Kentucky officially launched online sports betting on September 28, following the earlier release of retail wagering on September 7. The Kentucky Horse Racing Commission (KHRC) has released data on the market’s performance during the opening weeks, which covers the last three days of September and the entire month of October. Online bets during this period totaled $323.6m, with $36.8m coming from September and $286.8m from October. Adjusted gross revenue from online betting reached $54.2m, with $1.5m generated in September and $52.7m in October.
Among the different operators, FanDuel emerged as the leader in Kentucky during the initial period. Teaming up with Churchill Downs, FanDuel generated $20.3m in revenue from $131.2m in wagers. DraftKings, a long-time rival of FanDuel and partnered with Cumberland Run and The Mint, closely followed with $19.5m in revenue from $124.9m in bets. Other operators included Bet365 with $8.6m revenue and a $31.2m handle, BetMGM with $2.7m revenue and $14.7m in wagers, Caesars and The Red Mile with $2.2m in revenue and a $14.0m handle, Fanatics and the Oak Grove racetrack with $483,010 revenue from $4.6m in bets, and Penn Sports Interactive (Barstool Sportsbook) with $381,749 revenue and a $2.9m handle. Each racetrack in Kentucky can partner with up to three online operators for on-site retail and online betting.
Turning to retail betting, which has been active for a longer period than online, the total revenue from September 8 to October 31 amounted to $2.2m. This includes $1.1m in both September and October. The retail handle during this period reached $17.1m, with $9.1m wagered in September and $8.1m in October. Red Mile claimed the top spot in retail revenue with $966,631 from a $6.8m handle, followed by Churchill Downs Racetrack with $637,631 revenue from $5.9m, and Turfway Park with $248,918 off $2.3m.
Overall, the total sports betting revenue during the opening weeks in Kentucky surpassed $56.4m, with $2.6m in September and $53.8m in October, thanks to the launch of online betting. The combined online and retail spending for the period amounted to $340.8m, with $45.8m spent in September and $295.0m in October.
Additionally, Churchill Downs Incorporated (CDI) recently opened its new $90.0m Derby City Gaming Downtown historical racing machine (HRM) venue in Kentucky. This sixth CDI facility in the state has a Kentucky Derby theme, 500 HRMs, three food and beverage amenities, 130 parking spaces, and an exterior 3D video board. The project created 400 construction jobs and over 150 permanent jobs at the venue.
