In 12 months of legal wagering, Kentucky sportsbooks generated $284 million in revenue

On Thursday, the Kentucky Horse Racing Commission reported $12.1 million in gross revenue for August. In their first 12 months of legal wagering, Kentucky sportsbooks totaled $283.6 million in overall winnings. September 7, 2023, was their first day of legal wagering. Mobile operators joined the market about three weeks after retail sportsbooks opened for business. 

Kentucky’s best monthly handle was $288 million in October. That’s when the NFL, NBA, MLB, and NHL are all in season. Additionally, this was the first month operators flooded the market with digital sportsbooks. The seven online operators in the state combined for $$99.8million in credits and bonuses during their first week. In Kentucky, their betting handle has topped $250 million five times in the last 12 months. It last happened in March with $256.2 million in wagers. 

The state’s highest revenue hall was in October, at $54.6 million. That was from an outstanding 19% hold on the market. Compared to their figures in July, August’s handle was up almost 17%. However, revenue in August dropped 21.3%. Finally, Kentucky totaled $39.2 million in tax receipts in their first 12 months of legal wagering. 

What Kentucky sportsbooks were the most profitable in August?

In Kentucky, the seven mobile operators all opened for business at the same time. This gave each sportsbook an even playing field. While the state did what it could to make it far in the beginning, there was no question who the top sportsbooks would be. DraftKings and FanDuel are alpha’s in the market compared to smaller sportsbooks. More often than not it’s the two industry operators standing tall above the rest. 

Through the first 12 months of legal wagering for Kentucky, DraftKings and FanDuel combined $2.3 billion in revenue. Accounting for 75% of the mobile market share. England-based bet365 was the clear #3 in Kentucky with an 8% hold in 12 months of legal wagering. In September and October 2023, bet365 had a $21.4 million promotional outlay. Bet365’s promotional spend only trailed FanDuel ($42.5) million and DraftKings ($28.8) million. 

For mobile sportsbooks, FanDuel has a slight edge in Kentucky. The mobile operator had a 13.3% hold in August to claim $108.8 million in gross winnings from a $819.4 million handle. DraftKings was not far behind with an 11.5% hold to collect $103 million in gross winnings from an $899.1 million handle. Eight brick-and-mortar casinos in Kentucky combined for $9.2 million in gross winnings from a 10% hold and a $92.3 million handle.