Kansas’ first year of sports betting brought in $7 million in state revenue from $1.85 billion in wagers. In a Sept. 28 update to committee lawmakers, Kansas Lottery finance director Matt Schwartz said revenue projections were basically on track with expectations. “Sports wagering revenues, we’re now a little more than 12 months in,” Schwartz said. “The state’s share of revenues for the first fiscal year, which was 10 months of operation, was a little more than $5.8 million.” The fiscal year ended June 30. From the September 2022 introduction of sports betting through the end of August this year, the state has collected about $7 million in sports betting taxes, and sports bettors have staked about $1.85 billion. Schwartz said the organization wasn’t expecting a “big change” in revenue for the upcoming year, estimating the state’s share of revenue would likely be around $10 million in fiscal year 2024. August numbers reported $94.4 million in settled wagers for the month, generating $484,366 in state sporting bet taxes.
Source: KCUR News
