Kentucky's October Sports Betting Revenue Falls 61% Year-Over-Year
This October was not like Kentucky's first full month of sports betting in 2015.
The Kentucky Horse Racing Commission reported $18.8 million in gross income, down 61.3% from October 2023. The most recent deal with of $274.9 million was also a 4.5% decline year-over-year.
Bluegrass State operators turned an 18.6% hold in in 2015's first huge month, but that win rate dropped to 7.7% this year, thanks to more customer-friendly results from NFL favorites covering at a high rate at times in October.
Adjusted income of $20.5 million was down 62.1% year-over-year and 39.1% month-over-month while October's handle increased 7.5% from September.
Retail sportsbooks reported a $78,000 loss for the month on a $9.8 million handle while online sports betting operators tape-recorded a decent 8% hang on a $265.1 million handle.
The Bluegrass State filled its coffers with almost $3 million, a far cry from the $7.6 million in tax profits gotten in October 2023.
DraftKings reaches $1 billion
DraftKings became the very first online operator to accept $1 billion bet in Kentucky. The sportsbook has accepted $1.1 billion in bets after generating a $102.7 million deal with in October.
It's the 4th time since September 2023 that DraftKings has actually tape-recorded a deal with of more than $100 million, and nearly $775 million has actually come year-to-date. FanDuel will be the next to reach that mark as the online sportsbook has produced a $994 million deal with in Kentucky.
FanDuel contributes to earnings lead
DraftKings held the manage benefit over FanDuel however lost the profits battle. FanDuel led the Bluegrass State with a 10.6% hold from a $92.3 million handle that produced $9.8 million.
FanDuel likewise leads Kentucky sports betting operators in all-time profits with $131.5 million.
bet365 created a $24.5 million handle and was the only other online operator to take a minimum of $1 million in income. 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 just 3.4% of the $11.5 million in wagers accepted. Fanatics Sportsbook took in $9.6 million, almost identical to last month's deal with, but took $300,000 less in October profits.
ESPN BET produced a 6.3% win rate on a $6.5 million manage, while Circa Sports suffered a nearly $200,000 loss on $5 million in wagers accepted.
Retail issues
October marks the first losing month for Kentucky's brick-and-mortar sportsbooks. Three of the nine retail operators reported an adjusted profits loss.
Churchill Downs, which is partnered with Kambi, suffered the most, losing $132,480 in adjusted earnings 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.