The Kansas Lottery reported BetMGM ran neck-and-neck for the No. 3 spot among the state’s six mobile operators.
The Sunflower State sured $3 billion in all-time wagers, reaching the benchmark in 17 months of betting. January handle was up 16.3% compared to the opening month of 2023 while also down 8.4% versus the $259.7 million generated in December. It was the fifth consecutive month Kansas handle cleared $200 million.
The state’s four retail operators and six betting apps combined for a statewide hold of 8.7%, resulting in $20.9 million in gross revenue. The state levied its 10% tax on $14.3 million in adjusted gross revenue, resulting in an inflow of more than $1.4 million into state coffers.
January’s AGR figure was substantially adjusted upward via operator carryover from previous months, as promotional credits and bonuses totaled nearly $9 million and an additional $632,000 was deducted via federal excise tax. Promotional spend was up 18.1% from January 2023 and 4% from December.
Battle of attrition brewing? 5p13t
Running January/2024 YTD Top 10 #SportsBetting handles by state:
1 New York $1.97B
2 Maryland ~$545M
3 Indiana $480.6M
4 Tennessee $465.8M
5 Iowa $259.5M
6 KANSAS $239.6M
7 Oregon $67.1M
8 West Virginia $46.4M
9 Maine $38.1M
10 Montana $5.86M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) February 15, 2024
It was the second straight month BetMGM edged ESPN BET by less than $1 million handle for the No. 3 spot in Kansas, though the gap between the two stretched from nearly $12,000 in December to $904,000 in January. ESPN BET, though, did claim nearly 8.5% of the mobile market share with its $20.3 million handle — well above its stated 7% target goal for 2024 nationwide.
ESPN BET dramatically curtailed its promotional spend in January to nearly $583,000, which was 76.3% lower than its $2.5 million outlay in January. Conversely, BetMGM’s offers to bettors jumped 41.7% to $1.2 million, the first time its spend reached seven figures in Kansas since a $1.7 million outlay in September.
BetMGM could take solace in generating more revenue than the PENN-owned sportsbook, reaping more than $1.7 million in gross revenue thanks to an 8.2% win rate. After back-to-back months of 12% holds to mark its entrance in the Sunflower State, bettors dragged ESPN BET down to earth in January, limiting it to a 2.2% hold and just under $438,000 in gross winnings.
FanDuel for the top revenue spot, as its $9 million haul was approximately $173,000 better than its eternal rival. DraftKings had a 9.3% hold from a state-high $96.7 million handle, and FanDuel posted its ninth win rate of 11% or better in the last 11 months, hitting 11.4% in January after accepting $77.3 million worth of wagers. The two market leaders also combined for a promotional outlay of $6.9 million, as they represented more than 76% of the $228.1 million mobile handle.
PointsBet had a 5.9% win rate in claiming more than $116,000 in winnings from handle totaling $2 million.
Slow start for retail sportsbooks 3j3k67
Kansas’ quartet of brick-and-mortar sportsbooks emerged with barely more than $121,000 in gross revenue, crafting a paltry 1.1% hold from $11.5 million worth of wagers.
Hollywood Casino and Kansas Crossing both posted modest five-figure losses in January — which could wind up being better than February’s results following the Kansas City Chiefs winning a second consecutive Super Bowl — while Kansas Star led the group with just over $117,500 in winnings.
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