Kentucky surpasses $1.36 billion wagered in first six months of legal sports betting

Kentucky's foray into legal sports betting has proven to be a lucrative venture, with bettors in the Bluegrass State wagering $1.36 billion during the first six months since launch.

Online betting in Kentucky commenced on September 28, 2023, following the opening of the retail market just weeks earlier on September 7. New figures released by the Kentucky Horse Racing Commission shed light on the evolution of the betting market, covering data up to the end of February of this year.

Out of the total wagered on sports during this period, $1.30 billion was bet online, with the remaining $57.3 million placed at retail sportsbooks. In terms of revenue generated, the regulated market amassed $169.3 million during the initial six months, with $163.8 million stemming from online activity and $5.6 million from retail wagers.

Players walked away with a total of $1.35 billion from sports betting activities, while the state collected $23.8 million in tax revenue.

Taking a closer look at individual operators, FanDuel and partner Turfway Park emerged as frontrunners in the online sector. Their total online betting revenue for the period reached $62.8 million from $478.6 million in wagers. Not far behind, DraftKings, in partnership with Cumberland Run, reported revenue of $61.1 million, despite taking more bets at $499.0 million compared to FanDuel.

Bet365 and Sandy’s Racing and Gaming posted $15.4 million in online revenue from $93.6 million in bets. BetMGM, also partnered with Sandy’s, reported $6.6 million from a $56.6 million handle.

In the retail market, Caesars and Red Mile emerged as leaders with revenue of $3.2 million from a $19.3 million handle. Following were Churchill Downs and Kambi with $1.2 million from $20.2 million, and Turfway Park, another Kambi retail partner, with $451,185 off $8.8 million.

The most recent report shows momentum hasn't decreased, with total sports betting spend nearing $210 million in February. Of this, $198.6 million was bet online and $9.8 million at retail locations. Market revenue totaled $28.5 million, with $20.8 million attributed to online revenue and $722,390 from retail.

DraftKings and Cumberland Run maintained their lead in the online market, reporting revenue of $8.3 million from $78.9 million in bets. FanDuel and Turfway Park secured the second position with $7.7 million from $66 million.

In the retail realm, Caesars and Red Mile retained their dominance with $749,423 worth of revenue and a $3.4 million handle, followed by Churchill Downs and Kambi with $61,977 from $3.2 million.