The state of Kansas has taken $1.85 billion of wagers in its first full year of legalized sports betting operations.
Contributions to the state by means of a 10% tax on revenues contributed $7,040,163 for the year. August’s $4.8 million revenue pushed Kansas over the $70 million revenue mark for the 12-month period.
Kansas mobile sports betting dominated the retail operators, with retail accounting for just 4% of all wagers. The four retail books took a total of $81.2 million wagers in the year, with $4.4 million recorded as revenue.
The largest retail sportsbook was Barstool at the Hollywood Casino, taking $61.4 million (75.7%), of all retail wagers. FanDuel at the Kansas Star took $14.3 million (17.6%) followed by DraftKings at Boot Hill with $3.7 million (4.6%). The smallest retail book was Caesars, with $1.8 million in wagers and 2.2% of market share by handle.
Analysis of online figures shows DraftKings dominating the market by handle share, taking $753.5 million in wagers and holding 42.6% of market share. FanDuel was a clear second with $538.4 million (30.4%) and BetMGM third with $223.9 million (12.7%). Caesars took $120.4 million (6.8%) and was closely followed by Barstool (Penn) which took $112.3 million (6.3%). Bringing up the rear is PointsBet, who took $21 million in wagers and 1.2% market share.
Despite DraftKings taking over $220 million more in wagers than FanDuel, the company recorded lower taxable revenue. DK and FD accounted for 73% of all wagers, but 86% of all revenue.
FanDuel had a margin of 5.5% (when computed on revenue reported by the regulator), considerably higher than DraftKings’ 3.6%. BetMGM struggled, recording just $609,605 in taxable revenue from $224.0 million in wagers.