On Wednesday, the Kentucky Horse Racing Commission reported $66.9 million in sports betting revenue from March through May. Additionally, sportsbooks posted double-digit holds in the final two months of that window. Together, seven retail and seven sports betting apps combined to generate $624.9 million in handle. Kentucky is just $17.3 million shy of $2 billion worth of wagers in the first nine months of legalized commercial betting.
Sports betting operators had a better month in April besides the Kentucky Wildcats being in the NCAA tournament in March. However, Kentucky was upset in the first round 80-76 vs. Oakland. That gave them an 8.6% hold in March. In April, Kentucky posted a 12.6% win rate, and a 12.9% win rate in May. Kentucky collected $9.2 million in taxes, making their year-to-date total at $17.6 million. They had $3.2 million worth of receipts in April.
As expected, DraftKings and FanDuel were the two top sportsbook operators
In March, DraftKings edged out FanDuel for top revenue honors. They had $8.7 million in winnings from an 8.6% hold against a $101 million handle. FanDuel had $8.1 million in winnings from $84.5 million worth of wagers and a 9.6% hold. It was rare for FanDuel to have a sub-10 % hold in March. The industry leader got back on track in April with a 16.5% win rate. That gave them $10.5 million in winnings from $63.3 million worth of wagers. It was the fourth time that FanDuel topped $10 million in monthly winnings from Kentucky, the second time in 2024.
DraftKings fell $61,600 shy of matching their March revenue with $8.6 million in winnings in April. They had a 12.7% hold with $67.9 million worth of wagers. Additionally, Kentucky’s seven retail sportsbooks posted an 11.2% hold in May. They collected $6650,500 in winnings from a $5.8 million handle. FanDuel was the top sports betting app in Kentucky with $9.6 million in winnings. That came from a 16.4% hold on a $59 million handle.
