Kentucky Online Wagering Made Up $1 45.7 Million of the Total Handle in June

Kentucky’s sports betting industry has released its latest figures for June 2024, revealing a total handle of $150.3 million across the state’s licensed operators. This represents a significant decrease of 17% from the previous month, largely due to the off-season for three of the four major North American professional sports leagues. The data, provided by the Kentucky Horse Racing Commission, underscores the impact of a slow sports calendar on the state’s betting market.

June 2024 Handle and Revenue Breakdown

Online wagering continues to dominate the sports betting landscape in Kentucky, ing for $145.7 million of the total handle in June. The state’s eight licensed sports betting operators generated $14.9 million in adjusted gross revenue (AGR) from online wagers, with the state collecting $2.1 million in excise taxes. This is a noticeable decline from May’s adjusted gross revenue of $20.5 million, reflecting the slower sports betting activity during the month.

Kentucky imposes a 14.2% tax on the adjusted gross revenue of online sports betting operators, which led to an excise tax total of $2.9 million in May. The revenue from these taxes is funneled into various state funds, including istrative costs, public education, disaster relief, and public pension programs, contributing to the state’s financial health.

DraftKings Leads Kentucky’s Sports Betting Market

DraftKings once again emerged as the leading sportsbook in Kentucky, continuing its eight-month streak at the top. The Boston-based operator reported an online handle of $56.6 million in June, far suring its competitors. DraftKings paid out $51.2 million in winnings to players, closing the month with $5.2 million in adjusted gross revenue. The company’s excise tax contribution from online wagering amounted to $747,412.

Trailing behind DraftKings, FanDuel secured the second-highest online handle in Kentucky, with $47.3 million in wagers placed during June. FanDuel, which partners with Turfway Park, paid out $40.6 million to players and reported $6.5 million in adjusted gross revenue. The operator’s excise tax for June totaled $934,775, further cementing its position in the state’s competitive sports betting market.

British operator bet365 continued to make its mark in North America, recording the third-highest online handle in Kentucky with $15.6 million in bets placed in June. Bet365 paid out $14.2 million to players, resulting in $1.1 million in adjusted gross revenue and $168,059 in excise tax for the month. The sportsbook operates in partnership with Sandy’s Gaming & Gaming in Kentucky, further expanding its presence in the U.S. market.

BetMGM, Caesars, and Newcomers Compete in Kentucky

The competition for Kentucky’s fourth-highest online handle in June was fierce, with BetMGM and Caesars battling for the position. Caesars edged out BetMGM with a $9 million handle and $8.6 million in payouts to players. The operator reported $415,734 in adjusted gross revenue and contributed $59,242 in excise tax. BetMGM, meanwhile, posted an $8.1 million handle, paying out $7.4 million to players. The t venture between Entain and MGM Resorts generated $747,445 in adjusted gross revenue, with an excise tax of $168,059.

Among the newer entrants to the Kentucky market, ESPN Bet and Fanatics are also working to establish their presence. ESPN Bet, which launched in November 2023, reported a $4.1 million handle in June, with $3.7 million paid out in winnings. The operator’s adjusted gross revenue for the month was $404,916, and it paid $57,701 in excise tax. Despite a slow start, ESPN Bet aims to capture at least 20% of the U.S. market share.

Fanatics, another emerging operator, reported a $4 million handle in June, with $3.6 million paid out to players. The company closed the month with $336,990 in adjusted gross revenue and $48,021 in excise tax. As of August 8, 2024, Fanatics has secured a sports betting license in 21 U.S. markets, further expanding its footprint.

Circa Sports, which launched operations in Kentucky in May, reported a $805,833 online handle in June, with $792,934 paid out to players. The operator generated $10,901 in adjusted gross revenue and $1,553 in excise tax. Circa is also active in Nevada, Illinois, Colorado, and Iowa, showcasing its growing influence in the U.S. sports betting industry.

Kentucky’s sports betting market continues to evolve, with established leaders like DraftKings and FanDuel maintaining their dominance, while newcomers like ESPN Bet and Fanatics work to carve out their share of the market. As the sports calendar picks up in the coming months, the state’s handle and revenue figures are expected to rebound, driven by increased betting activity across a wider array of sports.

Source

Sportsbooks in Kentucky close June with $150M handle, sbcamericas.com, August 8, 2024.