Kentucky Online Sports Betting Hits $323.6 Million in Opening Weeks
Date: 2023-12-18 Author: Dima Zakharov Categories: SPORTS BETTING
Online Betting Skyrockets in Kentucky
Kentucky's sports betting market took off with a bang after the launch of online wagering on September 28th. Following the initial introduction of retail betting on September 7th, the online platform had a staggered rollout.
Impressive Figures Unveiled
The Kentucky Horse Racing Commission (KHRC) has now revealed the figures for the market's inaugural weeks, spanning the final three days of September and the entire month of October.
During this period, online bets accumulated to a remarkable $323.6 million, comprising $36.8 million in September and a substantial $286.8 million in October. Adjusted gross revenue from online betting reached $54.2 million, with $1.5 million generated in the final days of September and $52.7 million in October.
FanDuel Leads the Pack
Among the operators, FanDuel emerged as the front-runner in the opening weeks. Partnered with Churchill Downs, FanDuel raked in $20.3 million in revenue from $131.2 million in wagers. DraftKings, FanDuel's long-time rival, followed closely with $19.5 million in revenue from $124.9 million in bets.
A Competitive Landscape
Other operators, including Bet365, BetMGM, Caesars, and more, also made their mark in Kentucky's budding sports betting market. Each of Kentucky's racetracks can collaborate with up to three online operators, promoting healthy competition and revenue generation.
Retail Betting in the Mix
In addition to online success, retail betting in Kentucky generated $2.2 million in revenue during the same period. With Red Mile leading the way, retail handle reached $17.1 million, emphasizing the popularity of in-person wagering.
Booming Market
When considering both online and retail, Kentucky's sports betting market achieved a total revenue of $56.4 million during its opening weeks. This includes $2.6 million in September and a whopping $53.8 million in October, primarily driven by the introduction of online betting.
The combined online and retail spend for the period reached $340.8 million, with $45.8 million spent in September and a significant $295.0 million in October.
Expansion Continues
The release of these figures coincided with Churchill Downs Incorporated (CDI) opening its new $90.0 million Derby City Gaming Downtown historical racing machine (HRM) venue in Kentucky. The venue features 500 HRMs, a Kentucky Derby theme, three food and beverage amenities, and significant job creation in the state.
