Kentucky's Sports Betting Handle Stays High, Revenue Drops In December

Kentucky ended 2024 with an 11% year-over-year increase in sports wagering action.


The Kentucky Horse Racing and Gaming Corporation reported that $293 million was wagered in December 2024, the second-highest manage behind November 2024's $301.7 million. This marked the 4th successive month with action going beyond $250 million.


However, the most affordable hang on gross profits produced yet in the Bluegrass State led to only $20.2 million in earnings, a 38% decline from December 2023 and down nearly 45% month-over-month.


Similar to October, when Kentucky's online and retail operators produced a 7.7% hold, NFL favorites had terrific success in the final full month of the regular season. Bettors cashed in, leading to a 6.9% hang on gross earnings that was down five points from November.


The adjusted earnings of $19.5 million came on a 6.7% hold, likewise the most affordable ever in Kentucky.


The Bluegrass State took $2.9 million in tax profits, down from the $5 million gotten in November.


Exceeding forecasts


Kentucky's first complete year of sports betting generated $2.6 billion in wagers and $283.7 million in gross earnings from a 10.7% hold. Adjusted revenue reached $276.9 million behind a double-digit win rate.


When sports betting very first started in the Bluegrass State in 2023, authorities forecasted $23 million in yearly tax earnings. In 2024 alone, the state collected $39.3 million. Kentucky has filled its coffers with almost $55 million in 15 months of operation.


DraftKings almost produces $1 billion


Legal online sports betting generated $285.5 million in wagers and $20.3 million in gross revenue throughout December.


DraftKings nearly matched its record-setting November with a December manage of $111.7 million, down about $700,000 from the previous month. Gross revenue fell from $15 million to $8.