Kentucky Sportsbooks in Midst of Summer Sports Betting Slump

One of America’s newest legal sports betting states, Kentucky, is proving that no jurisdiction is immune to a summer sports betting slowdown. The Bluegrass State had its worst-ever month regarding legal sports betting handle and revenues since residents got access to a selection of our best sports betting sites in late September 2023.

According to the Kentucky Horse Racing and Gaming Commission June report, betting activity during the month was almost half of the state’s peak in October. This is a new reality for the legal Kentucky sports betting scene, but one that older jurisdictions experience every year when the NFL, NBA, and NHL are on hiatus, and baseball is the only betting game in town.

Unsurprisingly, DraftKings Kentucky and FanDuel Kentucky were the most popular Kentucky sports betting sites during June, far ahead of other operators.

$150.3 million June handle

Kentucky sportsbook apps and the state’s retail providers reported a total handle of $150.3 million in June, a far cry from the record nearly $295 million in accepted bets in October.

It also represents a 17.1% month-over-month drop from the $181.35 million in May.

Kentucky sports betting apps contributed $145.7 million to the overall sports betting activity in the Bluegrass State in June, with retail sites making up the difference.

June’s totals helped Kentucky’s best sportsbooks surpass $2 billion in lifetime handle—$1.2 billion of that coming this year. That figure reflects a successful legal sports betting market in the state, where Kentucky sportsbook promos are available. 

Revenues also dip

Revenues for Kentucky’s legal sports betting industry also showed a double-digit month-over-month percentage drop in June, as regulators reported $15.8 million in gross sports betting revenue. This is a 27% month-over-month dip from $21.6 million in May.

Adjusted taxable revenue, after promotions and deductions, was $15.4 million, which contributed $2.2 million in taxes to needy Kentucky state and local coffers.

The Kentucky legal sports betting industry has generated over $250 million in sportsbook revenues and $53.3 million in tax revenue.

The win rate for Kentucky sportsbooks was 10.5% in June, the seventh-worst for state providers to have reported so far. By comparison, May’s hold rate was 13%.

DraftKings and FanDuel dominate

June was a predictable battle in Kentucky of the top two national sportsbooks, DraftKings and FanDuel. DraftKings prevailed in the handle battle, while FanDuel enjoyed the most revenue.

DraftKings Kentucky was responsible for $56.6 million of the state’s overall $150.3 million handle in June, but because of a sub-10% hold, it generated $5.4 million in revenue. Residents can check it out using our DraftKings promo code.

FanDuel Kentucky accepted $47.3 million in June wagers and, thanks to a 14% hold, made $6.7 million in revenue during the month. Join the fun at FanDuel with our FanDuel promo code.

bet365 Kentucky was the third and last Kentucky sportsbook to handle over $10 million in June wagers. It accepted $15.5 million during the month and generated $1.2 million in revenue. 

Caesars Sportsbook Kentucky took in $9.1 million, with nearly $416K in revenues. BetMGM Kentucky saw $8.2 million in wagering activity in June, with almost $818K in revenue. ESPN BET Kentucky was next, with a $4.2 million June handle and nearly $405K in revenue.

Fanatics Sportsbook Kentucky was seventh out of eight with almost $4 million in June wagers, while newcomers Circa Sports Kentucky trailed with just $806K in accepted June bets.