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October saw a significant drop in Kentucky’s sports betting market as compared to the same month the previous year. The Kentucky Horse Racing Commission reports that gross income for the state was $18.8 million, a notable 61.3% decrease from October 2023. At $274.9 million, the total handling represented a 4.5% decrease from the previous year.
October’s adjusted revenue of $20.5 million represented a 39.1% decline from September and a 62.1% decline from the previous year. The handle rose 7.5% month over month in spite of this, indicating increasing betting activity but decreased profitability as a result of lower hold rates.
Retail sportsbooks had a challenging month, reporting a combined loss of $78,000 from a $9.8 million handle. Meanwhile, online operators maintained an 8% hold on a $265.1 million handle. Kentucky collected nearly $3 million in tax revenue for the month, far below the $7.6 million generated in October 2023.
DraftKings achieved a significant milestone in October, becoming the first operator in Kentucky to surpass $1 billion in total wagers. The sportsbook reported a $102.7 million handle for the month, bringing its year-to-date total to nearly $775 million. FanDuel, with a $92.3 million handle in October, is expected to join the billion-dollar club soon, with $994 million in total wagers so far.
Despite DraftKings leading in handle, FanDuel topped revenue charts with $9.8 million, supported by a 10.6% hold rate. FanDuel also remains the state’s all-time revenue leader, having amassed $131.5 million since launch.
Other operators, including bet365 and BetMGM, posted mixed results. bet365 generated $1.3 million in revenue from a $24.5 million handle, while BetMGM saw a 47% month-over-month revenue drop with a sub-6% hold. Caesars and Fanatics Sportsbook struggled, with both reporting lower returns compared to September.
October marked the first losing month for Kentucky’s retail sportsbooks. Churchill Downs, partnered with Kambi, faced the largest loss, reporting a $132,480 revenue deficit on a $3.5 million handle. Turfway Park and Ellis Park also posted losses exceeding $50,000, highlighting the ongoing challenges for brick-and-mortar operations in the state.