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Kansas Sports Wagering Rises as Casino Revenue Dips
A lucky Kansas resident’s Holiday wishes came true, as they nailed the Powerball jackpot in mid-November. Their winnings came around to $92 million. Executive director of the Kansas Lottery, Steven Durrell made a statement following the victory, claiming that the Kansas Lottery is incredibly happy to have brought joy to someone during the 2022 holiday season.
Unsurprisingly, the spectacular win has led to an increased interest in the Kansas Lottery, and lottery across the USA in general. In the past month, lottery ticket sales have gone up, as many people are hoping that their luck will be just as great as that lucky Topeka resident.
Sports Wagering
All of this lottery business transpired while the state of Kansas was trying to find its footing in the world of legal sports betting. For those that may not know, Kansas legalized sports betting on September 1 of 2022. Ever since then, Kansas residents have been growing a lot more interested in sports and placing wagers on them.
Since September, the Kansas government has seen monthly wagers on sporting events, equaling hundreds of millions of dollars. And not just that, but the amount has been steadily increasing since September. Many are expecting that it will grow significantly in 2023.
In the past couple of months, the net revenue from sports wagering climbed by a significant margin. From $1.3 million in September, to an incredible $8 million in November. Not to mention, a lot more citizens seem to be interested in athletic events, which they had no interest in prior. In other words, the legalization of sports wagering has led to some rather positive effects for the sports industry in general.
Impact on Casinos
But, some are wondering whether this development will have any significant impact on the gambling industry and casino revenues in 2023. It is no secret that since September, the casino revenue in Kansas has taken a blow. Up until then, the average casino revenue in the state came up to around $34 million. In October, it took a dive, producing $32 million, and November was worse with only $31 million.
While some have begun to worry, Mr. Durrell seems to think there is no cause for concern. In a recent statement, he pointed out that every industry has its ebb and flow. He further stated that he doesn’t believe that the sports wagering industry will have any significant impact on the revenue of casinos. According to Mr. Durrell, the two seem to co-exist in peace, so he has no reason to worry.
