Kentucky Sportsbooks Face Revenue Dip in June
In June 2024, Kentucky’s sports betting operators experienced a month-on-month decline in handle and revenue.
Kentucky launched its online sports betting market in September 2023.
LISTEN TO THIS ARTICLE:As per data released by the Kentucky Horse Racing Commission, total players’ wagers in the month amounted to $150.3 million, a decrease of 17% compared to May’s handle. The decline in wagering activity was attributed to the offseason of three out of four major North American professional sports leagues. Online betting accounted for $145.7 million of the total handle, while retail wagering contributed $4.6 million.
In terms of revenue, the state’s online betting operators reported a combined adjusted gross revenue of $14.9 million for June, down from $20.5 million in May.
Tax contributions to the state during June amounted to $2.1 million. The Bluegrass State subjects online sportsbook operators to a 14.2% tax on adjusted gross revenue. It allocates the revenue from sports betting tax to administrative expenses, public education, disaster relief, public pensions, and other government initiatives.
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DraftKings Retains Top Spot
Regarding each operator’s earnings, DraftKings maintained its position as the leading sportsbook in Kentucky with $56.6 million in handle and $5.2 million in adjusted gross revenue. June also marks the eighth consecutive month of achieving the top spot in the Kentucky sports betting markets.
FanDuel secured the second-highest handle in the month at $47.3 million but surpassed Draftkings and other operators in the state in terms of revenue with an AGR of $6.5 million. Bet365 finished June in Kentucky with the third-highest online handle at $15.6 million and an AGR of $1.1 million.
The fourth and fifth position was occupied by Caesars and BetMGM respectively. Caesars reported a $9 million online handle and achieved an AGR of $415,734. In contrast, BetMGM collected $8.1 million in total bets and generated $747,445 in adjusted gross revenue.
ESPN Bet posted $4.1 million in total bets in the month and earned $404,916 in AGR. Fanatics collected $4 million in total wagers, which yielded an AGR of $336,990. The last sportsbook on the list, Circa Sports, posted an online handle of $805,833 and generated $10,091 in AGR in June.
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