Sports fans in Kansas could be placing bets on games by this fall
WICHITA, Kan. (KWCH) - Sports betting is a rapidly-expanding industry in the U.S. with Kansas the latest to climb aboard. Since the first states legalized it in 2018, more than $125 billion in bets have been placed. That’s according to Legal Sports Report which tracks these figures. With more states continuing to legalize sports betting, the market is expected to balloon in the next few years.
In a border battle between Kansas and Missouri, Kansas is the first to cross the sports-betting finish line. Kansas Governor Laura Kelly signed House Substitute for Substitute for Senate Bill 84 - the state Sports Betting bill - into law on Thursday, May 12.
“Financially, it’s a good thing for the state of Kansas if you look at Missouri likely not passing this,” said 610 Sports Radio Sports Talk Host Alex Gold. “There’s going to be plenty of individuals that come across from Kansas City on the Missouri side.
In Kansas City, Gold has been closely following sports betting in both states.
“It’s becoming a little less taboo in some people’s eyes and then recognizing the revenue that can come in,” he said.
But as sports betting becomes law in Kansas, it won’t start immediately. The Kansas Lottery and the Kansas Racing and Gaming Commission need to develop the rules and regulations for sports betting, expected to be finalized by January 2023.
Gold said however, that bets can be placed on mobile platforms, stating in the fall.
“The uptick of actually getting it started is going quicker, will be quicker than some other states,” he said. “There’s some states that have taken a year or more.”
Sports betting in Kansas will be run through the four state-owned casinos and select other venues that will contract with sports betting platforms like FanDuel and DraftKings. People can lace bets onsite and online.
“The biggest thing for a lot of people is the mobile wagering aspect,” Gold said. “That’s how most of the wagering will take place. In some estimates, 80-plus percent of all the wagering in the state of Kansas will be done mobily.
Each bet will be taxed at 10 percent. as to what that means for the state, the Kansas Lottery expects state revenues to total less than $2 million in the first year, but reach $10 million by 2025. A large portion of that is going to a fund attempting to attract the Kansas City Chiefs to relocate from the Missouri side of the KC Metro to the Kansas side.
“I think it’s a fun talking point, but if the Chiefs were to move to Kansas, I don’t think the fund attached to this bill is going to be the reason why,” Gold said.
The bill Governor Kelly signed into law also includes a number of problem-gambling provisions. These provisions include tools to set limits on the time and money a person can spend on sports betting platforms, a self-restriction list a person can put their name on that would prohibit them from placing bets, and a portion of taxes going to the Problem Gambling Addiction Fund which provides a helpline and no-cost treatment.
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