Kansas sports betting experienced notable fluctuations in January 2024, showcasing both growth and decline in key metrics compared to previous months.
Overview of January 2024 Performance:
In January 2024, Kansas saw a 16.3% increase in its sports betting handle compared to the same period in 2023, reaching $239.6 million. However, this marked a 7.7% decrease from December’s figure of $259.7 million. The majority of bets, amounting to $228.6 million, were placed online, while $11.5 million was wagered at retail sportsbooks.
Revenue Analysis:
Despite the decrease in handle from December, revenue surged by 138.3% year-on-year to $14.3 million. However, this figure fell short by 28.9% compared to the record revenue of $20.1 million in December 2023. Notably, revenue from online sports betting accounted for the entire revenue, amounting to $14.3 million, while retail sportsbooks contributed $668,086.
Performance of Top Online Partnerships:
Kansas Star, in partnership with Flutter Entertainment-owned FanDuel, emerged as a leading performer in the online sector. Their collaboration generated $6.1 million in revenue from $77.3 million in bets. Additionally, Boot Hill Casino and DraftKings amassed $5.9 million from $96.7 million in online bets, while Kansas Crossing and BetMGM recorded $1.2 million from $21.1 million in online wagers.
Retail Performance Breakdown:
Among retail establishments, Hollywood Casino at Kansas Speedway, in partnership with ESPNBet, achieved revenue of $422,845 from $8.9 million in wagers. Kansas Star and FanDuel followed with $164,669 revenue from $1.5 million, outperforming Boot Hill and DraftKings, which secured $53,732 from $402,722.
Proposed Legislation Impacting Advertising:
The Kansas Senate proposed SB 432, targeting strict limitations on sports betting advertisements on digital platforms. If passed, this bill could significantly impact both operators and affiliates. The proposed language restricts advertisements to interactive sports wagering platforms accessed by individuals holding an account with such platforms.
January 2024 showcased mixed performance in Kansas’s sports betting landscape, with notable increases in handle and revenue compared to the previous year but declines from December’s peak. Top performers in both online and retail sectors highlighted the market’s competitive dynamics. Additionally, proposed legislation aiming to regulate advertising underscores the evolving regulatory environment surrounding sports betting in Kansas.