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2024-04-16
The Kentucky Horse Racing Commission reported a combined $59.7 million in adjusted gross sports betting revenue for the months of January and February as sportsbooks posted double-digit holds in both months to open 2024.
Handle in the Bluegrass State totaled $465.5 million. Sportsbooks accepted $257.1 million worth of wagers in January and another $208.4 million in February. Both months continued a trend of month-over-month declines in handle — January handle was down 2.6% from December, while February’s was 19% lower than January. February handles, though, are almost always lower than January ones with fewer days in the month.
The eye-watering 14.9% hold in January resulted in $38.2 million worth of taxable revenue for the commonwealth, which collected $5.4 million. Another $3 million flowed into state coffers in February, when sportsbooks combined to collect $21.5 million in winnings while fashioning a 10.3% win rate.
The January figures finally put the bow on a record-setting month in the sports betting industry for operator revenue. The $1.47 billion in gross revenue to start 2024 made short work of the previous record of $1.31 billion that closed out 2023, with the 10.9% hold on known handle and revenue — totals minus Tennessee handle and Nebraska revenue — the highest since 11.3% last May.
The $1.31 billion in AGR topped last December’s previous high by $135.2 million, and state taxes totaled $297.4 million for January. New York generated more than 36% of that amount as its state coffers saw an inflow of $107.9 million thanks to its 51% tax rate on revenue generated via sports betting apps.
1 New York $1.97B
2 New Jersey $1.72B
3 Illinois $1.29B
4 Penn. $858.2M
5 Ohio $811.6M
6 Nevada $782.8M
7 Arizona $706.4M
8 Virginia $652.9M
9 Mass. $651.7M
10 Michigan $601.6M#SportsBettingX #GamblingX
— Chris Altruda (@AlTruda73) April 16, 2024
Six of the seven mobile operators in Kentucky had a hold of 10.9% or higher, with FanDuel leading the way at 18%. The online titan claimed $15.3 million in adjusted gross revenue — tops in the state — from $85.3 million in completed handle. DraftKings led the group of seven in handle with $92 million worth of accepted bets and notched a 15% win rate in keeping $13.8 million.
Caesars rounded out the podium spots for handle at $21.8 million and attained a 13% hold while posting $2.8 million in revenue. ESPN BET was the lone mobile book with a single-digit hold, landing at 6.7% while still claiming $1.1 million from $15.9 million handle.
Bet365 was fourth in revenue with $1.9 million thanks to a 12.8% hold against $14.8 million worth of wagers. BetMGM collected $1.2 million with a 10.7% win rate against $11 million handle. And while Fanatics Sportsbook had the lightest handle at $5 million, it still performed well enough to manage an 11% hold and $549,100 in winnings.
The rout was bigger on the retail side as the seven brick-and-mortar venues combined for a 15.9% hold in winning $1.8 million worth of AGR from $10.9 million handle. Most of that can be traced to Red Mile Gaming and Racing, as the Lexington-based venue had a crushing 26.2% hold to claim $1.2 million in revenue from only $4.5 million worth of wagers.
Though the combined 10.3% hold from the mobile books looks impressive, it was mainly the work of DraftKings, FanDuel, and Caesars. They were the three with double-digit holds for February, though only Fanatics missed hitting the 7% industry standard.
DraftKings completed the double of tops in revenue and handle, reporting $8.3 million in winnings from $78.8 million handle — good for a 10.6% win rate. FanDuel notched an 11.7% hold in keeping $7.7 million of the $66.1 million worth of bets they accepted, while Caesars paced the seven digital operators with a 12.5% hold in keeping $2.1 million of the $17 million in wagers placed.
Bet365 knocked ESPN BET out of the fourth spot for handle — its 11.3% decline in handle to $13.1 million was far softer than the 37.6% plunge for ESPN BET just below $10 million. Bet365 finished $35,000 shy of $1 million in revenue with a 7.4% hold, while ESPN BET crafted a 7.6% win rate to keep $757,800.
BetMGM had an 8.2% win rate against $9.2 million handle, nearly overtaking ESPN BET for fifth with $753,500 in winnings, while Fanatics was low book on the totem pole with $136,100 thanks to a 3.1% hold on $4.4 million worth of wagers.
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