The first year of Kentucky sports betting outpaced projections. According to a recent report Kentucky Horse Racing Commission (KHRC), the state’s sportsbooks accepted $2.3 billion in wagers and generated $37 million in tax revenue.

When the bill passed last year, projections floated in Frankfort suggested the opening year of action would result in $23 million in tax revenue for the state. With $2.3 billion in wagers and nearly $285 million in gross gaming revenue and a 14.25% tax rate, the state easily sailed passed that benchmark by more than 60%.

As in every other state, FanDuel and DraftKings were the top performers in the Bluegrass State. DraftKings led the way in the handle with $895 million compared to FanDuel’s $817 million. However, as is the case in several states, FanDuel outpaced DraftKings in the revenue department.

FanDuel generated $106 million in revenue compared to DraftKings Sportsbook’s $100.8 million.

Here is the handle breakdown of each of the Kentucky operators for the first year of operation (Circa did not launch until May 2024):

- DraftKings: $895 million

- FanDuel: $817 million

- bet365: $157 million

- BetMGM: $144 million

- Caesars: $118 million

- ESPN Bet: $104 million

- Fanatics: $52 million

- Circa: $4.3 million

KHRC does not offer data on promotional spend, but given bet365’s spending in neighboring Ohio, it stands to reason the operator went big on promotional offers to establish itself as the #3 book ahead of BetMGM. BetMGM trailed in handle but was third in revenue with just shy of $19 million in GGR compared to bet365’s $13.5 million.

On the retail sports betting side, Churchill Downs led the way generating $35 million in handle. The Caesars offering at Red Mile produced $22.3 million in bets while the Kambi product at Turfway Park rounded out the top three with $14.7 million. Altogether, retail sportsbooks in Kentucky produced $87 million in handle, $7.8 million in GGR and $756,000 in tax revenue for the state.

The Committee on Competitive Safeguards and Medical Aspects of Sports (CSMAS) held an informational discussion on sports betting after all three NCAA divisions met to discuss modifications to sports wagering policies.

CSMAS members, who also met in Indianapolis last month, discussed the possible deregulation of sports betting, which could allow student-athletes to bet on professional sports.

More States Join the Anti-Prop Club

The membership requested initial feedback from CSMAS on the health, safety, and well-being considerations involved with deregulation. If the NCAA sponsors a sport, NCAA student-athletes are not permitted to bet on professional, intercollegiate, or other amateur competition in that sport.

Isaiah Rodgers returns to the neighborhood after a year-long suspension for sports betting.

For student-athletes who are found to have violated NCAA rules, various penalties can be applied, which include partial to permanent losses of eligibility.

Committee is recommending harm-reduction strategies

Furthermore, initial feedback from CSMAS emphasized harm-reduction strategies. Schools can use those methods to prevent, identify, and create referral and treatment pathways for student-athletes. CSMAS will continue its discussion of the topic as the divisions continue their debate.

Additionally, CSMAS voted to support reinstatement of the NCAA Injury Surveillance Program data request process. The program facilitates the sharing of injury surveillance data to researchers at NCAA member schools working on sport injury epidemiology projects.

Details of the process have been in moratorium since 2018. They could be finalized in early 2025. Protecting student-athletes from gambling disorders remains one of the NCAA’s top priorities.

The Koi Nation’s chances of owning a Las Vegas-style casino seemed impossible until a federal court ruling in 2019 cleared the way for the tiny tribe to find a financial partner to buy land and place it into a trust to make it eligible for a casino.

The Koi Nation’s the tribe of 96 members has teamed up with the Chickasaw Nation of Oklahoma, which owns the biggest casino in the world, and is waiting for U.S. Department of Interior Secretary Deb Haaland to decide whether the 68-acre (27-hectare) parcel the tribe bought for $12.3 million in Sonoma County in 2021 is put into trust.

Placing the land into trust would allow the Koi to move closer to building a $600 million casino and resort on prime real estate in the heart of Northern California’s wine country.

The decision comes as the U.S. government tries to atone for its history of dispossessing Indigenous people of their land, in part through a federal legal process that goes beyond reinstating ancestral lands and allows a tribe to put land under trust if it can prove “a significant historical connection to the land.”

The Koi Nation, a Southeastern Pomo tribe whose ancestors lived in Northern California for thousands of years, faces mounting opposition from other tribes and even California Gov. Gavin Newsom over its plans for the Shiloh Resort and Casino, which would include a 2,500-slot machine casino and 400-room hotel with spa and pool.

If approved, the casino would be built near Windsor, about 65 miles (105 kilometers) north of San Francisco, near two other Native American casinos a few miles away: Graton Resort and Casino in Rohnert Park and River Rock Casino in Geyserville.

The money generated would allow tribal members a better life in one of the country’s most expensive regions, including educational opportunities for young tribe members, said Dino Beltran, Vice Chairman of the Koi Nation’s Tribal Council.

“Generally speaking, tribes cannot game on any land that is taken into trust after 1988 but there are important exceptions to that general prohibition that are meant to be fair to tribes that did not have land in 1988,” said Kathryn Rand, an expert on tribal gaming law at the University of Nevada, Las Vegas’s International Center for Gaming Regulation.

Before white colonizers arrived in California, Koi Nation’s ancestors lived on an island in Lake County and traded with other tribes in Northern California, according to the tribe’s website.

