Kentucky's sports betting market experienced a remarkable surge in 2024, concluding with record-breaking wagers. However, December witnessed a significant decline in revenue, raising concerns about market trends.
Kentucky concluded 2024 with a notable 11% year-over-year surge in sports betting activity. The Kentucky Horse Racing and Gaming Corporation reported that a staggering $293 million was wagered in December 2024, securing the second-highest handle for the year, trailing only November's $301.7 million. This impressive performance marked the fourth consecutive month where wagers surpassed the $250 million threshold.
However, the state witnessed its lowest hold on gross revenue to date, resulting in a modest $20.2 million in profit. This figure represents a concerning 38% decrease from December 2023 and a nearly 45% decline compared to November. Much like October, when Kentucky's online and retail operators achieved a 7.7% hold, NFL favorites dominated the final full month of the regular season. Bettors capitalized on these favorable outcomes, leading to a 6.9% hold on gross revenue, a five-point dip from November. The Bluegrass State generated $2.9 million in tax revenue, a considerable drop from the $5 million collected in November. Looking back at Kentucky's first full year of legal sports betting, the state generated a remarkable $2.6 billion in wagers and $283.7 million in gross revenue, achieved through a 10.7% hold. After adjustments, the revenue reached $276.9 million, supported by a double-digit win rate. When sports betting was first introduced in Kentucky in 2023, officials projected an annual tax revenue of $23 million. In 2024 alone, the state collected an impressive $39.3 million. Over the past 15 months of operation, Kentucky has successfully filled its coffers with nearly $55 million. DraftKings nearly matched its record-breaking performance in November, securing a December handle of $111.7 million, a mere $700,000 less than the previous month. However, gross revenue experienced a dip, falling from $15 million to $8.7 million month-over-month. The online sportsbook concluded 2024 with the highest handle, falling short of reaching $1 billion in total wagers for the year by less than $2 million. FanDuel, on the other hand, demonstrated a higher profit margin in December, generating $9.1 million in gross revenue on a $95.4 million handle. FanDuel's 9.5% hold stood as the highest among the eight online operators, and the online sportsbook secured the second position in yearly handle with $862 million in 2024. No other sportsbook managed to exceed $1 million in revenue during December. bet365 secured the third spot with a $23.9 million handle, while BetMGM, Caesars, and Fanatics Sportsbook all reached $13 million. Circa Sports incurred a loss exceeding $800,000 on a $6.8 million handle, concluding 2024 in the red. With $6.7 million in wagers, ESPN BET generated a 3.2% hold in December but still achieved a $7.2 million profit for the year. Brick-and-mortar sportsbooks faced a near-$52,000 loss on a $7.6 million handle in December. Adjusted revenue ended $70,000 in the negative. This marked the second time in three months that retail sports betting operators recorded a loss. In October, three out of the eight physical locations reported adjusted revenue figures in the red. Across the year, retail sportsbooks achieved a 7.8% hold on $93.3 million in wagers, resulting in $7.3 million in gross revenue
SPORTS BETTING KENTUCKY REVENUE HOLD TAX.
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