Kentucky is nearing $2 billion in total wagering activity through its first nine months of legalized commercial betting.
Sportsbooks in Kentucky enjoyed double-digit holds in the first two months of 2024. The Bluegrass State only missed out on hitting that mark in March after April and May followed suit with double-digit performances, according to the latest report from the Kentucky Horse Racing Commission.
So far, state coffers have collected $17.6 million in year-to-date tax revenue, with $9.2 million of that coming between March and May.
Behind the numbers
Kentucky online sportsbooks turned in $20.6 million in revenue in May from a $175.5 million total online handle, good for an 11.9% hold. Kentucky’s seven retail sportsbooks nearly matched with their own cumulative 11.2% hold in May, generating $650,500 in earnings from $5.8 million in handle.
Total handle declined month-over-month for two consecutive months after March took the top spot for 2024 thus far. Sportsbooks in Kentucky actually cashed a 5.1% gain in earnings in April compared to March thanks to a statewide win rate of 12.4% versus 8.6% in the month prior.
Best Kentucky sportsbooks
It’s no surprise to see DraftKings and FanDuel battling it out at the top of the best sportsbooks in Kentucky like they do in basically every other state. It was a close contest from March through May with either side taking a victory in a category. DraftKings hauled in the most bets with a $238.8 million handle over those three months, while FanDuel won the revenue battle with $27.9 million.
The other five Kentucky online sportsbooks generated over $1 million in revenue in that period, but none eclipsed the $5 million mark. bet365 was the best of the rest in both total handle and total revenue.
Top performers March through May
| Operator | Total Handle | Total Revenue |
|---|---|---|
| DraftKings | $238.8 million | $24.3 million |
| FanDuel | $206.8 million | $27.9 million |
| bet365 | $48.6 million | $3.5 million |
| BetMGM | $36.8 million | $2.8 million |
| Caesars | $29.3 million | $2.2 million |
| ESPN BET | $25 million | $2.4 million |
| Fanatics | $17.5 million | $1.3 million |
Kentucky added its eighth online sports betting operator in mid-May when Circa Sports announced that its mobile sportsbook went live. Kentucky sports betting marks the fifth jurisdiction for the Las Vegas-based sportsbook.
Record-setting run
It was a milestone year for the annual Run For The Roses where Mystik Dan won the 150th running of the Kentucky Derby in a photo finish, at 18-1 odds.
After 2023’s rendition set all-time highs in all-sources wagering across the race itself, the Derby Day program, and Derby Week, 2024’s dash beat it out in every category.
All-sources wagering on the actual race netted $210.7 million, topping the $188.7 million record wagered in 2023. Churchill Downs announced $320.5 million was wagered from all sources on the Derby Day program, besting the previous record of $288.7 million set in 2023. The all-sources betting handle for Derby Week overall set a record of $46.6 million, nearly $35 million better than 2023’s record $412 million.
