In the first 10 days of legal sports wagering in Kansas, people made almost $40 million in bets. While that may sound like a windfall for the state’s treasury, it is not.
“After the payment of player prizes and deductions for promotional play and the federal excise tax, net sports wagering revenue for the first 10 days was $233,351, of which the state’s share is $23,335,” Kansas Lottery executive director Stephen Durrell told state lawmakers last week.
The Lottery expects the take to get bigger as promotional free plays and credits dry up and cash takes their place.
Cash once was the only method of sports betting in most of America.
