In June 2024, Kentucky’s sports betting market experienced a notable decline in activity. The total handle—the amount wagered across all platforms—reached $150.3 million. This figure represents a 17.1% decrease from the previous month, indicating a significant shift in betting behavior. Notably, online betting accounted for the majority of this handle, totaling $145.7 million.
Total Betting Handle
The $150.3 million handle in June marked a substantial drop compared to May’s figures. This decline was primarily driven by reduced wagering activity, as the state experienced a 17.1% decrease from the previous month. Online betting continued to dominate, representing a significant portion of the overall handle.
Revenue
Revenue generated from both online and retail sports betting platforms totaled $15.4 million in June. This figure represents a 27.2% decrease from May’s revenue. A closer look reveals that online betting revenue amounted to $14.9 million, while retail betting contributed only $506,997 to the total revenue. The disparity between online and retail revenue underscores the growing dominance of digital platforms in the sports betting landscape.
Tax Collections
Tax collections from sports betting in Kentucky for June totaled $2.2 million. This figure also reflects a decline, down 27.3% from the previous month. The decrease in tax revenue is consistent with the overall drop in betting handle and revenue, highlighting the broader financial impact of reduced betting activity.
Impact of New Market Entrants
A significant development in Kentucky’s sports betting market in May was the launch of Circa Sports’ mobile betting app. Partnering with ECL Corbin at the Cumberland Run harness track, Circa Sports introduced a new option for bettors within the state. However, this new entrant appears to have coincided with the observed decline in sports betting figures.
Circa Sports’ app allows users to place wagers only while physically located within Kentucky’s borders. The timing of this launch raises questions about its impact on betting behavior and overall market trends.
Trend
The month-to-month decline in both handle and revenue suggests several possible factors. Seasonal variations, changes in consumer preferences, and the influence of new market entrants like Circa Sports could all be contributing to the current trends.
June 2024’s sports betting figures for Kentucky reflect a period of contraction in the market. With a handle of $150.3 million and a significant drop in both revenue and tax collections, the state’s sports betting industry is facing notable challenges. The introduction of new platforms and changing consumer habits may be influencing these trends. As the market evolves, stakeholders will need to monitor these developments closely to adapt strategies and expectations.