May's sports betting handle may have been down 10% from April in the Sunflower State, but that probably isn’t too concerning given the handle's year-over-year jump.
The Kansas Lottery reported that $172.2 million was wagered for the month, up from the $120.3 million bet in May 2023 - an increase of 43%.
A 9.9% hold on gross revenue led to $17.2 million in profits, up 18% year-over-year. Adjusting for promotions, federal tax, and net carryover from the previous month, May's revenue of $9.8 million was up 10% from a year ago, while falling 6% month-over-month.
With strong action driven by MLB's return and NBA and NHL playoffs, the Sunflower State filled its coffers with $976,764 of tax revenue.
A billion and beyond
While the summer sports betting slowdown is underway, Kansas sportsbooks have already generated over $1 billion in handle year-to-date. June is the final month of the fiscal year, and the total amount wagered has already topped $2 billion - well ahead of the previous year’s $1.85 billion.
Adjusted revenue year-to-date is up 77% compared to last year, while tax revenue for the fiscal year is already above the projected $10 million.
DraftKings sets the tone
Online sports betting accounted for 95.3% of May’s total handle, and the six mobile operators combined for a 10% hold.
| Operator | May Handle | Net Revenue |
|---|---|---|
| DraftKings | $74.9 million | $4.4 million |
| FanDuel | $51.3 million | $4.9 million |
| BetMGM | $13.5 million | $0 |
| ESPN BET | $10.7 million | $0 |
| Caesars | $6.9 million | $213,734 |
| Fanatics Sportsbook | $6.6 million | $0 |
DraftKings led the way with $74.9 million in total wagers. FanDuel was second at $51.3 million, but a 12.8% hold had the online sportsbook just $160,000 behind DraftKings in gross revenue for the month.
BetMGM finished third in handle at $13.5 million and just shy of $1 million in gross revenue, while ESPN BET was fourth at $10.7 million and $1.3 million in gross revenue.
Caesars just edged Fanatics Sportsbook with a handle of $6.9 million.
Retail handle rises
Four retail sportsbooks combined in May to bring in $8.1 million in wagers, up from the $6.2 million generated in April.
Hollywood Casino made up the vast majority of that figure with a handle of $6.5 million. Kansas Star had the second-highest handle at $748,252.
