Since the Sept. 7 launch of legal Kentucky sports betting operations, the Bluegrass State has witnessed a remarkable influx of $656 million in wagers, encompassing mobile and retail sportsbooks, said Gov.Andy Beshear (D).
Beshear asserts that the state has garnered approximately $8 million in sports betting tax revenue during the first two months of legal betting.
On Monday, KHRC Director of Sports Betting Hans Stokke added that September generated $45,862,901 in betting handle. October came in at $294,950,219, while November produced more than $260 million for the blossoming market.
In the wake of the launch, prominent entities within the US gaming industry seized the opportunity to explore Kentucky’s burgeoning sports betting market. This strategic move has significantly contributed to the state’s financial performance in the sector. Several key operators have obtained approval to conduct their operations in the Bluegrass State, further diversifying the landscape and fueling the positive revenue trajectory.
Some of the noteworthy operators currently engaged in sports betting activities in Kentucky, having obtained official approval, include.
- DraftKings (Retail and Mobile)
- Fanatics (Mobile)
- FanDuel (Mobile)
- Circa Sports (Mobile)
- Penn Sports Interactive (Mobile)
- Bet365 (Mobile)
- Kambi (Retail)
- Caesars (Retail and Mobile)
Online Sports Betting Takes the Lead in Revenue Generation
Of the total consolidated revenue amounting to $656 million, Gov. Beshear emphasized that a substantial portion, specifically over $629.5 million, was wagered across the seven online sportsbooks within the state. On the other hand, retail sportsbook figures lagged at a modest $26.8 million.
In his commentary on the sports betting statistics, Governor Beshear expressed optimism about the promising outset, highlighting that these numbers mark a noteworthy beginning. Furthermore, he anticipated a subsequent upward trajectory in the figures, suggesting a potential increase in the overall sports betting activity within the state.
“Folks, this is an incredible start, and if this trend holds true, we will significantly exceed the $23 million in projected revenue from sports wagering.”
Despite the uncertainty surrounding the exact release date of the sports betting report, Gov. Beshear assured that the Kentucky Horse Racing Commission (KHRC) would be published this week.
Meanwhile, Kentucky Downs is diligently working towards launching its retail sportsbook, with plans to have it operational by the upcoming year. This endeavor has been facilitated by the KHRC, which granted them a retail sports betting license in November.
As part of the state’s sports betting landscape, several locations are already offering brick-and-mortar sports betting services, including:
- Churchill Downs
- Ellis Park in Henderson
- Turfway Park
- Newport Racing and Gaming
- Cumberland Run
- Derby City Gaming
- The Mint Gaming Hall at Cumberland Run in Corbin
- The Mint Gaming Hall at Cumberland Run in Williamsburg
- Oak Grove