TOPEKA (KSNT) – Kansas sports betting revenue has jumped to about $10.6 million over the course of just a few months.
The Kansas Lottery released the latest revenue report for November on Wednesday. According to the report, net revenues from sports betting have reached $10,589,495. This is up about $7.9 million from net revenues reported in October.
The latest figures bring the state’s 10% cut of revenue to $1,066,490.
The revenue is still small compared to the amount in bets placed, since sports betting in the state went live in September. So far, there have been more than half a billion dollars in settled wagers in the state and about $49.9 million in promotional deductions.
Stephen Durrell, Executive Director of the Kansas Lottery, told Kansas Capitol Bureau Wednesday that he expects the state to be on track to reach an initial revenue projection of about $10 million by 2025. He said, this is, in part, due to diminishing promotional deductions.
“I think that the numbers are sort of going to pan out towards the end,” Durrell said. “I think that as the betting operators got through the process of being able to do their promotional credits, and do all the rest of those things, to let people know that they’re up and operating in the state… as those have sort of diminished as time has gone by, certainly the revenue numbers have gone up, so I think that the projections that were originally made are going to be fine.”
Durrell said the state is also working on implementing a part of the plan that allows for retail locations to offer sports betting. He said they’re hoping to get it done in the first part of next year.
“It will all depend on how it’s implemented…,” Durrell said. “It certainly won’t hurt to have an interest between a marketing entity or a restaurant… and having an agreement with a casino to co-sponsor events… will definitely increase sports wagering revenue over the time being, I hope.”
The next Kansas Lottery Commission meeting is scheduled for January 11, 2023.
More information on sports betting revenue can be found here.