Kansas Sports Betting Goes Live - How Much Revenue Will The State Bring In? More States To Follow?
Now that sports betting is legal in Kansas, bettors are profiting big time. From September 1 to September 11, over 2.4 million wagers were made in Kansas, and winners collected over $47.5 million, according to the Kansas Lottery. The state will get 10% of all profits from sports betting.
However, last Friday, the Kansas Lottery Commission indicated it did not expect any profits from the new industry anytime soon. But there is undeniably a lot of curiosity at this point. According to the agency, the Kansas City Chiefs, Kansas City Royals, Kansas State Wildcats, and Kansas Jayhawks are the most successful clubs for bettors.
To be more precise, the Kansas Lottery reported that the Chiefs' season opener versus the Arizona Cardinals had a high number of wagers due to the many Kansas sportsbooks promo codes available. Bets were placed on the Buffalo Bills and the Los Angeles Rams in the NFL's first game.
Also, the Kansas Lottery said that last weekend's NASCAR races at Kansas Speedway, Hollywood Casino in KCK, and its sports betting sponsor, Barstool Sports, set a new record for Penn Gaming's debut of a new site.
The state of Kansas joins a growing number of states considering legalizing sports betting. A new poll published this week shows that nearly 20% of American adults have placed a bet on a sporting event in the last 12 months. According to the poll, though, most people were betting with their loved ones. Only 8% of those polled had placed a bet on a sporting event in a brick-and-mortar casino, kiosk, or racetrack, and another 6% had done so online.
COPYRIGHT_MARX: Published on https://marxcommunications.com/sports-betting-goes-live/ by Keith Peterson on 2022-09-21T02:54:21.546Z
Since it is still so early to tell, Executive Director Durell has said that he has no revenue estimates for the year. According to early feedback, "it's doing rather well. Durrell elaborated, saying, "I believe that I will be quite intrigued to see what proportion of the entire population eventually joins up for it." According to the first reports, "it seems to have been working pretty well within the first week,"
When asked how solid the revenue statistics are, Matthew Schwartz, the Finance Director, said he may not know until April of next year. He joked that the Kansas Lottery's statistics would look fantastic if Missouri hadn't authorized sports betting.
Moyer is serious when he says that if Missouri did that, it would certainly have a major effect on their statistics. Moyer said, "There's clearly a very large portion of Kansas' population that lives near the Missouri border, or simply Missouri people betting in Kansas, particularly on the Royals and the Chiefs." So, "I believe if Missouri introduces gaming, especially sports wagering, that it will affect the income."
It may feel like more states today than ever before allow sports betting, and you'd be correct. Since the Supreme Court ruled in 2018 that states can regulate sports betting, the number of attempts to legalize it has tripled. More than 30 states currently authorize sports betting, and many more are working to do so after Kansas legalized it last week.
In November 2022, voters will decide on two initiatives that would make betting on sports online in California legal. Problems might be challenging to resolve in Florida. After a brief period of legalization, sports betting is still waiting for a full rollout to happen, and we are positive that it will happen very soon. In Georgia and Oklahoma, attempts to pass motions were unsuccessful in 2022. It's hoped that a fresh proposal to allow sports betting in Georgia will be introduced in 2023.
Maine's legislature approved online sports betting legalization in May 2022, but there is no definite time frame for its implementation. The same goes for Massachusetts and Minnesota. In August of 2022, legislation was enacted that would allow online sports betting, but there has been no word on when this would go live.
Several sports betting bills have been filed in the Missouri legislature recently, and we are certain they will take action soon. Last but not least, sports betting proposals were introduced in 2021 by Texas and Vermont, but they were not accepted. Yet, experts say that these proposals might be accepted by the end of 2022. In the states where there is no chance of legalizing sports betting, we can only wish them the best of luck!
Last week, sports betting was officially launched in Kansas, but with a "soft start" during the first week. Despite its quick growth, the poll findings show that the legal sports betting market in the United States still has the chance to develop. The American Gaming Association reports that an all-time high of 46.6% of Americans report that they will be placing bets on the next NFL season, up 3% from the previous year.