Kansas Marks One Year of Legal Sports Betting
Posted on: August 29, 2023, 02:03h.
Last updated on: August 29, 2023, 02:03h.
The impact of sports betting in Kansas is being measured by time, money, and influence.
First, the time. Friday, Sept. 1, 2023, marks the one-year anniversary of legalized sports betting in the Sunflower State.
Since going live, some of the nine casinos in the state have extended their hours of operation and added more staff. And now, with the kickoff of football, expectations for growth are increasing, according to some casino managers.
“Now, for us as a full resort destination, we get a whole new group of folks coming in to watch games, and it’s allowed us to introduce them to what we have here at the Kansas Star,” Doug Lang, the property’s vice president and general manager told the local NBC affiliate.
In the 12 months since the first sports bets were placed, the Kansas City Lottery reports about $6 million in revenue, which brings us to the second measure of sports betting — impact.
Show Me the Money
To be specific, the tax dollars generated by the first fiscal year of sports betting in Kansas came to $5.8 million, according to figures released by the Kansas Lottery.
Fiscal year totals for Kansas sports betting came to $1.67 billion in handle between July 2022 and June 2023. Kansas sportsbooks generated $149.1 million in revenue.
July began the state’s new fiscal year and sports betting handle for the month reached $79.7 million. That’s a 19% decline from June when the total was $98.1 million. July was also the lowest monthly total since sports betting’s inception in September 2022.
Analysts say summer months are typically slower with fewer sports betting options, but add that the beginning of football season generally creates dollars and excitement.
The amount of taxes paid under Kansas tax gambling laws depends on annual income and tax brackets. On big wins, the Kansas Lottery withholds a flat rate of 5% to cover state tax.
Sports Wagering Influence
As previously mentioned, the third measure of the impact of legal sports betting is the influence. Specifically, the influence on neighboring states, which Casino.org has covered extensively.
Kansas City, Kansas and Kansas City, Missouri are separate incorporated cities that, together, make up the Kansas City Metropolitan area.
Now that the state of Kansas is about to enter its second year of legal sports betting, neighboring Missouri is taking notice. Many people in Missouri are now in the habit of driving across state lines in order to place a bet, frustrating some lawmakers, casinos, and sports organizations.
While the Missouri State House has passed legislation in the past two years bills to legalize sports betting, the bills have stalled in the Senate.
Now, some lawmakers and sports organizations are pushing for a 2024 ballot initiative placing the matter before voters if the legislature fails to act this session.
Missouri is also bordered by other states that have acted to legalize sports wagering, including Kentucky, where sportsbooks open at the end of September, as reported by Casino.org.
The ripple effect is even more noticeable when looking at the interactive sports betting map maintained by the American Gaming Association.
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Source: casino.org
