Kentucky Sports Betting Generates $175.5 Million Handle in May

Kentucky’s sports betting market showed substantial activity from March to May, according to the Kentucky Horse Racing Commission (KHRC). In May, the state’s online sportsbooks reported a handle of $175.5 million, with players winning $154.5 million.

Monthly Revenue and Tax Trends

The adjusted gross revenue for May reached $22.3 million, resulting in $3.1 million in state excise taxes. These revenues are allocated to various state needs, including administrative costs, public education, disaster relief, and public pension programs.

March saw Kentucky’s online sportsbooks generate $20 million in adjusted gross revenue, contributing $2.9 million in excise taxes. This increased in April and May, with each month generating $22.3 million in revenue and $3.1 million in taxes.

Leading Sportsbook Operators

DraftKings led the market in May, with an online handle of $69.9 million, up slightly from $67.9 million in April. The peak performance was in March, with $101 million driven by the NCAA Tournament. Since the launch of sports betting in Kentucky, DraftKings has accumulated a total handle of $734.4 million.

FanDuel followed closely, reporting a handle of $58.9 million in May, down from $63.3 million in April and $84.6 million in March. To date, FanDuel has managed $683.2 million in total bets.

bet365 ranked third, with May’s handle at $15.6 million, a slight decrease from April’s $16.9 million.

BetMGM and Caesars showed competitive performance, with BetMGM reporting a handle of $12.5 million in May, consistent with previous months. Caesars’ handle was $7.8 million in May, slightly down from $8.7 million in April and $12.6 million in March.