Kentucky sports betting handle reaches $175.5m in May

Kentucky governor Andy Beshear said sports betting in the state had exceeded expectations.

US.- The Kentucky Horse Racing Commission (KHRC) has reported that the state’s online sportsbooks took a $175.5m handle in May. Kentucky operators generated $22.3m in adjusted gross revenue during the month while state excise tax reached $3.1m. 

DraftKings had the highest online handle at $69.9m, while FanDuel reported $58.9m, bet365 $15.6m, BetMGM $12.5m and Caesars $7.8m. Kentucky operators reported $20m in adjusted gross revenue from online wagering and state excise tax of $2.9m. In April, the state’s online sportsbooks generated $22.3m in adjusted gross revenue and $3.1m in state excise tax.

Governor Andy Beshear said that 10 months since he placed the state’s first sports bet, sports wagering revenue is beating predictions. Kentucky’s sports betting market opened in two phases: Retail sports betting on September 7, 2023, followed by online sports betting on September 28. Preliminary numbers indicate that over $37.2m has been collected by the treasury from sports wagering taxes and licensing fees. Over $34.8m goes directly to the Kentucky permanent pension fund.

Beshear said: “that is money that can be used to help build a better Kentucky and that’s a win-win for the whole state.”