US sports betting round-up: FY growth in Kansas, mixed results for Kentucky
Kansas saw both sports betting revenue and handle increase year-on-year, in 2024, with player spending hitting $2.36bn (£1.83bn/€2.18bn). As for Kentucky, the state reported lower player spending for the second straight month.
Kansas stakes up 41% in full fiscal year of betting
Handle for the 12 months to 30 June was 41% ahead of the previous year according to Kansas Lottery figures. Players wagered $2.26bn online and $102.3m with retail sportsbooks across the state.
Revenue reached $117.2m, a year-on-year rise of 100.2% from last year’s $58.7m, a 5.0% hold, below the national average of 9.1%. Of this, $112.4m came from online betting, while retail contributed $4.8m.
DraftKings leads the way but low hold typifies Kansas sports betting market
Looking at individual operators, DraftKings and Boot Hill led the online market in 2024. This partnership generated $54.2m in revenue but with a weak hold of 5.4% from $1.01bn in total wagers.
This low hold was reflected across the market. Second-placed FanDuel and Kansas Star took second with $44.7m in revenue off $696.3m, a 6.4% hold, while BetMGM and Kansas Crossing followed in third, with $228.0m wagered and $8.7m in revenue, a hold of 3.8%.
Caesars, which also partners with Kansas Crossing, reported $3.0m in revenue from a $130.9m handle. Fanatics, another Kansas Crossing partner, took just $99,742 from $40.4m. Fanatics took over from PointsBet in Kansas part way through the year following its acquisition of the PointsBet US business.
ESPN Bet, which replaced Barstool in the state and the Hollywood Casino, is the other online betting option for players. This partnership generated $1.7m in revenue from $154.6m in bets.
Tax for the financial year reached $11.7m, with $11.2m coming from online and $480,810 retail. Operators are taxed at 10% of gross revenue.
Kansas handle jumps in June
As for the final month of the financial year, handle hit $140.1m in what is traditionally a quieter month for sportsbooks. While stakes were down 18.6% from May, this marked a 42.8% year-on-year increase from June 2023. Players spent $135.3m betting online and $4.8m at retail sportsbooks.
Revenue hit $9.4m for the month. This is 129.3% clear of last year but 9.6% less than May’s $10.4m haul. Online was responsible for almost all revenue, with retail contributing just $80,850.
As was the case in the full-year, DraftKings led the way, followed by FanDuel then BetMGM.
Monthly tax totalled $936,385, of which $928,300 came from online and $8,085 retail.
DraftKings leads the way in Kentucky sports betting
Since sports betting launched in Kentucky in September last year, players have staked $1.89bn, generating revenue of $223.4m, an 11.9% hold. This is the first update from the Kentucky Horse Racing Commission since April, when the Bluegrass state published data for the first six months of activity.
FanDuel edged out DraftKings to lead the online market. The Flutter-owned operator generated $89.4m in revenue from $683.2m in bets, a 13.1% hold. DraftKings’ handle came to $734.5m, with an 11.6% hold resulting in revenue of $85.1m.
BetMGM follows in third with handle of $120.1m, resulting in $16.9m in GGR, followed closely by Bet365, which reported stakes of $110.7m and revenue of $10.3m.