This whole sports betting thing is going well in the Bluegrass State.
The Kentucky Horse Racing Commission announced figures for the final two months of 2023 this week, and the six online operators and seven retail sportsbooks paid out over $7.5 million in taxes, bringing the total since online sports betting went live in late September to over $15.5 million.
With a tax rate of 9.75% for brick-and-mortar operators and 14.25% for mobile sportsbooks, Kentucky officials estimated tax revenue of $23 million in the first year, but the Bluegrass State is averaging over $5 million per month already.
The revenue will eventually slack off once the slower months of summer arrive, but coffers were certainly filled during football season, showing real growth potential in the Bluegrass State. Since the September launch, Kentucky sports betting operators have combined to record $106.7 million of adjusted gross revenue on a handle of $855.7 million.
Hold surges in December
The final two months of 2033 generated a handle of $546.6 million and revenue of $55 million.
November had the higher handle at $282.5 million, but it was 1.9% lower than October, the first full month of sports betting in the Bluegrass State.
December proved to be a more lucrative month for sportsbooks, enjoying a 12% hold compared to 7.9% the previous month, resulting in $32.7 million in profits from a handle of $264.1 million.
The amount of promotional credits and bonuses handed out by sportsbooks was not included in the KHRC’s figures from the final two months.
Rivals duke it out in Kentucky
In little to no surprise, two online giants dominated the final two months of 2023 for sports betting in Kentucky.
FanDuel recorded a handle of $101.98 million, slightly ahead of the $101.93 million that DraftKings generated in wagers during November. However, DraftKings did enjoy a higher hold, producing $8.2 million for the month, while FanDuel landed on $5.8 million of profits.
In December, DraftKings made $11.5 million of revenue on a handle of $98.5 million while FanDuel hauled in $13.3 million in profits on wagers totaling $93 million.
ESPN BET was fourth in the Bluegrass State in November with a handle of $17.6 million and third in December, with wagers totaling $19 million, while bet365 had a stronger November with a handle of $18.2 million.
BetMGM and Caesars were the only other two online sportsbook operators to go over $12 million each month.
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