in total handle in the post-PASPA era as September’s handle more than doubled the $94.4 million posted for August. This year’s handle was 36.6% higher than last year’s debut and also suggests the possibility of a $250 million handle for October considering last year’s handle increased 18.3% from September to October.
Operators aggressively sought business with the start of the NFL season — the six mobile books and Hollywood Kansas combined for more than $11.6 million in promotional credits. That was the highest total since last year’s launch, when an all-out blitz by mobile operators resulted in a staggering $34.4 million outlay.
Operators claimed $18.2 million in gross revenue, fashioning an 8.3% hold. Gross revenue was down 17.5% compared to last year’s launch as the win rate was 5.4 percentage points lower than September 2022. The $8.1 million in adjusted revenue, though, was a notable reversal from last year when all the promotional offers resulted in a negative adjusted gross revenue of minus-$12.8 million.
DraftKings sets new state mark for handle
September #SportsBetting numbers
for #Kansas via @Kansas_Lottery. 9/23 vs 9/22; vs 8/23
Handle:
36.6%;
GGR:17.5%;
GGR WR:
AGR:
AGR WR:
Taxes:— Chris Altruda (@AlTruda73) October 12, 2023
The total mobile sportsbook handle came out to $201.1 million, outpacing the previous high of $197 million set in March. DraftKings accounted for close to half that amount, as its $97.2 million worth of accepted wagers smashed the previous state high it established last November at $83.6 million.
Its $8.3 million in gross revenue resulted in a hold of 8.6% and was the second-best monthly haul by any mobile operator. DraftKings is the only mobile book to top $8 million in Kansas, having set the standard at $9.3 million last September.
Though FanDuel has not been as dominant in Kansas as it has in other states, it crafted a double-digit hold for the 10th time in 13 months of wagering in September, reaching 11.7% as its $6.4 million in gross winnings came from $54.5 million handle.
BetMGM, though, had the highest hold of the six mobile books conducting betting in Kansas, reaching 12.3% to claim $2.6 million in gross revenue from $21.4 million wagered. That lifted its all-time hold in the Sunflower State back over 10%, while its hold for the calendar year edged above 9%.
The trio also accounted for the bulk of the promotional outlay, with DraftKings leading the way with $5.7 million. As a point of comparison, its combined promotional spend the past four months was $5.6 million. FanDuel provided nearly $3 million in promotional play to bettors, while BetMGM tried to keep pace with an outlay of $1.7 million — its first seven-figure spend since March.
Retail record at Hollywood Kansas
Like their mobile counterparts, Kansas’ four brick-and-mortar venues also set a new high for monthly handle. The overwhelming majority of the $18.2 million came from Hollywood Kansas, which accounted for 88% of that amount by accepting $16 million worth of bets.
The PENN Entertainment venue’s previous high for handle was $8.5 million back in December. Despite that spectacular bump in handle, it did not set a new mark for revenue — Hollywood Kansas had a hold of under 2.9% as it claimed just $459,000 in revenue.
The hold was roughly in line with the other three in-person locations, as the collective hold was 3.1%, resulting in $570,000 in total retail revenue. The year-to-date hold for brick-and-mortar betting is also 3.1%, skewed downward by the $1.8 million loss absorbed in February thanks in large part to the Kansas City Chiefs winning the Super Bowl.
The post Kansas Sets New High For Sports Wagering Handle At $219.3 Million appeared first on SportsHandle.
