The highly anticipated combined report is the first detailed report of its nature published by the KHRC. It reveals some never-before-revealed details regarding individual bookmakers’ handles, revenue, and exactly how much tax revenue the state is receiving from legalized Kentucky sports betting.
The September report didn’t include individual betting market information, but hopefully, the KHRC will share this information at some point, and when they do, we’ll share it with you.
September Online Betting Handle
September 28 is when Kentuckians were allowed to legally wager with the seven retail and seven online sportsbooks in Kentucky.
$36.8 million was wagered during September, with the bookmakers paying $321,965.91 in September taxes on a combined 12.4% hold.
DraftKings topped the seven online companies with a $15.4 million handle. FanDuel was second with $15.3 million, followed by bet365 ($2.6 million), BetMGM ($1.9 million), and Caesars rounds out the top five with $1.1 million in September wagers. Fanatics was the only online operator failing to report any earnings and wasn’t required to pay September taxes.
bet365 Leads Mobile Operators in Revenue
bet365 didn’t accept the most online wagers but did earn the most Adjusted Gross Revenue. The British-based bookmaker reported $665,334.00 in AGR with a 25% hold rate, both highs in Kentucky. BetMGM was runner-up with $368,017.51. DraftKings, FanDuel, and Caesars round out the top five mobile earners. Fanatics was the only operator reporting a loss ($4,334.29) and won’t be taxed.
September Retail Figures
The retail sector accepted $9 million that first weekend. Red Mile Gaming & Racing and sportsbook partner Caesars KY led the way with a $3.8 million handle. Historic Churchill Downs Racetrack and partner FanDuel handled $3 million during the last weekend in September. The five remaining brick-and-mortar betting shops handled less than $1 million in Kentucky wagers.
Red Mile Gaming earned the most AGR ($435,620.83), while ECL Corbin- The Mint Cumberland was the only retail betting shop operating at a loss for September.
Kentucky Public Pension Fund
The lion’s share of the $321,965.91 collected by the state from the bookmakers is earmarked for the Kentucky Public Pension Fund, with a smaller portion devoted to helping combat problem gambling.
bet365 paid the most of any mobile operator ($94,810.00) while Fanatics reported a -4,334.29 AGR and weren’t taxed.
On the retail side of things, Red Mile Gaming and Racing paid $435,620.83 in taxes, while ECL Corbin- The Mint Cumberland operated in the red ($4,474.00).
