Sports betting in Kansas has generated $7m in revenue for the state in taxes from the first 12 months of operations, data from the Kansas Lottery has revealed.
Kansas went live with sports betting on September 1, 2022 after Gov. Laura Kelly signed the bill into law, and in the first 12 months of the market’s launch, $1.85bn was wagered.
As per KCUR, Lottery Director Matt Schwarz has told stakeholders that the figures from the first year were solid and that for the next year, there is not expected to be a big difference.
Schwarz said: “Sports wagering revenues, we’re now a little more than 12 months in,” Schwartz said. “The state’s share of revenues for the first fiscal year, which was 10 months of operation, was a little more than $5.8m.”
The operators that are currently live in Kansas are FanDuel, Barstool Sports, BetMGM, Caesars, PointsBet and DraftKings. Operators pay a 10% tax on GGR, indicating that they made around $70m in revenue throughout the year.
Within the framework of Kansas’s sports betting industry is a 2% problem gambling and addictions grant fund, which would be due each July 1, to fund tools such as a helpline with text and chat capabilities and RET provisions.
Meanwhile, a lot of the money is earmarked to be used for attracting a major sports team to relocate to Kansas.