Missouri Voters Approve Sports Betting, Kansas Officials Anticipate Market Shifts
December 9, 2024 Marija D
Missouri voters have officially approved the legalization of sports betting, a move that is expected to reshape the regional market. The Missouri Board of State Canvassers confirmed the decision after a narrow ballot victory, with the measure ing by just 2,961 votes, securing a 50.05% approval rate. State regulators now face a December 2025 deadline to launch the newly legalized market.
This development comes as Missouri voters have historically crossed state lines into Kansas to place bets, as Kansas has been their closest legal option. Since its launch in 2022, Kansas’ sports betting market has generated over $200 million in total revenue, including $91 million in 2024 alone.
Kansas Prepares for Changes in Its Betting Market
Kansas officials acknowledge that the approval of sports betting in Missouri will likely alter their market dynamics. However, they remain optimistic about the Sunflower State’s position in the industry. Kansas Lottery spokesman Cory Thone expressed confidence in the resilience of Kansas’ betting market, noting its strong performance since inception.
“It has been incredibly popular, more so than we even predicted here in the state,” Thone told WIBW. While he anticipates some level of impact, he emphasized the unpredictability of the extent. Thone added, “For a lot of these people that live in Missouri that maybe were coming to Kansas, I would expect them to keep their Kansas so maybe when they are in the state they will make a bet when they are here but they also have options somewhere else as well.”
Missouri’s sports betting market is poised to potentially outperform Kansas significantly. A recent study suggests that Missouri could achieve a betting handle of over $3.4 billion in its first operational year. This far exceeds Kansas’ $2.1 billion handle recorded in 2023.
Kansas recently reported its largest-ever monthly handle of $275.9 million in October 2024, marking a 10.5% increase compared to the same period last year. Despite Missouri’s strong projections, Kansas’ consistent growth reflects its established foothold in the market.
Key Operators Eager to Enter Missouri
The legalization has drawn interest from major sportsbook operators such as DraftKings, FanDuel, and BetRivers. DraftKings, which partners with the NFL’s Kansas City Chiefs, and FanDuel, d with the MLB’s St. Louis Cardinals, have already invested heavily in Missouri’s sports betting future. Both companies contributed over $20 million to the Winning for Missouri Education coalition ing legalization.
FanDuel’s existing partnerships with Boyd Gaming, a Missouri-based company, further position it for a smooth entry into the market. Similarly, DraftKings could leverage its relationship with Penn Entertainment, a major player with licensing rights in Missouri and other states.
Rush Street Interactive, the parent company of BetRivers, has also expressed interest in securing a license, signaling robust competition among operators eager to establish themselves in Missouri’s burgeoning market.
Source: ”Kansas prepares for market changes after Missouri sports betting approval” CDC Gaming. December 06, 2024.
The competition will likely be intense, but Kansas seems confident in retaining some of its bettors. I wonder how operators like FanDuel and DraftKings will influence the rollout and whether Missouri can hit those ambitious revenue projections!