Kentucky Sports Betting Smashes Projections in First Year
The Kentucky Horse Racing Commission (KHRC) has reported that the state recorded a sports betting handle of $2.3 billion and a tax revenue of $37 million in its first year of legal wagering.
Kentucky sports betting handle reached $2.3 billion in its first year of wagering.
LISTEN TO THIS ARTICLE:The inaugural-year results exceed experts' projected figures of the state's sports betting tax revenue by more than 60%. When the state legalized sports betting last year, initial projections in Frankfort predicted $23 million in tax revenue, but with $2.3 billion in total wagers, $285 million in gross gaming revenue, and a 14.25% tax rate, the state effortlessly surpassed that mark.
Like every other sports betting state in the US, Kentucky's wagering market was heavily dominated by DraftKings and FanDuel during the fiscal year.
DraftKings took the lead in handle with $895 million, while FanDuel retained second place with $817 million. However, the latter generated more revenue, at $106 million, compared to DraftKings' $100.8 million.
Regarding other operators' handles, bet365 secured third place with $157 million, while BetMGM ($144 million) and Caesars ($118 million) rounded out the top five. ESPN Bet ($104 million), Fanatics ($52 million), and Circa ($4.3 million), which launched in May 2024, completed the lineup.
While BetMGM trailed bet365 in the handle, it achieved the third spot in revenue with a GGR of $19 million, against bet365's $13.5 million.
More Finance News
Retail Handle Amounts to $87 Million
In Kentucky's retail sports betting market, operators accepted $87 million in handle and generated $7.8 million in GGR. The total tax paid to the state during the period amounted to $756,000.
Powered by Kambi technology, Churchill Downs emerged as the clear leader, with $35 million in handle. In partnership with Red Mile, Caesars secured second place with $22.3 million in bets, while Turfway Park's Kambi-powered product rounded out the top three with $14.7 million.
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