Kentucky's October Sports Betting Revenue Falls 61% Year-Over-Year
This October was not like Kentucky's first complete month of sports wagering last year.
The Kentucky Horse Racing Commission reported $18.8 million in gross revenue, down 61.3% from October 2023. The most recent manage of $274.9 million was also a 4.5% reduction year-over-year.
Bluegrass State operators turned an 18.6% hold in in 2015's very first huge month, but 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 revenue of $20.5 million was down 62.1% year-over-year and 39.1% month-over-month while October's manage 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 good 8% hang on a $265.1 million deal with.
The Bluegrass State filled its coffers with almost $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 bet in Kentucky. The sportsbook has accepted $1.1 billion in bets after creating a $102.7 million manage in October.
It's the fourth time given that September 2023 that DraftKings has actually taped a handle of more than $100 million, and nearly $775 million has actually come year-to-date. FanDuel will be the next operator to reach that mark as the online sportsbook has actually produced a $994 million deal with in Kentucky.
FanDuel includes to income lead
DraftKings held the handle advantage over FanDuel but lost the income fight. FanDuel led the Bluegrass State with a 10.6% hold from a $92.3 million deal with that produced $9.8 million.
FanDuel likewise leads Kentucky sports betting operators in all-time income with $131.5 million.
bet365 produced a $24.5 million handle and was the only other online operator to take a minimum of $1 million in profits. BetMGM produced a hold under 6% that resulted in a 47% month-over-month drop in profits.
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 handle, but transported in $300,000 less in October earnings.
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 .
Retail problems
October marks the first losing month for Kentucky's brick-and-mortar sportsbooks. Three of the 9 retail operators reported an adjusted revenue loss.
Churchill Downs, which is partnered with Kambi, suffered the most, losing $132,480 in adjusted profits on a handle of $3.5 million, the biggest among brick-and-mortar stores. Turfway Park lost $70,863 while Ellis Park ended up October over $50,000 in the red.