Kentucky Sports Betting Numbers Exceed Revenue Expectations

Kentucky online sportsbooks accepted over $855 million in total bets through Dec. 2023.
This resulted in $15.2 million in tax revenue, well ahead of schedule for Kentucky’s annual estimate of $23 million.
Retail sportsbooks reported a $36.6 million handle, adding an additional $342,888 in tax revenue.

FRANKFORT, Ky. – Kentucky sports betting revenue expects to far exceed initial annual estimates of $23 million. The Kentucky Horse Racing Commission reported more than $15 million in legal sports betting tax revenue from Sep.- Dec. of 2023.

November and December sports wagering reports pushed bin just three full months with online sports betting. Retail betting launched on Sep. 7, but online sports betting in Kentucky didn’t launch until Sep. 28, 2023.

FanDuel And DraftKings Dominate Kentucky Sports Betting

DraftKings and FanDuel received roughly 75% of all Kentucky sports betting handle and revenue. Statistics from the Kentucky sports wagering report show both sportsbooks have a handle over $327 million and $39 million in adjusted gross revenue.

Bet365 is the third-highest earner for the Bluegrass State, totaling $65.7 million in handle and $4.6 million in revenue. They also had the highest hold percentage of any Kentucky sportsbook at 19.07%, even higher than DraftKings or FanDuel who sit around 12% hold.

BetMGM, Caesars, and ESPN BET make up the next tier of Kentucky sportsbooks, ranging between BetMGM’s $36.4 million handle and Caesar’s handle of $43.3 million. ESPN BET is right in the middle with a $39.6 million online sports betting handle in Kentucky.

Kentucky Wagering Declining Since Launch, Still Earning Plenty

October marked the first full month with legal online sportsbooks in Kentucky, resulting in a handle of $279.8 million and $52.8 million in revenue. Those remain record monthly earnings as November’s handle decreased to $272.5 million with December’s handle dipping down to $255.3 million.

Still, the state earned roughly $15 million in those three months alone, putting them well ahead of schedule to hit the expected $23 million mark in a year. Kentucky sports betting numbers are exceeding expectations so far.

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Zachary Kelley

Zach graduated from Florida State University with a degree in Writing, Editing, and Media. Zach is interested in the legalization aspect of sports betting and enjoys participating in DFS. He has a passion for sports writing and most enjoys writing about football and baseball both professional and collegiate.