Kentucky Sports Betting Generates Millions in First Two Months

Sep 30, 2023; Lexington, Kentucky, USA; Kentucky Wildcats wide receiver Barion Brown (7) celebrates after the game against the Florida Gators at Kroger Field. Mandatory Credit: Jordan Prather-USA TODAY SportsThe first official Kentucky sports betting revenue reports have been releasedThrough October, the commonwealth has reported $340.8 million in handleSports betting has generated nearly $8 million in tax revenue for the state

Kentucky sports betting has averaged about $4 million a month in tax revenue, putting the commonwealth ahead of early estimates it would see $23 million in taxes for the entire year.

The Kentucky Horse Racing Commission released its first official revenue reports on Dec. 11, showing the state has taken in nearly $8 million in sports betting tax revenue through its first two months.

After launching in early September, the state has accepted more than $340.8 million in sports bets through October.

Millions in Kentucky Tax Revenue

Hans Stokke, Director of Sports Betting in the commonwealth, said the state reported $340,813,121 in total sports betting handle and $7,940,753 in tax revenue through October. While November numbers are not yet official, Stokke said the state had taken in more than $260 million through Thanksgiving, with $73 million being bet during the Thanksgiving weekend alone.

As expected, online sports betting is dominating the state. Kentucky online sports betting has accounted for $323.6 million of the total $340.8 million handle. The sportsbook operators have had great success through the first two months as well, reported a 16.8% hold so far. Bet365 reported a whopping 27.55% hold on its $31.2 million handle.

Through the first two months, nearly $100 million has spent by the seven online sports betting operators in promotion credits for users. FanDuel has accounted for $42.5 million in promotion spending and DraftKings has spent $28.7 million in credits. Additionally, bet365 has rounded out the top three in promo spend, paying out more than $21.3 million in credits for users.

FanDuel, DraftKings, and bet365 are also the top three sports betting operators in terms of handle for the first two months as well.

During these first two months, PENN Entertainment’s Barstool Sportsbook was still in operation. The rebrand to ESPN BET took place in mid-November and the operator is now fully live.

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Here are the full online sports betting operator numbers for September and October:

bet365: $31,227,737 handle, $8,581,936 adjusted gross revenueBetMGM: $14,712,283 handle, $2,743,318 adjusted gross revenueCaesars Sportsbook: $14,023,819 handle, $2,235,459 adjusted gross revenueDraftKings Sportsbook: $124, 937,614 handle, $19,485,540 adjusted gross revenueFanDuel Sportsbook: $131,151,939 handle, $20,327,671 adjusted gross revenueFanatics Sportsbook: $4,634,764 handle, $483,010 adjusted gross revenuePenn Sports (Barstool Sportsbook): $2,923,046 handle, $54,238,685 adjusted gross revenue

Kentucky Retail Sports Betting

Kentucky retail sports betting has accounted for $17,201,916 in handle through the first two months and contributed $209,586 in sports betting tax revenue.

Here are the full retail sports betting numbers:

Churchill Downs Racetrack: $5,912,772 handle, $637,631 adjusted gross revenueECL Corbin – The Mint Cumberland: $833,646 handle, $73,353 adjusted gross revenueEllis Park Racing: $208,680 handle, $21,838 adjusted gross revenueOak Grove Racing, Gaming and Hotel: $1,149,853 handle, $186,843 adjusted gross revenueRed Mile Gaming and Racing: $6,782,247 handle, $966,631 adjusted gross revenueSandy’s Racing and Gaming: $49,363 handle, $8,449 adjusted gross revenueTurfway Park Racing and Gaming: $2,265,352 handle, $248,918 adjusted gross revenue