Kentucky's October Sports Betting Revenue Falls 61% Year-Over-Year
This October was not like Kentucky's very first complete month of sports betting in 2015.
The Kentucky Horse Racing Commission reported $18.8 million in gross profits, down 61.3% from October 2023. The current handle of $274.9 million was likewise a 4.5% decline year-over-year.
Bluegrass State operators turned an 18.6% hold in last year's very first big month, but that win rate dropped to 7.7% this year, thanks to more customer-friendly results from NFL favorites covering at a high rate at times in October.
Adjusted income of $20.5 million was down 62.1% year-over-year and 39.1% month-over-month while October's deal with increased 7.5% from September.
Retail sportsbooks reported a $78,000 loss for the month on a $9.8 million handle while online sports betting a decent 8% hold on a $265.1 million manage.
The Bluegrass State filled its coffers with almost $3 million, a far cry from the $7.6 million in tax profits received in October 2023.
DraftKings reaches $1 billion
DraftKings became the very first online operator to accept $1 billion bet in Kentucky. The sportsbook has actually accepted $1.1 billion in bets after generating a $102.7 million handle in October.
It's the fourth time because September 2023 that DraftKings has recorded a handle of more than $100 million, and almost $775 million has come year-to-date. FanDuel will be the next operator to reach that mark as the online sportsbook has actually produced a $994 million deal with in Kentucky.
FanDuel adds to revenue lead
DraftKings held the deal with advantage over FanDuel however lost the income fight. FanDuel led the Bluegrass State with a 10.6% hold from a $92.3 million manage that produced $9.8 million.
FanDuel also leads Kentucky sports wagering operators in all-time earnings with $131.5 million.
bet365 produced a $24.5 million manage and was the only other online operator to take a minimum of $1 million in revenue. BetMGM produced a hold under 6% that resulted in a 47% month-over-month drop in profits.
Caesars had an even worse go, recovering only 3.4% of the $11.5 million in wagers accepted. Fanatics Sportsbook took in $9.6 million, almost identical to last month's manage, but carried in $300,000 less in October income.
ESPN BET produced a 6.3% win rate on a $6.5 million deal with, while Circa Sports suffered a nearly $200,000 loss on $5 million in wagers accepted.
Retail woes
October marks the very first losing month for Kentucky's brick-and-mortar sportsbooks. Three of the nine retail operators reported an adjusted income loss.
Churchill Downs, which is partnered with Kambi, suffered the most, losing $132,480 in adjusted profits on a handle of $3.5 million, the biggest among brick-and-mortar shops. Turfway Park lost $70,863 while Ellis Park completed October over $50,000 in the red.