Kentucky Gov. Andy Beshear says the first year of legal sports betting in the state has “exceeded all expectations” as July’s numbers pushed all-time amount handle to $2.1 billion.
Kentucky went live with online wagering on Sept. 28, 2023. In the 11 months since then, Kentucky Horse Racing Commission (KHRC) statistics show that residents have wagered more than $2.15 billion through digital channels. Kentucky sportsbooks have taken $252.7 million in adjusted revenue from that handle, yielding more than $36 million in taxes for the state.
“The first year of sports betting was hugely successful and it exceeded all expectations,” Beshear said this week.
“For fiscal year 2024, sports wagering beat all odds by bringing in $37.2 million in revenue from sports wagering, taxes, and licensing fees. In July, driven by interest in the summer Olympics, the trend continued, generating an additional $2 million in state tax revenue and bringing us close to $40 million in revenue through July. With one year of data, we can see some initial trends.”
The KHRC reported that Kentucky’s eight mobile sportsbooks took $125.4 million in bets in July, a 14% dip from June. Collectively, operators took $14.7 million in revenue, a slight decrease of 1.4% month-over-month. July’s hold was around 1.5% higher.
In July, the state collected $2.13 million in tax receipts ($2.09 from mobile betting), taking the year-to-date total to $21.9 million.
DraftKings sees most action, FanDuel reaps most revenue
DraftKings wears the crown in the Bluegrass State when it comes to money taken. The operator handled nearly $48 million worth of wagers in the month and took $5.9 million in revenue.
However, FanDuel is reaping the biggest rewards. In July, the Flutter-owned sportsbook accounted for around 40% of overall gross operator revenue in the state, taking $6.2 million from $41.2 million in handle. That latest revenue number took FanDuel beyond $100 million in winnings since Kentucky’s launch.
bet365 continues to complete the podium in Kentucky. It was the only other operator to eclipse a million dollars in revenue, doing so for the third month in a row by taking close to $1.3 million from $14.8 million in bets.
BetMGM was fourth in July handle, at $6.5 million, but its $405,700 in revenue was beaten by Fanatics Sportsbook’s $441,900 from $4.4 million in bets.
Caesars sits sixth with $393,700 in revenue from almost $6 million in bets, ESPN Bet is seventh out of eighth for both handle ($3.6 million) and revenue ($364,400) and Circa Sports is bottom of the pile.
However, Circa, which only launched in the state in mid-May, continues to make gains. The operator saw its handle tick up to $852,000 while its revenue more than sextupled month-over-month to $77,500.
