In February, the revenue from betting in Kansas saw a significant increase compared to the same time last year.
According to data released by the Kansas Lottery, sports betting operators in Kansas experienced a busy February. Although their revenue and betting volume saw a year-over-year rise for both retail and online segments, these numbers were lower than those reported in January.
In February, the combined amount spent on sports betting, both in retail and online, was $203 million. This was a small rise from the previous year’s February spending of $194 million. However, it fell short of January’s reported spending of $239.6 million.
To no surprise, the retail and online betting companies saw a significant decrease in revenue last month compared to January. In January, these operators reported a total of $14.3 million in revenue, but last month saw a dramatic drop to only $3.1 million.
Online gambling generates the majority of revenue and betting activity.
In February, the total amount of bets placed was largely attributed to online wagering, according to a breakdown of the reported figures. This is not unexpected, given the widespread use and popularity of online and mobile betting throughout the nation. Specifically, online betting operators recorded a total of $193.9 million in bets placed last month, while the retail sector only saw $9.2 million in bets placed during the same time period.
In Kansas, licensed online operators reported a betting handle of $193.9 million, resulting in $3,049,912 in revenue. These numbers show a decline from the previous month of January, when the betting handle for online operators was $228.1 million and revenue was $13.7 million.
However, year-over-year, the betting handle increased by nearly $10 million, while the revenues soared from the $35,916 result from February 2023.
Last month, online operators generated a revenue of $3 million, with the state receiving $304,991 as their share. This is significantly lower than the $1,366,463 collected in January.
The retail market generated $9.2 million in February, compared to $11.5 million the previous month in January. Retail betting operators in Kansas made only $5,025 in revenue last month, resulting in $503 for the state. In contrast, in January, these operators brought in $668,086 in revenue and the state received $66,809.
In February, DraftKings Achieves Record-Breaking Handle and Revenue.
In February, three betting companies earned revenue through their online operations. DraftKings and Boot Hill worked together to generate the highest betting handle of $87.7 million. This resulted in a revenue of almost $2 million.
FanDuel and Kansas Star reported the second-highest betting handle, reaching a combined $58.5 million. In terms of revenue, the two posted $885,938 in the previous month.
In the month of February, the third company to disclose their earnings was the joint effort of Caesars and Kansas Crossing. Their betting activities totaled $11.2 million and brought in $198,496 in revenue.
