Kentucky Sports Betting Handle Eclipses $2 Billion

General Kentucky sports betting has officially been live for one year. And in that time, the Kentucky sports betting handle has cleared more than $2 billion.

If that number seems massive, that is because it’s absolutely massive. In fact, experts and state officials are quick to note the handle is higher than they expected. If you will recall, state governor Andy Beshear said Kentucky sports betting was obliterating projections back in July. As it turns out, he was underselling how many wagers were being placed in The Bluegrass State.

The Kentucky Horse Racing and Gaming Commission (KHRGC) recently discussed financial results from the first year of business. In doing so, KHRGC president Jamie Eads disclosed that the Kentucky sports betting handle surpassed $2.1 billion between the September 2023 launch and the end of June 2024.

“It far exceeded what any of us thought it would do,” he said during an August Budget Review Subcommittee on Economic Development, Tourism, and Environment Protection meeting.

He’s not kidding. Most projections thought sports betting in Kentucky would sniff a $1.5 billion handle. Hitting $2.1 billion in business (i.e. the total amount of dollars wagered) is a 40 percent increase over expectations.

What’s more, this particular framing ends up telling only part of the story.

The Kentucky Sports Betting Handle is Likely Even Higher Than Reported

Believe it or not, the first year Kentucky sports betting handle is likely much higher than $2.1 million. The data Eads provides actually spans from September 7, 2023 through June 30, 2024. That means the state has yet to account for bets placed in July, August and the beginning of September.

Sure, Eads’ comments came at the end of August. But monthly figures are typically delayed by six to eight weeks. Kentucky likely won’t know what their sports betting handle for July and August until the end of this month.

To that end, there is no telling how high the opening year Kentucky sports betting handle climbs.

Based on the reported figures, The Bluegrass State is averaging roughly $210 million in sports bets each month. Apply that number to the remaining 12 month calendar, and the Kentucky sports betting handle could end up settling in somewhere around $2.5 billion to $2.6 billion.

Of course, the number is probably lower, even if only slightly. The sports betting calendar isn’t too robust through July and August and the very beginning of September. Major League baseball, the U.S. Open (tennis) and the WNBA are the most popular draws in the United States during this time. Betting on the NFL ramps up a little bit in the middle of August. But it reaches a fever pitch in the middle of September. Meanwhile, betting on the NBA and betting on the NHL don’t crescendo until the end of September and the beginning of October. On top of that, even betting on MLB playoffs doesn’t take off until after the September 7 anniversary date.

Still, even with these limitations in mind, there’s a chance the Kentucky sports betting handle finishes its first 12 months north of $2.5 billion.

The Biggest Factor That Led to Kentucky Sports Wagering Exceeding Expectations

A confluence of factors allowed Kentucky to comfortably outperform even the rosiest Year 1 projections.

First and foremost, the state prioritized accessibility. They did not just expand existing retail horse race betting operations. They leaned into the rising popularity of online sports betting in the United States. Some consider this a given. It’s not. Other states have stuck with brick-and-mortar operations. While that’s a model that inherently represses sports betting handles, it also prefers exclusivity for tribal operators.

Kentucky sports betting was able to find a happy medium. Retail locations opened first. Online sportsbooks in Kentucky followed with a launch of their own soon after. And from there, the state has prioritized optionality. At this writing, eight Kentucky online sportsbooks are currently up and running, according to KentuckyBet.

On top of that, the market has left itself open to expansion. Per the terms of legalization, up to 27 online sportsbooks can receive licenses to operate in Kentucky. This is a gigantic number. It’s also the kind of optionality that ensures sportsbooks must aggressively compete for customers with competitive odds and, most critically, user-friendly Kentucky sports betting bonuses.

Time Has Also Proven to be Everything for Sports Betting in The Bluegrass State

While the general popularity of Kentucky online sports betting has helped pad the handle, the state also launched regional services at the perfect time. By going live on September 7, they guaranteed that sportsbooks could capitalize on the Week 1 NFL betting rush. In the aggregate, this also meant Kentucky sports betting was live for the entire 2023 NFL season.

There is no underselling this impact. NFL online betting is the most popular event in North American sports. Missing out on even action for even a couple of weeks can materially shift market numbers. Kentucky set out to launch in time for customers to bet on every game. They ultimately succeeded.

This is another one of those “Well, duh” factors on the surface. And you know? We agree. Launching in time for online football betting to peak and then sustain is absolutely a no-brainer. But not every market is able to do it. Delays happen. Timing doesn’t work out. We have seen states launch legal sports betting midway through the NFL season or even near the end of the NFL playoffs.

By avoiding that fate, The Bluegrass State set themselves up for what we’re talking about now: a Kentucky sports betting handle that, when all’s said and done, may have actually eclipsed $2.5 billion.

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