Kentucky’s online and retail sports betting operators produced a combined handle of $465.5 million and nearly $60 million in profits for the first two months of 2024.
The Kentucky Horse Racing Commission reported a January handle of $257.1 million, down 2.6% from December 2023, but a 14.9% hold led to $38.2 million in adjusted gross revenue.
February generated 19.% less with a handle of $208.4 million while another double-digit hold of 10.3% produced $21.5 million in monthly revenue.
The Bluegrass State filled its coffers with more than $5 million in the two months combined.
Post-launch progress
Online sports betting continued to drive wagering in Kentucky, accounting for $444.7 million of the two-month handle and $1.3 billion of the total handle since sports betting launched in late Sept. 2023.
The Bluegrass State’s overall tax haul has reached $23.9 million from sixth-month revenue of $169.3 million.
DraftKings leads online operators
| Operator | January Handle | Revenue |
|---|---|---|
| DraftKings | $92.5 million | $13.6 million |
| FanDuel | $85.1 million | $15.3 million |
| Caesars | $21.8 million | $2.8 million |
| ESPN BET | $15.8 million | $1.06 million |
| Operator | February Handle | Revenue |
|---|---|---|
| DraftKings | $78.85 million | $8.3 million |
| FanDuel | $66 million | $7.7 million |
| Caesars | $17 million | $2.1 million |
| bet365 | $13.2 million | $965,203 |
DraftKings has asserted itself as the top operator for online sports betting in Kentucky, but not by much. It generated a January handle of $92.5 million in January, down 6% month-over-month, and revenue totaling $21.9 million for the two months.
FanDuel wasn’t far behind in January with an $85.1 million handle, but the gap widened in February as DraftKings brought in nearly $13 million more in handle. However, FanDuel generated more profits, thanks to an 18% hold in January that equaled $15.3 million in revenue.
Caesars finished third in handle for both months while ESPN BET took fourth in January with $15.8 million in the amount wagered. However, bet365 answered in February, eclipsing ESPN BET with a handle of $13.2 million.
Retail up & changes to regulation
The handle for brick-and-mortar sportsbooks accounted for $11 million in January and another $9.8 million in February, both up from the $8.6 million wagered at retail shops in Dec. 2023.
Beginning this summer, sports betting in the Bluegrass State will become regulated by the Kentucky Horse Racing and Gaming Commission, a corporation assigned by the General Assembly after it overrode a governor’s veto late last week.
