Kentucky Revenue Numbers Exceeding Exceptions After One Year

Sports betting in the Bluegrass State Continues to thrive.

The Kentucky Horse Racing and Gambing Corporation has shared that the state saw a $151.4 million handle in August. That number is up over 17% from July, which was the worst full month the state has seen since launching the industry a year ago. The impressive month led to the Kentucky’s betting handle rushing to $2.4 billion over the first year of legal sports betting.

Retail Sports Betting Continues to Gain Popularity

While online sports betting unsurprisingly is the most popular choice for bettors in the state, retail has been on the rise. Brick-and-mortor locations saw $87 million in wagers over the first year of legal sports betting. Churchill Downs led the way with a handle of $1.5 million, followed by the Caesars Sportsbook at the Red Mile.

DraftKings Leading Online Market

DraftKings Sportsbook has been the top option for Kentucky bettors since the industry went live. They have seen almost $900 million in wagers since then, and led August with a handle of $56.7 million. FanDuel is close behind with a total handle of $819 and an August handle of $45.2 million. FanDuel and DraftKings have combined to capture 73% of the state’s market share.

In a surprise, bet365 has firmly established themselves as the third-most popular operators. They have a far lower handle of $157.3 million since launch, but remain far ahad of Vegas-based rivals Caesars and BetMGM. 

Kentucky Success Good News for bet365

While DraftKings and FanDuel dominating the market share, third place represents a significant victory for bet365 Sportsbook. The British operator had been struggling in the US after first entering the market, but they have changed tactics since then. The result has been a slow and impressive expansion as several of their rivals are struggling to stay afloat. 

The operator will never be able to compete with the two industry-leaders, but their success against Caesars, BetMGM, ESPN Bet, and Fanatics is a major victory. Those four operators are all competing for third place in most markets, but if Kentucky is an indicator, that may no longer be the case.