Kentucky sports betting revenue is blowing away expectations in year one

The first year of legal sports betting in Kentucky has been more than profitable for the state. In 11 months of legal wagering, Kentucky pushed its all-time handle to $2.1 billion. Blowing away the expectations they have for the industry in year one. September 28, 2023, was the first day that sports betting was fully legalized in the state. Since then, the Kentucky Horse Racing Commission (KHRC) noted that more than $2.15 billion has been wagered through digital channels. Additionally, sportsbooks in the state have collected $252.7 million in adjusted revenue. The KHRC reported that Kentucky’s eight mobile sportsbooks took in more than $125.4 million in bets for July 2024, down 14% from June. Governor Andy Beshear said that sports betting in Kentucky has “outperformed expectations” in the first year of legal wagering. This has brought in substantial revenue for the state and it’s a positive sign for years to come.

What sportsbooks operate in Kentucky and how successful have they been?

Late September 2023 was the first time that residents in Kentucky had access to online sportsbooks. Just weeks before that, Kentuckians had access to in-person sportsbooks. Regardless of residency, anyone within the state lines has access to online sportsbooks in Kentucky. Sportsbooks approved by the KHRC are ESPN BET, BetMGM Sportsbook, Caesars Sportsbook, DraftKings Sportsbook, Fanatics Sportsbook, and FanDuel. Additionally, the Kentucky Sports Wagering Advisory Council greenlighted a list of sports and events for betting. That includes MLB, UFC, NFL, college football, NBA, NCAA basketball, and the PGA Tour.

DraftKings was able to beat FanDuel for the highest handle as they saw $48 million wagered in July. However, FanDuel accounted for 40% of overall gross revenue in July. While DraftKings has been successful, residents in Kentucky slightly favor FanDuel. In July, the industry operator collected $6.2 million from a $42.1 million handle. It was their fourth consecutive month with a hold of 14% or higher. DraftKings was not far behind with a hold of 12.1% in July to collect $5.9 million in revenue.