Kentucky Sports Betting Handle Decline in February
Kentucky has released the wagering results of its sports betting market for February.
Kentucky's six sportsbooks posted a combined mobile betting handle of $198.5m (Image Source: Pixaby)
LISTEN TO THIS ARTICLE:In the month, the state posted a total handle of $208.3 million. The total significantly fell by 19% behind January 2024’s reported handle of $257.1 million.
Online betting accounted for $198.5 million of the total handle, while retail wagers contributed $9.8 million.
DraftKings Leads Market
In the month, the six approved operators in the state experienced a decline in their sports betting handles. However, the market was led by DraftKings and its partner Cumberland Run with a handle of $79.2 million. In January, the operator reported $92.9 million in handle.
FanDuel, in partnership with Churchill Downs' Turfway Park, achieved second spot with a handle of $67.8 million, a 21.53% decrease compared to its $86.4 million handle a month prior.
Caesars Sportsbook recorded the third-highest sportsbook handle in the state in February with $20.3 million in accepted wagers, a decline from the $26.4 million handle recorded in January.
bet365 was fourth with a $13.1 million handle. Entain and MGM Resorts joint venture BetMGM was next with a $9.3 million handle.
ESPN Bet, formerly known as Barstool Sportsbook, recorded $9.9 million in wagers, while Oak Grove partner Fanatics Sportsbook collected $4.4 million in handle in February.
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Earlier this month, Circa Sports began operations in the state. The sportsbook now offers its online sports wagering services across five states in the US, including Colorado, Illinois, Iowa, and Nevada.
The Bluegrass State operators reported a combined adjusted gross revenue of $21.4 million in February, a decline of 44% compared to January’s $38.2 million.
Gaming tax paid to the state in the month amounted to $3 million, down from January’s $5.3 million.
KHRC to Restructure
Kentucky launched its sports betting market in September 2023. Last month, the state proposed changes to its existing sports betting regulations, which will lead to a reorganization of the KHRC.
The amendments will see the regulator restructure as the Kentucky Horse Racing and Gaming Corporation. It will also require the Senate to approve appointments to the commission.
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