Kentucky online sportsbooks report $175.5 million handle in May

Kentucky's online sports betting reached a total handle of $175.5 million in May, with operators disbursing $154.5 million back to players. According to the Kentucky Horse Racing Commission (KHRC), adjusted gross revenue for May stood at $22.3 million, contributing $3.1 million in excise tax to state coffers. These funds support various public initiatives, including education, disaster relief efforts, and public pension programs.

In March, sportsbooks in Kentucky saw an adjusted gross revenue of $20 million, with a state excise tax of $2.9 million. April was slightly up at $22.3 million, with a $3.1 million state excise tax.

DraftKings emerged as the leader in the state, achieving a handle of $69.9 million in May, up from $67.9 million in April. The operator's performance peaked in March with $101 million, driven by the excitement surrounding the NCAA Tournament. Since Kentucky legalized sports betting, DraftKings has processed a total of $734.4 million in wagers.

FanDuel secured the second position, with a handle of $58.9 million in May, though this was a decline from $63.3 million in April and $84.6 million in March. To date, FanDuel's cumulative handle has reached $683.2 million.

Bet365 claimed third place with $15.6 million in May, while both Caesars and BetMGM vied for market share, reporting $12.5 million and $7.8 million, respectively.

Kentucky's sports betting scene has yet to see year-over-year comparisons, given its launch in September 2023. However, the early exit of the University of Kentucky's basketball team from the NCAA Tournament impacted local betting patterns. Expected to perform well as a No. 3 seed, the Wildcats were eliminated in the first round, which affected the overall wagering landscape.

Despite the disappointment, Kentucky sportsbooks reported an online handle of $180.8 million in April. The state’s sportsbooks are steadily adapting to meet the demands of bettors while continuing to expand their services.

May also marked the launch of Circa Sports in Kentucky, following a soft launch in April. Partnering with ECL Corbin’s Cumberland Run harness track, Circa aims to provide a new betting experience with high limits.