The Kentucky sports betting market boomed in September with a busier calendar. Sportsbook operators posting exceptional returns during the first full month of football season. The state reported a significant 69% month-over-month increase in betting handle, with sportsbooks generating $34.3 million in gross revenue on a strong 13.4% hold rate.
This kind of hold rate is something that all bookies aspire to have, as it guarantees higher revenue. Keep this in mind as you learn how to open a sportsbook.
Kentucky Sports Betting in September
The Kentucky Horse Racing Commission’s report showed a total betting handle of $255.9 million for September, dramatically up from last year’s $45.6 million during the state’s staggered launch month. The month’s revenue performance ranked as the third-highest in state history and second-highest for 2024, with profits soaring 182% from August’s $12.1 million. Meanwhile, adjusted revenue reached $33.6 million.
Since launching in September 2023, Kentucky’s sports betting market has accumulated $2.6 billion in total wagers and over $317 million in revenue. When you manage your own sportsbook using your per head sportsbook, you can also keep track of your monthly, annual, and all time handle and revenue.
State Taxes and Retail Betting Increases Too
The state’s tax collection has been equally impressive. September contributed $4.7 million in tax revenue, pushing the year-to-date total beyond $28.3 million. Since retail betting began last September, followed by online operations later that month, Kentucky has collected nearly $44 million in taxes. This September marked the first full-month comparison for both retail and online operations.
Retail betting showed particular strength, with the state’s eight physical locations collectively handling $9.3 million in wagers, more than doubling August’s figures. Churchill Downs emerged as the retail leader with a $3.8 million handle. Only Red Mile and Turfway Park joined Churchill Downs in reaching the million-dollar handle mark, with Turfway Park and Churchill Downs being the only locations to generate six-figure revenue totals.
Room for More and Better Numbers
And these are numbers for September, which is the beginning of the football season. Come October we will be seeing the end of the baseball season, with the World Series expected to generate a lot of betting volume. Furthermore, you also have the beginning of the basketball season, with both the NBA and NCAA college basketball seasons opening, bringing in another huge source of betting activity. And you can look forward to earning a lot from all of these games with the use of the best sports betting software.
Basketball betting usually takes up a large portion of betting activity, almost at par with that of football betting. Thus it is safe to expect that Kentucky may see even better numbers all through to winter. The question is, will they be able to sustain their hold rate, or at least maintain a double-digit hold to ensure better revenue? All bookies certainly hope so.
