The sports betting revenue for the three-month period from March through May on Wednesday, with sportsbooks posting double-digit holds in the final two months of that window.
The seven retail sportsbooks and seven once Circa Sports entered in May — combined to generate $624.9 million in handle. The Bluegrass State is $17.3 million shy of $2 billion worth of wagers through its first nine months of legalized commercial betting.
Operators fared far better in April and May than they did in March. Despite the Kentucky Wildcats being upset in the first round of the NCAA Tournament by Oakland, the hold for March was only 8.6%. They regrouped with a vengeance in April, posting a 12.4% win rate, and followed that with a 12.9% hold for May.
The commonwealth collected $9.2 million in taxes, lifting the year-to-date total to $17.6 million. April provided the largest amount of receipts in the three-month span at $3.2 million.
Wildcats’ Loss Likely Impacted March 1r5t2i
FINAL March #SportsBetting handles by state (2/3)
11 Colorado $593.1M
12 Maryland $536.7M
13 Indiana $500.8M
14 Michigan $497.6M
15 Tenn. ~$472M
16 Louisiana $350M
17 Iowa $272.4M
18 KENTUCKY $256.2M
19 Kansas $252.9M
20 Conn. $187.8M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 10, 2024
There was much hype around Kentucky’s first NCAA Tournament with sports betting as residents would no longer need to cross state lines to Ohio and Indiana to place wagers on their beloved Wildcats.
But the 80-76 loss to unheralded Oakland in the 3-14 matchup dashed those plans. The $256.2 million in handle for March was $862,200 shy of January’s year-to-date high, and sportsbooks finished with $22.1 million in revenue.
FanDuel for top revenue honors in March — its $8.7 million in winnings came with a 8.6% hold against $101 million handle, while FanDuel grossed $8.1 million from $84.5 million worth of wagers to produce a 9.6% win rate.
Fanatics Sportsbook had a record $8.1 million handle, but a 6% hold meant only $488,700 in winnings.
FanDuel Rights the Ship in April 2k4w3w
FINAL April #SportsBetting handle by state (2/4)
11 Colorado $509.5M
12 Maryland $486.3M
13 Michigan $414.4M
14 Indiana $393.9M
15 Tenn. $380.9M
16 Louisiana $283.1M
17 Iowa $209.5M
18 Kansas $192.1M
19 KENTUCKY $187.3M
20 Conn. $156.8M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 10, 2024
After the rare sub-10% hold for March, FanDuel got back to its normal in April with a 16.5% win rate to reap $10.5 million in revenue from $63.3 million in handle. It was the fourth time FanDuel has topped $10 million in monthly winnings in Kentucky and second time in 2024.
DraftKings nearly matched its March revenue, falling $61,600 short, but the $8.6 million won came with a 12.7% hold on $67.9 million worth of bets. placed. BetMGM was the book that made it three mobile operators with $1 million in winnings this time, reaching $1.1 million with a 9.7% hold on $11.6 million in handle.
Overall, the $187.3 million handle was down 26.9% from March, but operators were still able to post a 5.1% gain in revenue to $23.2 million as the statewide win rate was 12.4%. The seven mobile operators combined for a 12.6% hold while their retail counterparts finished at 7.4% to claim $472,526 in gross winnings.
Retail Books Keep Up in May si6b
May #SportsBetting handle by state (2/4)
11 Maryland $431.5M
12 Tenn. $379.2M
13 Indiana $361.6M
14 Michigan $354.8M
15 Louisiana $256.7M
16 Iowa $182.5M
17 KENTUCKY $181.4M
18 Kansas $172.2M
19 Conn. $163.6M
20 Oregon $76.2M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 10, 2024
Kentucky’s seven retail sportsbooks posted an 11.2% hold in May, collecting $650,500 in winnings from $5.8 million in handle. That win rate nearly matched the 11.9% fashioned from mobile operators, who picked up close to $21 million from $175.5 million worth of wagers. The $181.4 million in total handle was down 3.2% from April, while the $21.6 million in gross revenue was 7% lower.
FanDuel again paced the sports betting apps with $9.6 million in winnings, attaining a 16.4% hold on $59 million in handle. DraftKings created some separation from its eternal rival in May handle with $69.9 million, but the 10.5% win rate was 2.2 percentage points lower than April as revenue slid to $7.3 million.
ESPN BET had a year-best 12.2% hold but a year-low $6.2 million in handle that resulted in $764,900 in revenue. Bet365 got back into seven figures with $1.3 million in winnings, notching an 8.2% hold and finishing third in handle with $15.6 million.
Circa Sports figures for May were not readily available as the KHRC did not separate the mobile numbers generated from both DraftKings and Circa via licensee Cumberland Run.
