Kentucky's October Sports Betting Revenue Falls 61% Year-Over-Year

This October was not like Kentucky's very first full month of sports betting last year.


The Kentucky Horse Racing Commission reported $18.8 million in gross profits, down 61.3% from October 2023. The newest manage of $274.9 million was likewise a 4.5% reduction year-over-year.


Bluegrass State operators turned an 18.6% hold in in 2015's first big month, however that win rate dropped to 7.7% this year, thanks to more customer-friendly outcomes from NFL favorites covering at a high rate sometimes in October.


Adjusted profits of $20.5 million was down 62.1% year-over-year and 39.1% month-over-month while October's deal with increased 7.5% from September.


Retail sportsbooks reported a $78,000 loss for the month on a $9.8 million deal with while online sports wagering operators recorded a decent 8% hang on a $265.1 million deal with.


The Bluegrass State filled its coffers with nearly $3 million, a far cry from the $7.6 million in tax income gotten in October 2023.


DraftKings reaches $1 billion


DraftKings ended up being the first online operator to accept $1 billion wagered in Kentucky. The sportsbook has actually accepted $1.1 billion in bets after creating a $102.7 million manage in October.


It's the 4th time because September 2023 that DraftKings has actually recorded a manage of more than $100 million, and almost $775 million has come year-to-date. FanDuel will be the next operator to reach that mark as the online sportsbook has produced a $994 million handle in Kentucky.


FanDuel contributes to profits lead


DraftKings held the manage benefit over FanDuel however lost the revenue battle. FanDuel led the Bluegrass State with a 10.6% hold from a $92.3 million handle that produced $9.8 million.


FanDuel also leads Kentucky sports wagering operators in all-time earnings with $131.5 million.


bet365 produced a $24.5 million manage and was the only other online operator to take at least $1 million in revenue. BetMGM produced a hold under 6% that led to a 47% month-over-month drop in income.


Caesars had an even worse go, winning back only 3.4% of the $11.5 million in wagers accepted. Fanatics Sportsbook took in $9.6 million, almost similar to last month's manage, however took $300,000 less in October earnings.


ESPN BET produced a 6.3% win rate on a $6.5 million handle, while Circa Sports suffered a nearly $200,000 loss on $5 million in wagers accepted.


Retail concerns


October marks the first losing month for Kentucky's brick-and-mortar sportsbooks. Three of the 9 reported an adjusted revenue loss.


Churchill Downs, which is partnered with Kambi, suffered the most, losing $132,480 in adjusted profits on a deal with of $3.5 million, the largest amongst brick-and-mortar stores. Turfway Park lost $70,863 while Ellis Park finished October over $50,000 in the red.