Kentucky has released its latest monthly handle and revenue figures for licensed operators as a slow sports calendar comes to an end.
According to data provided by the Kentucky Horse Racing Commission, the state’s eight sports betting operators reported a $150.3 million total handle in June, down 17% from May due to three of the four North American pro sports leagues being out of season.
The results in Kentucky were spearheaded by online wagering, which made up $145.7 million of the total handle in June. Online operators in Kentucky generated $14.9 million in adjusted gross revenue during the month with a state excise tax of $2.1 million. By comparison, adjusted gross revenue for online operators in May closed at $20.5 million.
The state’s excise tax for online wagering reached $2.9 million for the same period. Kentucky law imposes a 14.2% tax on adjusted gross revenue for online operators.
The revenue from sports betting in the Bluegrass State is allocated toward administrative costs, public education, disaster relief funding, public pension programs, and other government resources.
DraftKings continues to reign in Kentucky
The Boston-based operator was once again the top sportsbook in the Bluegrass State with an online handle of $56.6 million in June marking its eighth consecutive month with the state’s highest online handle. DraftKings paid out $51.2 million in online winnings to players in June with the operator closing the month with $5.2 million in adjusted gross revenue. In June, its excise tax in Kentucky from online wagering reached $747,412.
FanDuel closed June with the second-highest online handle at $47.3 million with winnings paid to players at $40.6 million. The Turfway Park partner saw online adjusted gross revenue during the month reach $6.5 million with a state excise closing at $934,775.
British operator bet365 continued to showcase its viability in North America with the sportsbook closing June with the third-highest online handle in Kentucky. During the month, bet365 accepted $15.6 million in online wagers with $14.2 million paid to players. Its adjusted gross revenue in June reached $1.1 million with $168,059 in excise tax.
Bet365 partners with Sandy’s Gaming & Gaming for sports betting operations in Kentucky.
In June, BetMGM and Caesars vied for Kentucky’s fourth-highest handle. Caesars edged out BetMGM with a $9 million online handle in June and $8.6 million paid to players. Caesars reported $415,734 in adjusted gross revenue from online wagering during the month with an excise tax of $59,242. By comparison, BetMGM posted a $8.1 million online handle in June with winnings paid to players at $7.4 million. The Entain and MGM Resorts joint venture generated $747,445 in adjusted gross revenue and $168,059 in excise tax.
Kentucky newcomers compete
The Bluegrass State is also home to a group of emerging operators that includes Fanatics and ESPN Bet. In June, ESPN Bet reported a $4.1 million online handle with winnings paid to players closing at $3.7 million. ESPN Bet launched in November 2023 but has since posted lackluster results for U.S. market share with a goal to reach at least 20%. The operator generated $404,916 million in adjusted gross revenue in June from online wagering. Its excise tax in the Bluegrass State closed at 57,701 for the month.
In June, Fanatics posted a $4 million online handle. It paid out $3.6 million to players in June with adjusted gross revenue closing at $336.990 and $48,021 in excise tax.
As of Aug. 8, Fanatics has been awarded a sports betting license in 21 U.S. markets.
Circa Sports is also licensed to operate in Kentucky. The operator launched operations in May in partnership with ECL Corbin’s Cumberland Run harness track. Circa reported a $805,833 online handle in June with winnings paid out at $792,934. It generated $10,901 in adjusted gross revenue from online wagering during the month with an excise tax of $1,553. Circa is also live in Nevada, Illinois, Colorado, and Iowa.
