Mobile sports betting launched on September 28, 2023, and since that time revenues have continued to grow. A year later, the Bluegrass State has accepted $2.6 billion in wagers between its mobile and retail sportsbooks.
September Sizzles
Sportsbooks all around the nation saw the return of NFL and college football, which proved to be a welcome reprieve from the relative lack of inactivity during the summer months. Kentucky sportsbooks‘ September numbers were evidence of that, as the Kentucky Horse Racing Commission reported a monthly handle of $255.9 million, generating gross revenues of $34.3 million by the state’s mobile and retail sportsbooks.
The impressive profits were courtesy of an equally impressive 13.4% hold or win rate by Kentucky’s retail and mobile sportsbooks. It was a quantum leap from August, when the reported revenue was just $12.1 million, a staggering 182% month-over-month increase.
Since the state launched retail sports betting early on September 7, 2023, before mobile sportsbooks launched later on the 28th of the month, Kentucky sportsbooks have posted a 12-month handle of $2.6 billion and revenues of $317 million.
Of this, the state’s tax coffers swelled by $4.7 million in September 2024 and totaled $44 million in the state’s first full year in the sports betting business, $28.3 million in this year alone.
DraftKings Rules in September
DraftKings led all challengers in Kentucky’s sports betting market in September with a monthly handle of 101.1 million, or 40% of the combined wagers, generating revenues of $13.5 million. The Boston-based bookmaker is poised to become the first Kentucky sportsbook to surpass $1 billion in wagers since launching a year ago.
FanDuel claimed the second spot with $82.2 million in accepted wagers, which delivered an impressive, yet second-best, $12.8 million due to a higher hold than its chief rival, DraftKings. European bookmaker bet365 generated a $22.6 million handle and $2.1 million in profits.
As we move down the ladder, BetMGM posted $12.6 million in bets, rendering $1.4 million in monthly revenues, while Las Vegas-based Caesars saw $11.2 million in wagers, generating $1.5 million. Newcomer Fanatics Sportsbook reported $9.7 million in sales on profits of $851,000.
ESPN Bet and Circa rounded out the final two spots of Kentucky’s eight mobile sportsbooks, with the latter having the only losing month with a -3% hold.
Exceeding Expectations
Kentucky Governor Andy Beshear has declared sports betting in the Bluegrass state an unmitigated success and has exceeded expectations.
“The first year of sports betting was hugely successful, and it exceeded all expectations,” Beshear said.
“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,” Beshear said.
“Generally, we had a lot of good models to look at. We had some flexibility from initial E-regs to win, and we had the permanent regulations come through. I think it’s in a good place,” Beshear said.
Calculators
