Kentucky Sportsbooks Enjoy a November to Remember

November proved to be a tremendous month for sportsbooks nationwide, and Kentucky was no exception to the rule as Bluegrass State bettors eclipsed $300 million in wagers for the first time in its sports betting history.

Bluegrass State Hits the Right Note

According to the Kentucky Horse Racing and Gaming Corporation, mobile and retail sportsbooks in the state combined to accept more bets than in any other month in their 14-month history, with a $301.7 million handle. It bested the previous high set in October 2023, the first full month of sports betting, when Kentuckians wagered $288 million.

Mobile Sports Betting Dominates

Unsurprisingly, mobile sports betting towered above in-person wagering, accepting 96.3% of all the money wagered in November. The sportsbooks’ hold (win rate) of 12.12% hold was over five points higher than October’s. And whenever a record handle combines with a double-digit hold, it is a surefire recipe for an impressive revenue haul.

And in November the sportsbooks claimed $35.2 million in revenue, second only to October 2023 when the sportsbooks boasted a dizzying 18.9% hold, generating nearly $53 million. Kentucky’s tax coffers swelled with nearly $5 million collected in taxes from November’s sports betting profits.

The year-over-year trajectory was also positive, and although the handle was only 6% higher than in November 2023, the hold jumped nearly 4.5 points, which spurred revenues to soar 40% higher than a year ago.

It should be noted that initial estimates forecasted that the state would make $23 million per year from sports betting. However, from October 2023 through October 2024, tax collections soared to nearly $41 million from sportsbooks’ revenues, nearly doubling those projections.

DraftKings Sets Record Handle

During a month in which the combined handle of all eight mobile sportsbooks reached record numbers, it stands to reason that the leading operator would also set a personal record in the state. That distinction belonged to DraftKings, which handled over $112.4 million in action and generated $15 million in revenue.

The other half of the nation’s sports betting duopoly, FanDuel, was next with $100.1 million in accepted wagers, which delivered $13.2 million for the month of November.

British bookmaker bet365, took the bronze medal with a $26.1 million handle and revenues of $2.9 million, while BetMGM came next with $15.2 million in wagers, which produced $1.7 million.

The iconic Las Vegas-based brand, Caesars, posted $14.3 million in bets during November’s busy month, which registered $1.3 million in revenues. Fanatics Sportsbook reported $11.7 million in sports bets, which made the relative newcomer to the sports betting industry a cool $1 million.

New Players

Lastly, there will be a new competitor in Kentucky’s mobile sports betting market, Prime Sports. The Kentucky Horse Racing and Gaming Corporation’s board of directors granted the license on December 10th with an intended launch sometime in the first half of next year.

“The KHRGC staff recommended approval after carefully reviewing the application and confirming Prime Sports had complied with Kentucky’s regulatory requirements,” the KHRGC’s Director of Sports Betting, Hannah Sims, stated. “We welcome Prime Sports to Kentucky and look forward to working with them in 2025.”