Sports betting in Kentucky decelerates by 19.2% in February compared to January's figures
Sports Betting in Kentucky Takes a Dip in February
Hey there! Let's dive into the world of sports betting in Kentucky and see how things went down in February. Buckle up, folks, it's about to get interesting.
Feb's Frosty Figures for Online Sportsbooks
The cold front extended beyond the weather in Kentucky, as online sportsbooks felt a chilly 19.2% drop in betting action, with a total of $218.9 million wagered in February. Revenue also took a nosedive, decreasing by 10.5% to $28.8 million. That's quite a dip from January's figures of $270.9 million and $32.2 million, respectively.
Retail sportsbooks mirrored this trend, with betting action falling from $6.1 million to $5.7 million, while revenue decreased a hefty 34.2% to $458,262. And if you thought that was all, think again—bettors also saw their winnings decrease overall. Online sportsbooks dished out $189.5 million in February, a nearly $50 million drop from January.
Ranking the Contenders
Despite the drop in figures, DraftKings topped the leaderboard with $80.7 million in wagers, closely followed by FanDuel at $74 million. However, both fell from January's numbers, with FanDuel leading in January at $96.2 million and DraftKings trailing closely at $95 million.
Fanatics Sportsbook experienced the sharpest drop, with its handle plummeting 32.9%, from $15.2 million to $10.1 million. Fanatics tied with BetMGM for fourth place in revenue at $1 million. Bet365 maintained its third position, while Fanatics and BetMGM switched positions from the previous month.
The lower end of the list saw PENN Sports Interactive post a handle of $5.6 million, and Circa Sportsbook, with a handle of $2.3 million. Both figures represent a decline from their respective January numbers—PENN dropped from $7.5 million, and Circa slid from $2.9 million.
February's Top Performers
Here's the lowdown on the Top 5 performers by handle and revenue for February:
- DraftKings: $80.7 million handle, $11.9 million revenue
- FanDuel: $74 million handle, $11.5 million revenue
- Bet365: $24 million handle, $2 million revenue
- BetMGM: $11.2 million handle, $1 million revenue
- Caesars: $10.7 million handle, $795,336 revenue
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Behind the Curtains
The dip in February's figures can largely be attributed to two factors:
- Post-Super Bowl normalization: Since the Super Bowl typically drives peak betting activity, the absence of a similar event in February led to reduced volumes. Casual bettors seemed to retreat post-event.
- Lower hold rates: Though February's gross revenue margin remained strong (13.3% margin), the decline in total revenue suggests operators retained a smaller share of winnings compared to January. This further demonstrates how margins can impact revenue, as evidenced by March's 6.9% hold rate (resulting in $20.2 million revenue on a $293.2 million handle[3]).
In the chilly month of February, sports betting in Kentucky saw a significant drop, with online sportsbooks reporting a 19.2% decrease in wagers amounting to $218.9 million, and a 10.5% decrease in revenue, reaching $28.8 million. The retail sportsbooks also mirrored this trend, with a 34.2% drop in revenue to $458,262. Despite the declines, DraftKings led the way in betting action with $80.7 million in wagers, followed closely by FanDuel at $74 million. The top five performers by handle and revenue included DraftKings, FanDuel, Bet365, BetMGM, and Caesars, with DraftKings and FanDuel taking a hit from their January numbers. The dip in February's figures can be linked to the absence of a peak betting event like the Super Bowl, and lower hold rates, with operators retaining a smaller share of winnings compared to the preceding month.