In 1916, the U.S. government approved land in Lake County for Koi Nation’s rancheria about 28 miles (45 kilometers) north of the proposed casino site. The land was eventually declared uninhabitable by the Bureau of Indian Affairs because of its rocky terrain and many Koi families moved south to neighboring Sonoma County, mainly to Sebastopol and Santa Rosa, where the tribe is now headquartered.

Four decades later, the federal government took that land and sold it for an airport, leaving the tribe landless. After a lengthy court battle, a federal judge in 2019 ruled the Koi Nation had the right to pursue buying land for a casino.

Michael Anderson, a Koi Nation attorney, said a historic trail used by the tribe from the Clear Lake basin to Bodega Bay, on Sonoma County’s Pacific Coast, runs through a portion of the property, which supports the legal requirement of having a “significant historical connection to the land.”

Anderson said their legal case is strong. But, “the politics is a whole different thing,” he added.

Following a slow July, Louisiana land-based, riverboat and race-track casinos finished August on fire. Revenue rose 7.7% from $178.9 million in July to $192.7 million this past month, according to the latest revenue figures from the Louisiana Control Board.

Five of the state’s 14 riverboat casinos saw double-digit growth.

Online casinos are illegal in Louisiana, so they aren’t included in the state’s monthly revenue reports.

Key takeaways

- Online casinos are a gold mine for revenue but have yet to be legalized.

- Louisiana casino revenue jumped 7.7% in August.

- Riverboat casinos led the way with an 8.2% spike in win.

Louisiana could be a top five online casino market

Louisiana continues to support a robust casino market, with revenue on track to pass $200 million by the end of the year. While that number is sizeable, it could be much bigger if online casinos were legal.

Based on PlayUSA’s projections, the state could’ve brought in over $75 million in iGaming revenue in July (the last month that all seven iGaming states reported revenue):

Yet while Louisiana casino operators are missing out on tens of millions in iGaming revenue, that may not be the case for much longer. Next month, the Louisiana Senate Committee will launch a study of online casinos.

They’ll analyze the pros, cons and best practices needed for Louisiana online casinos. Their findings are due in March.

If the study’s findings are positive, we could have legislators file and approve an iGaming bill next year. Gaming operators will certainly want to chime in during the process.

Operators such as FanDuel, DraftKings, and Fanatics already have online sportsbooks in Louisiana. They will likely support iGaming, as each brand runs online casinos in other states.

Horseshoe Bossier City leads riverboat casinos with 81.5% growth

In August, 14 of Louisiana’s 19 gaming properties posted positive revenue growth. Riverboat casinos led the way with a combined 8.2% increase over July.

Horseshoe Bossier City was the star of the riverboat group, enjoying an 81.5% increase in August. Belle of Baton Rouge, L’Auberge Lake Charles, Golden Nugget Lake Charles, and Amelia Belle Casino rounded out the group of riverboat casinos with double-digit growth.

Louisiana’s racinos surge in August with across-the-board increases

The state’s four racinos (horse tracks with slot machines) all had increases in revenue in August, combining for a 5.8% increase over July. Delta Downs led the way with a 9.5% increase, good for around $1.2 million more in win this past month.

Harrah’s New Orleans up more than $1 million for the month

Rounding out the state’s excellent August was Harrah’s New Orleans, the sole land-based casino in Louisiana.

The property posted $18.9 million in August revenue, up from $17.7 million in July. The rise in revenue was good enough for a 6.7% monthly and 5.2% year-on-year increase.

During Week 2 of the 2024 NFL season, there were several big-time upsets. In New York, their eight online operators almost set a weekly record for revenue. For the week ending on September 15, NY sportsbooks collected $69.2 million in revenue. Those figures were reported by the New York Gaming Commission. It was their second-highest weekly revenue haul in the Empire State’s betting history. 

New York’s largest weekly revenue came from the week ending on May 12 with $70.9 million. At the time, the New York Knicks were in the middle of the NBA playoffs. A lucrative time for the eight online operators across the state. Compared to their figures from the same week in 2023, New York’s revenue was up a whopping 143.7%. With the state’s 51% tax rate, New York generated $35.3 million in revenue.

New York’s handle continues to grow

New York’s Gaming Commission reported the state had a $478.2 million betting handle for the week ending on September 15. The state’s all-time wagering mark is now above $50 billion. While New York’s handle only grew 2% week-over-week, it was up 20% year-over-year. For the third consecutive week, New York sportsbooks generated a $400 million handle. Their 14.4% hold was higher than the 13.3% hold during the same week in 2023.

What New York sportsbooks saw the most profit for the week ending on September 15?

For the week ending on September 15, FanDuel nearly set a New York weekly record. Their $35.1 million in revenue was just shy of the $36.5 million all-time weekly high for NY operators. That record stands with DraftKings who broke the record during the week ending on May 12. While FanDuel did not set a NY weekly record for all sportsbooks, the $35.1 million in revenue was still their new best. FanDuel had an outstanding 19.1% hold from the $183.4 million handle. 

DraftKings had a 12.8% hold from the $184.3 million handle to collect $23.6 million in revenue. It was the first time since late May that DraftKings had $20 million in weekly profits. Additionally, it was their second straight week with at least $180 million in wagers. 

Caesars Sportsbook’s $33.4 million in revenue was the third highest of any NY operator for the week ending on September 15. They had an 11.4% hold to collect $3.8 million in revenue. Their highest total since January. BetMGM had $31.27 million in revenue was edged out by Fanatics’ $31.29 million in revenue. Fanatics made $2.9 million in revenue in the week ending on September 15.