Sports betting revenue in Kentucky ‘far exceeded’ initial projections, gaming experts say

FRANKFORT, Ky. ( FOX 56 ) — After an early projected revenue of $23 million, Kentucky cashed out just over $37 million in taxes and licensing fees from the state’s first nine months of legal sports betting.

“It far exceeded what any of us thought it would do,” said Jamie Eads, president and CEO of the Kentucky Horse Racing and Gaming Corporation (KHRGC). Eads testified during Wednesday morning’s Budget Review Subcommittee on Economic Development, Tourism, and Environment Protection meeting.

How much did people bet in Kentucky overall?

Nearly $2.1 billion was wagered in Kentucky from Sept. 7, 2023, to June 30, 2024, according to Eads’ testimony.

The top three physical locations for Kentuckians to place bets were Churchill Downs in Louisville, Red Mile in Lexington, and Turfway Park in Florence. Online betting in Kentucky was dominated by Draft Kings, Fanduel, and Bet MGM, per KHRGC.

While sports betting revenue has surpassed expectations for Kentucky, Eads said she hesitated to predict if these betting and revenue levels will continue as time goes on.

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