Kentucky Sports Betting Achieves Milestone $300 Million Handle
Kentucky Sports Betting Achieves Milestone $300 Million Handle
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The Kentucky Horse Racing and Gaming Corporation reported a $301.7 million in total wagers for November, setting a new record since the market’s launch. This figure represents a leap from previous months and shows the growing appetite for sports betting in the state.
Compared to the same period in the previous year, November’s handle showed a 6.8% increase. This growth is particularly impressive considering the market’s relative infancy and the competitive landscape of US sports betting.
Alongside the record handle, Kentucky sportsbooks collectively generated $36.6 million in gross revenue. This sum contributes to a yearly total exceeding $260 million, highlighting the financial impact of the industry on the state’s economy.
The hold percentage, a key metric in assessing sportsbook performance, saw a marked improvement. November’s hold rate of 11.9% represents an increase of over four percentage points compared to the previous year.
The sports betting market has proven to be a boon for state coffers as well. November’s activities contributed $5 million in tax revenue, bringing the yearly total to $36 million.
October presented some difficulties for Kentucky’s sports betting operators:
