In a recent session held by the Kentucky Horse Racing Commission, online sports betting licensees in the Bluegrass State were deliberated on. During this meeting, the KHRC unanimously approved nine sports wagering service provider permits for the upcoming year.
The nine permits, first granted temporarily earlier this year, have now transitioned into full-fledged approval as the year ends. The list of authorized sportsbooks in Kentucky includes DraftKings, FanDuel, Caesar Sportsbook, bet365, BetMGM, ESPN Bet, Circa Sports, Fanatics, and Kambi. These approved operators now stand poised to offer their services in the Kentucky sports betting market for another year.
During the Monday meeting, it was confirmed that no new sportsbooks are applying for a license in the state.
“As of the deadline, no additional licensees have submitted service provider applications for conducting sports wagering activities in Kentucky,” KHRC Sports Wagering Director Hans Stokke said.
Kentucky boasts a diverse array of brick-and-mortar sportsbooks, catering to enthusiasts across various locations. From Elis Park in Henderson to Cumberland Run, Churchill Downs, Turfway Park, Oak Grove, Newport Racing and Gaming, and The Mint Gaming Hall at Cumberland Run in Corbin and Williamsburg, the state offers a varied landscape for in-person sports betting. According to Stokke, Derby City Gaming Downtown in Louisville marks the latest addition to this roster, opening its doors to the public earlier this month.
Kentucky Sports Betting: Off to a Great Start
Kentucky’s legislation permits up to 27 online sportsbooks in the state. However, the practical landscape currently highlights a different picture, with only eight licensed operators for mobile sports wagering. Among these licenses, only seven are actively operating, with Circa Sports Kentucky holding a license but has yet to commence wagering activities.
DraftKings and Caesars function as online sportsbooks and have also ventured into establishing retail locations in the state, collaborating with racing and gaming facilities. On the other hand, Kambi exclusively partners with retail operators.
Since its official launch on Sept. 7, the Bluegrass State has seen a staggering total of $656 million in sports betting handle. The online sportsbook segment witnessed an overwhelming surge in mobile betting, clocking in at $629.5 million in wagers. Concurrently, the nine brick-and-mortar retail locations facilitated approximately $26.8 million in walk-in bets, contributing to the burgeoning betting activity within the state.
The state has witnessed the creation of nearly 500,000 betting accounts, experiencing an increase in user engagement over time. Weekly betting activity has also increased, with an average of $65.2 million in wagers placed. The momentum continues to grow as betting figures display remarkable growth.
September’s reported total of $45.7 million in placed bets surged to $295 million in October. As the state hit the two-month operational mark, preliminary reports show that November is on par to mark another impressive milestone, with bettors placing over $260 million in wagers.
“The total year-to-date sports wagering excise tax collected is $7,940,753,” said Stokke. “Preliminary reporting for November shows this trend continuing as Kentucky patrons wagered more than $260 million, with a peak activity occurring through the Thanksgiving holiday, which generated a $73 million total handle.”
FanDuel continues to set the pace, amassing an impressive $131.2 million in total generated revenue across September and October. Its sportsbook revenue stands strong at $20.3 million, maintaining a solid 15.53% hold. Following closely, DraftKings trails with a handle of $124.9 million and a hold of 15.63%, resulting in revenue totaling $19.5 million for the same period.
Bet365 secured the third spot, boasting a total handle of $31.2 million, resulting in a revenue of $8.6 million with a hold of 27.55%. Meanwhile, BetMGM and Caesars each accumulated $14.7 million and $14.0 million in handle, respectively.
About the Author
