Hollywood Casino at Kansas Speedway Releases Sports Betting Revenue Report

It has been a month since Hollywood Casino at Kansas Speedway started accepting wagers on sports. However, its revenue report showed that sports betting was not a significant source of income for the casino.

According to its report, sports betting revenue for the casino was $762,000 in September. On the other hand, it earned $11.8 million for slots and $1.5 million for table games.

Lawmakers legalized sports betting in casinos earlier this year. Also, they can sign a partnership with a sportsbook operator as a way of becoming a bookie. Additionally, operators must use geofencing to ensure users use apps within the state. Finally, they can use whatever sports betting algorithm they want.

Sports Betting at Hollywood Casino at Kansas Speedway

In time for the start of the National Football League season, betting started on September 1. The timing also permitted Hollywood Casino to provide wagering for one of Kansas Speedway's two significant NASCAR racing weekends.

Hollywood Casino aims to construct a permanent facility with a full restaurant, field house games, and access to a patio overlooking Kansas Speedway in addition to the temporary Barstool Sportsbook facility it built close to the Turn 2 Sports Bar and Restaurant.

According to PENN Entertainment Vice President Jeff Morris' March speech before the Kansas Legislature in favor of sports betting, sports betting is a low-margin, high-volatility industry for casino operators. Hollywood Casino is jointly owned by International Speedway Corp. and PENN Entertainment, previously Penn National Gaming. PENN also owns Barstool Sports, a company that runs live betting locations and a sports betting app.

Morris informed lawmakers that for every $100 wagered, bettors receive $95 back. However, after various taxes and fees, the $5 that the casinos receive is reduced to around $1 in revenue.

Before you enter any casino in Kansas, make sure you know the do's and don'ts of casino gambling. That way, you can have a better gambling experience.

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