June wasn’t a bad month to be a sports bettor in Kansas. It was, however, a bad month to be a legal sports betting operator in the Sunflower State.
On Wednesday, the Kansas Lottery announced a 53% drop in revenue month-over-month, and the hold took a huge spill from 12.2% in May to 4.2% in June.
As several sportsbooks took a beating with a large percentage of payouts, the Sunflower State’s overall June handle of $120.3 million fell 18.4% from the previous month, and revenue amounted to just $4.1 million for operators.
And that’s with promotional bets decreasing 27.2% to $3.2 million in June.
The state’s 10% cut of $409,425 was also more than half the amount from May as Kansas approaches $6 million for the fiscal year in tax benefits.
Online sports betting made up 96.7% of the handle and all but $93,701 of the revenue, which came from retail.
FanDuel posts better win rate than rival
DraftKings led online Kansas sports betting operators in June with a handle of $41.8 million — around $7 million less than in May — but a 3.1% win rate turned a profit of $1.3 million. FanDuel produced a much better hold of 7.2% to claim revenue of $1.9 million on $26.3 million in wagers placed. It helped that FanDuel gave out nearly $600,000 less in promotions to customers than its rival.
BetMGM edged Caesars for the third-best handle in June with $11.1 million. However, BetMGM paid out over $10 million in winnings to bettors and, after promotions and taxes, made zero revenue. Caesars claimed $460,111 in profits for the month.
Barstool Sportsbook made $237,276 in revenue on a handle of $4.7 million online while its brick-and-mortar shop, partnered with Hollywood Casino, claimed the best retail handle in Kansas with $2.2 million in wagers but no revenue was generated after payouts, promotions and taxes.
