The sports betting summer slump hit Kentucky's operators particularly hard in July.
The sports betting handle and revenue in Kentucky hit record lows during July 2024 following the launch of online sports betting in September 2023.
The latest reporting from the Kentucky Horse Racing and Gaming Commission reveals that online and retail sportsbooks in the Bluegrass State recorded a total of $129.2 million of wagers in July, a 14% drop from June's $150.3 million statewide betting handle.
Kentucky sportsbooks’ adjusted revenue of $15.1 million in July resulted in $2.1 million paid to the state, down from $2.2 million earned during June.
All-time numbers since launch
Despite these recent declines, Kentucky's first year of legal sports betting has been largely positive. According to Governor Andy Beshear, Kentucky has "outperformed expectations" and brought in significant revenue for the state.
The total amount of money wagered in Kentucky since sports betting launched in Sept. 2023 currently sits at $2.23 billion. Licensed Kentucky sports betting operators have generated over $260 million in profit, while Kentucky’s all-time tax revenue is $36.7 million.
| Operator | July Handle | Revenue |
|---|---|---|
| DraftKings | $47.9 million | $5.7 million |
| FanDuel | $41.2 million | $6.1 million |
| bet365 | $14.8 million | $1.2 million |
| BetMGM | $6.5 million | $405.600 |
| Casesars | $5.9 million | $379,000 |
| Fanatics Sportsbook | $4.3 million | $441,800 |
During July, online sports betting comprised $125.3 million of Kentucky’s $129.2 million total betting handle.
DraftKings was the only operator to gain revenue month-over-month, surging from $5.4 million to $5.7 million, despite its betting handle decreasing by approximately $9 million.
FanDuel saw over $15 million wagered during July, exceeding $41 million. However, its handle and revenue both dropped from June, down $6.1 million in total wagers and $693,000 in revenue.
bet365 was the only other operator to generate over $1 million in monthly revenue during July, just like it did in June. Its $1.2 million revenue remained stagnant, despite the betting handle dropping from $15.5 million to $14.8 million.
Fanatics Sportsbook beat BetMGM in overall monthly revenue despite seeing $2.2 million less wagered on its platform. BetMGM’s profit was cut in half, dropping from $817.7K in June to $405.6K during July, while handle also shrunk from $8.2 million to $6.5 million.
Retail sportsbook numbers
In July, Kentucky’s retail sports betting handle continued to decline, hitting $3.8 million. This represents a nearly $1 million drop from June ($4.6 million) and a $2 million decline from May ($5.8 million).
Kambi Sportsbook at Churchill Downs saw the most wagers amongst Kentucky’s retail sportsbook operators in July. Out of the state’s seven retail locations, four are run by Kambi, totaling a $2.47 million betting handle at sites like Turfway Park, Oak Grove, and Ellis Park.
Caesars Sportsbook at Red Mile led non-Kambi operators with $1.1 million in total wagers, followed by BetMGM at Sandy’s ($231,000) and DraftKings at Cumberland Run, finishing July with the second-smallest betting handle at $64.5K.
