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

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Kentucky ended 2024 with an 11% year-over-year boost in sports betting action.

The Kentucky Horse Racing and Gaming Corporation reported that $293 million was wagered in December 2024, the with behind November 2024's $301.7 million. This marked the fourth consecutive month with action going beyond $250 million.

However, the most affordable hang on gross income produced yet in the Bluegrass State led to just $20.2 million in revenue, 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 fantastic success in the final full month of the routine season. Bettors moneyed in, resulting in a 6.9% hold on gross profits that was down 5 points from November.

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

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

Exceeding forecasts

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

When sports wagering very first began in the Bluegrass State in 2023, officials projected $23 million in yearly tax profits. In 2024 alone, the state collected $39.3 million. Kentucky has filled its coffers with nearly $55 million in 15 months of operation.

DraftKings nearly generates $1 billion

Legal online sports betting created $285.5 million in wagers and $20.3 million in gross income throughout December.

DraftKings almost matched its record-setting November with a December handle of $111.7 million, down about $700,000 from the previous month. Gross income fell from $15 million to $8.7 million month-over-month.

The online sportsbook finished 2024 with the greatest handle, falling less than $2 million shy of $1 billion in the quantity wagered for the year.

FanDuel created a higher revenue margin in December, receiving $9.1 countless gross profits on a $95.4 million manage. FanDuel's 9.5% hold was the highest among all 8 online operators, and the online sportsbook completed second in annual manage with $862 million in 2024.

No other sportsbook reached $1 million in income during December. bet365 finished third with a $23.9 million deal with while BetMGM, Caesars, and Fanatics Sportsbook all reached $13 million.

Circa Sports lost over $800,000 on a deal with of $6.8 million to end in the red for 2024. On $6.7 million in wagers, ESPN BET created a 3.2% hold in December however still profited $7.2 million for the year.

Retail falters again

Brick-and-mortar sportsbooks took a nearly $52,000 loss on a $7.6 million handle in December. Adjusted income ended up $70,000 in the red.

It's the second time in three months that retail sports betting operators took a loss. In October, three of the eight shops reported adjusted earnings numbers in the red.