In the Bluegrass State, where the fastest two minutes in sports each year, the sports betting revenue slowed down significantly.
According to data provided by the Kentucky Horse Racing Commission, Kentucky’s sports betting industry reported a total handle of $150.3 million in June, across licensed operators. This figure decreased by 17% compared to May due to the off-season for three major North American professional sports leagues.
Gross revenue fell 27% month-over-month to nearly $16 million while the 10.5% hold, seventh lowest all-time, dropped almost 1.5 points from May.
Online Sports Betting Fuels Overall Revenue in Kentucky
Online wagering drove the results, accounting for nearly $146 million of the total handle.
The Boston-based operator (DraftKings) maintained its position as the top sportsbook in Kentucky. In June, it had an online handle of $56.6 million, marking its eighth consecutive month with the state’s highest online handle. DraftKings paid out more than $51 million in online winnings to players during June, closing the month with a little over $5 million in adjusted gross revenue.
FanDuel followed closely with the second-highest online handle at slightly over $47 million, paying out nearly $41 million in winnings to players.
It was bet365 demonstrating its viability in North America, closing June with the third-highest online handle in Kentucky. It accepted $15.6 million in online wagers, resulting in $14.2 million paid to players and an adjusted gross revenue of $1.1 million.
Online operators generated almost $15 million in adjusted gross revenue during the month, with a state excise tax of $2.1 million. In May, adjusted gross revenue for online operators closed at $20.5 million. There are currently eight licensed online sports betting operators in the state.
Churchill Downs Dominates Retail Sports Betting Operators
In June, retail sports betting generated a handle of $4.6 million, down from May’s $5.8 million. Brick-and-mortar shops collectively held a little more than 11%.
Churchill Downs accounted for much of Kentucky’s wagered amount, with $2.3 million at its Kambi-operated sportsbook. Turfway Park followed in second place with a handle of $821,930, while Red Mile saw $782,285 in bets.
As of November 2023, seven of Kentucky’s nine licensed racetracks have licenses to serve as sports wagering operators.
Still a Strong First Half of 2024 for Kentucky Sports Betting
Despite lower figures in June, Kentucky’s all-time sports betting handle exceeded $2 billion. Operators have earned over $250 million in profits and contributed $35.3 million in tax revenue. In the first half of 2024, Kentucky sports betting generated a handle of $1.2 billion and revenue exceeding $143.9 million, with an 11.6% hold year-to-date.
So, the summer slump has hit “My Old Kentucky Home,” but with the college football season about to start and the basketball season waiting in the wings, you can expect The Bluegrass State’s sports betting revenue to take a turn for the better sooner, rather than later.
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