{"id":9245,"date":"2024-10-10T16:09:26","date_gmt":"2024-10-10T16:09:26","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=america&#038;p=9245"},"modified":"2024-10-10T16:09:27","modified_gmt":"2024-10-10T16:09:27","slug":"kentucky-sports-betting-revenues-pass-the-goal-in-first-year","status":"publish","type":"america","link":"https:\/\/www.mundovideo.com.co\/en\/america\/kentucky-sports-betting-revenues-pass-the-goal-in-first-year\/","title":{"rendered":"Kentucky Sports Betting Revenues pass the goal in First Year"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The first year of<strong> Kentucky <\/strong>sports betting outpaced projections. According to a recent report <strong>Kentucky Horse Racing Commission<\/strong> (KHRC), the state\u2019s sportsbooks accepted $2.3 billion in wagers and generated $37 million in tax revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the bill passed last year, projections floated in <strong>Frankfort<\/strong> 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%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As in every other state, <strong>FanDuel <\/strong>and <strong>DraftKings<\/strong> were the top performers in the Bluegrass State. DraftKings led the way in the handle with $895 million compared to FanDuel\u2019s $817 million. However, as is the case in several states, FanDuel outpaced DraftKings in the revenue department.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FanDuel generated $106 million in revenue compared to DraftKings Sportsbook\u2019s $100.8 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here is the handle breakdown of each of the Kentucky operators for the first year of operation (Circa did not launch until May 2024):<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; DraftKings: $895 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; FanDuel: $817 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; bet365: $157 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; BetMGM: $144 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Caesars: $118 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; ESPN Bet: $104 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Fanatics: $52 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8211; Circa: $4.3 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">KHRC does not offer data on promotional spend, but given<strong> bet365\u2019s<\/strong> spending in neighboring Ohio, it stands to reason the operator went big on promotional offers to establish itself as the #3 book ahead of <strong>BetMGM<\/strong>. BetMGM trailed in handle but was third in revenue with just shy of $19 million in GGR compared to bet365\u2019s $13.5 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the retail sports betting side, <strong>Churchill Downs <\/strong>led the way generating $35 million in handle. The <strong>Caesars<\/strong> offering at <strong>Red Mile <\/strong>produced $22.3 million in bets while the Kambi product at <strong>Turfway Park<\/strong> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first year of Kentucky sports betting outpaced projections. According to a recent report Kentucky Horse Racing Commission (KHRC), the state\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9246,"menu_order":188,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-9245","america","type-america","status-publish","format-standard","has-post-thumbnail","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kentucky Sports Betting Revenues pass the goal in First Year - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/america\/kentucky-sports-betting-revenues-pass-the-goal-in-first-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kentucky Sports Betting Revenues pass the goal in First Year - Mundo Video Entertainment | Casino News in Latin America and the World\" \/>\n<meta property=\"og:description\" content=\"The first year of Kentucky sports betting outpaced projections. According to a recent report Kentucky Horse Racing Commission (KHRC), the state\u2019s sportsbooks accepted $2.3 billion in wagers and generated $37 million in tax revenue. 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