The Kentucky Horse Racing Commission reported a combined $59.7 million in adjusted gross sports betting revenue for the months of January and February as sportsbooks posted double-digit holds in both months to open 2024.
Handle in the Bluegrass State totaled $465.5 million. Sportsbooks accepted $257.1 million worth of wagers in January and another $208.4 million in February. Both months continued a trend of month-over-month declines in handle — January handle was down 2.6% from December, while February’s was 19% lower than January. February handles, though, are almost always lower than January ones with fewer days in the month.
The eye-watering 14.9% hold in January resulted in $38.2 million worth of taxable revenue for the commonwealth, which collected $5.4 million. Another $3 million flowed into state coffers in February, when sportsbooks combined to collect $21.5 million in winnings while fashioning a 10.3% win rate.
The January figures finally put the bow on a record-setting month in the sports betting industry for operator revenue. The $1.47 billion in gross revenue to start 2024 made short work of the previous record of $1.31 billion that closed out 2023, with the 10.9% hold on known handle and revenue — totals minus Tennessee handle and Nebraska revenue — the highest since 11.3% last May.