In the first six-month period of online betting in Kentucky, consumers spent $1.36bn on sports wagering (PS1.10bn/EUR1.28bn).
Kentucky will legalize online gambling on 28 September, 2023. The retail market opens just a few weeks earlier, on 7 September. The Kentucky Horse Racing Commission has published new figures for the period ending February of this year.
Online sportsbooks and retail bookmakers accounted for $130m of the total bets made during this time period.
The entire market, which is regulated, generated revenue of $169.3m in the first half-year. The online gambling revenue was $163.8m and the retail betting revenues were $5.6m.
The state received $23.8m tax from players who won $1.35bn in sports bets.
FanDuel dominates Kentucky’s online gaming market
FanDuel, along with its partner Turfway Park, led in terms of online operators. The total online gambling revenue was $62.8m for the quarter, based on $478.6m of wagers.
DraftKings (which is also working with Cumberland Run) was close behind, with revenues of $61.1m. The company still took more wagers, $499.0m, than its longtime competitor FanDuel.
Bet365 and Sandy’s Racing and Gaming, another partner of Sandy’s, reported $15.4m online revenue out of $93.6m. BetMGM reported a $6.6m profit on a $56.6m deal.
Caesars Red Mile and their total wagering of $81.6m generated revenue of $8.9m. ESPN Bet and partner Ellis Park posted $7.2m from $65.3m. Oak Grove and Fanatics rounded out the online market, with $1.9m of revenue and $25.2m handled.
In the retail sector, Caesars and Red Mile topped the list with $3.2m in revenue from $19.3m. Churchill Downs & Kambi came in second place with $1.2m off $20.2m. Turfway Park was the third retail partner of Kambi with $451.185 from $8.8m.
The February Sports Betting Handle Nears $210.0m
Total spend in February was $208.4m. This included $198.6m in online wagering and $9.8m from retail.
The total market revenue was $28.5m. This includes $20.8m online and $722.390 in retail.
DraftKings, Cumberland Run and $78.9 million in wagers generated $8.3 million of revenue. FanDuel, Turfway and Turfway park placed second in the online market with revenue of $8.3m.
In retailing, Caesars and Red Mile dominated the market with a combined $749.423 in revenue, and $3.4m handled. Churchill Downs, Kambi and $3.2m were far behind with only $61,977.
