Bettors in the Sunflower State were never more active than they were in October 2024, as the top-rated sportsbooks accepted over $275 million in wagers, but the public was sharp, which adversely affected the sports betting operators’ bottom line.
Record-Setting Month
Kansas bettors were heating up their mobile devices in October and placing more sports wagers in a single month than ever before. It was a perfect storm of NFL and college football coupled with a compelling World Series matchup between the Dodgers and the Yankees, as well as the NHL and NBA beginning their respective seasons.
The Kansas Lottery reported that the state’s mobile and retail sportsbooks took in $275.9 million worth of wagers in October, with digital betting posting $266.3 million while the brick-and-mortar locations accepted $9.6 million. It was also nearly 11% more than was wagered in September and shattered the previous monthly record in Kansas of $260.9 million established in November 2023.
Dip in Revenues
Kansas launched sports betting in September 2022, and the momentum the industry has gained since that time is reflected in the metrics. October 2024 was the 11th time Kansas sportsbooks combined for a handle north of $200 million.
However, despite the frenzy of sports betting, the revenues plummeted from the previous month due to a paltry 4.7% hold (win rate), which equated to a comparatively lackluster $12.97 million in revenues. Compare that to a slower betting month in September, whose higher hold produced a revenue record of $34 million.
DraftKings Crowns the Mobile Competition
DraftKings led all challengers in Kansas’ October market with $122.8 million in accepted bets, which towered above its nearest and quite familiar challenger, FanDuel, which posted a $85 million handle.
However, it was FanDuel that may have lost the battle but won the revenue war due to a far superior hold. DraftKings generated only $4.3 million in revenues on a dismal 3.9% hold, while FanDuel reported $5.9 million on a handle that was nearly $38 million less than DraftKings.
After the industry titans, BetMGM came next with a $23 million handle, producing revenues of $1.3 million, followed by ESPN Bet, which claimed $12.5 million in accepted wagers, generating just a bit over $457,000.
Iconic Las Vegas brand Caesars reported $12 million in sales with profits of over $538,000, while Fanatics rounded out the field with a handle of $11.2 million and revenues of $435,000.
Hollywood Outshines Retailers
As for the retail bookmakers, it was Hollywood Casino at Kansas Speedway that continues to devour the competition month after month. ESPN Bet is Hollywood’s sports betting provider, and it took in $6.94 million in action, generating revenues of nearly $243,000.
That dwarfed all retail challengers. Kansas Star was next with its FanDuel sportsbook posting a handle of $1.49 million, delivering just $62,559 in monthly revenues, while the Kansas Crossing Casino’s retail book run by Caesars accepted $725,757 in bets, which generated zero revenues for the month.
Lastly, Boot Hill Casino & Resort and its DraftKings-run sportsbook had the lowest monthly handle of the four retailers, with a $446,769 handle translating into $32,700 in revenues in October.
