There was no photo finish when it came to online sportsbook revenue in Kentucky between March and May.
Kentucky sportsbooks combined to bring in almost $625 million in wagers and nearly $67 million in revenue during that time.
In May, Kentucky’s eight online sportsbooks had a handle of $175.5 million, resulting in $154.5 million in winnings for players. Operators generated $22.3 million in adjusted gross revenue, with a state excise tax of $3.1 million.
Revenue from sports betting in Kentucky supports administrative costs, public education, disaster relief, public pensions, and other government resources.
Operators reported $20 million in adjusted gross revenue in March, with a state excise tax of $2.9 million. The following month, online sportsbooks generated over $22 million in adjusted gross revenue and more than $3 million in state excise tax.
FanDuel and DraftKings Still Reign Supreme in Kentucky
DraftKings and FanDuel consistently dominate the sportsbook market in Kentucky, just as they do in other states. From March to May, DraftKings attracted the highest betting volume, with a handle of nearly $239 million over three months, while FanDuel emerged as the revenue leader, earning almost $28 million.
Among the remaining five online sportsbooks in Kentucky, none surpassed the $5 million revenue mark. Notably, bet365 performed well in both total handle and revenue.
University of Kentucky Hoops Dominated Futures Bets
Basketball reigns supreme in Kentucky and with the state fresh off launching online wagering in September 2023, it found itself in a high-stakes game with no historical benchmarks to guide its fate.
The University of Kentucky Wildcats, beloved by Kentuckians, had a great season and entered the NCAA Tournament as a No. 3 seed. Kentucky’s first NCAA Tournament with sports betting generated significant excitement, as residents no longer needed to cross state lines to Ohio and Indiana to place wagers on their Wildcats.
Many people in the state placed futures bets that had the Wildcats clinching their eighth national title adding to the drama. Four major American sportsbooks reported a whopping 50% handle on UK’s championship prospects.
UK’s First Round Exit Pays Dividends for Operators
Alas, fate can be fickle. In a stunning twist, the UK stumbled in the opening round. A 13.5-point favorite, they faced off against No. 13 seed Oakland. The 80-76 loss left fans in disbelief. But DraftKings noted their largest accepted wager: a jaw-dropping $350,000 bet on Kentucky making the Sweet 16 at -135 odds.
As the NCAA Tournament dust settled, Kentucky’s sportsbooks crunched the numbers. April saw an online handle of nearly $181 million. Players reveled in over $158 million in winnings, while the sportsbooks held their breath. The 12% hold—thanks to future wagers settling—was both a triumph and a reminder that Lady Luck plays no favorites.
But with college football around the corner, the excitement is building once again. The UK football team had one of its best recruiting seasons in school history, and the University of Louisville is generating some serious hype on the national level, so the bad taste left in bettors’ mouths at the end of the basketball season may soon be forgotten.
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