Kansas celebrates one year of legal sports betting
The impact of sports betting in Kansas is measured in time, money and impact.
First, time. Friday, September 1, 2023 marks the one-year anniversary of legalized sports betting in the Sunflower State.
Since opening, some of the state's nine casinos have extended their hours and hired more staff. Now, with football games starting, growth expectations are rising, some casino executives said.
“Now that we are a full-service resort, we have a whole new group of people coming to the games, which allows us to introduce them to what we have to offer at the Kansas City Star,” said Doug Lang, vice president of the property and general manager of the property. the manager told the local NBC affiliate.
In the 12 months since its first sports bet, the Kansas City Lottery reported revenue of approximately $6 million, which brings us to the second metric of sports betting – impact.
Take out the money
Specifically, sports betting tax revenues in Kansas were $5.8 million in the first fiscal year, according to the Kansas Lottery.
Between July 2022 and June 2023, total sports betting revenue in Kansas was $1.67 billion. Sports betting revenue in Kansas was $149.1 million.
The state's new fiscal year began in July, with sports betting revenue reaching $79.7 million that month. That's down 19% from June, when the total was $98.1 million. July was also the lowest monthly total since sports betting was launched in September 2022.
Analysts said the summer months tend to be slower and offer fewer opportunities for sports betting, but added that the start of the football season usually brings money and excitement.
The amount of tax paid under Kansas gambling tax laws depends on annual income and tax bracket. On large prizes, the Kansas Lottery withholds a flat rate of 5% to cover state taxes.
Impact of Sports Betting
As mentioned earlier, the third measure of legal sports betting’s influence is reach. Especially the impact on neighboring countries, which Casino.org has reported extensively on.
Kansas City, Kansas and Kansas City, Missouri are separate incorporated cities that together form the Kansas City metropolitan area.
As Kansas enters 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 to place bets, frustrating some lawmakers, casinos and sports organizations.
While the Missouri House has passed bills to legalize sports betting over the past two years, those bills have stalled in the Senate.
Now, some lawmakers and sports groups are pushing for a 2024 ballot initiative that would put the issue before voters if lawmakers don't act this session.
Missouri also borders other states that have legalized sports betting, including Kentucky, where sports betting will open by the end of September, according to Casino.org.
The ripple effects become even clearer when you look at the American Gaming Association's Interactive Sports Betting Map.
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Source: www.casino.org
