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Sportsbooks in Kansas started the new fiscal year on a positive note, rebounding from the previous month's performance, starting what could be the upward trend in betting leading up to football season. Kansas sports betting activity may have a lower handle, but revenue for sportsbooks have increased.
When becoming a bookie, revenue is always the bottom line in terms of the data you can find in your sportsbook. Naturally, wanting a higher handle is always better, but if your hold is low, then revenue will not be as good as you would want it to be.
According to the Kansas Lottery, the adjusted revenue for July reached $6.8 million, marking a significant 66% increase compared to the previous month. This growth was driven by a total betting handle of $79.7 million from both online and retail sportsbooks in the state.
Kansas Sports Betting Activity Continues to Improve
The rise in revenue was attributed to a reduction in promotional deductions, decreasing from $3.2 million in June to $1.8 million in July. Consequently, the state received a higher tax payment of $683,176 in July, up from the $409,425 recorded in the previous month.
Although the betting handle for July in the Sunflower State dipped by 18.8% on a month-on-month basis, the hold saves sportsbooks and gives us an increase in revenue. Sportsbooks report a 12.1% hold on the $9.6 million Gross Gaming Revenue (GGR). The GGR also increases by 18% from the previous month. As a bookie, you can easily add more revenue if you get players to also play online casino games through your bookie software.
If you look at the numbers for Kansas, online sports betting remains the more popular option, taking 97% of the market at $77.4 million. Historically, numbers will start to improve as we get closer to football season. August will still have the same betting options, with the addition of international basketball as well as the NFL preseason. Your bookie pay per head software will offer all the events available, and will hopefully yield a better handle and revenue for the sports betting market this August.
