Kentucky's sports betting haul increased significantly from last year, while a double-digit win rate run continued for operators in April.
Key takeaways
- Kentucky bettors struggled during a month highlighted by the Final Four and NBA Playoffs.
- Bluegrass State operators produced double-digit holds in four of the past six months.
- DraftKings led all online sportsbooks in handle, but FanDuel turned a slightly better profit.
The Kentucky Horse Racing and Gaming Corporation recently reported bettors wagered $219.7 million for the month, a 17.3% year-over-year handle increase, but a significant drop from March’s third-highest amount bet.
Operators fared especially better, though, turning in an 11% hold and getting a win rate above 10% for the fourth time in the last six months. April's $24.2 million revenue was down 4.3% from the previous year’s month, which produced a win rate over 12%. Underdogs performing well early in the NBA Playoffs helped spur big sportsbook profits across the U.S.
Kentucky online sports betting accounted for $213.4 million of the total handle and nearly all the revenue, as retail operators generated less than $550,000 on $5.4 million in April bets.
Kentucky filled its coffers with $3.3 million from $23.7 million in adjusted revenue. The state hauled in over $14.5 million in year-to-date tax income.
Madness mania
The NCAA tournament’s Final Four occurred in April in a state where college basketball is extremely popular. The two months of the sport’s postseason produced $44.4 million in revenue from a $512.9 million handle.
Profits compared to March and April of 2024 were down 2%, but the amount wagered increased 15.6%. 2025's 8.6% hold failed to reach the 10.2% generated the previous year.
FanDuel passes DraftKings in revenue
| Online Operator | April Handle | Revenue |
|---|---|---|
| DraftKings | $80.8 million | $9 million |
| FanDuel | $71.3 million | $9.1 million |
| bet365 | $22.8 million | $2 million |
| Fanatics Sportsbook | $12.1 million | $1.2 million |
| BetMGM | $11.1 million | $1 million |
| Caesars | $8.8 million | $844K |
DraftKings led all mobile operators in April with an $80.8 million handle, down from March’s $104.7 million. FanDuel generated about $9.5 million less, but the online sportsbook produced a 12.8% hold to finish slightly ahead with $9.1 million in revenue.
bet365 held its usual spot at third with a $22.8 million handle, nearly $3 million less than March, but gross income doubled during the operator-friendly month. Fanatics Sportsbook came in fourth with a $12.1 million handle and $1.2 million profit.
BetMGM fell from fourth in March to fifth with an $11.1 million handle, but the online book got back to a seven-figure monthly income. Caesars generated less than $850,000 in revenue from an $8.8 million handle.
ESPN BET generated $5.6 million in wagers, $2 million less than the previous month. Circa Sports took a nearly $29,000 loss from a $1.8 million April haul.
Profits to come
May should produce an especially big month of gaming revenue for the Bluegrass State. Sportsbooks in other states produced big returns from the NBA and NHL Playoffs.
Also, the 151st Kentucky Derby generated $234.4 million in all-sources horse racing wagering. Churchill Downs Inc. said before the annual May event that Adjusted EBITDA would be $2 million to $4 million less than 2024, but still one of the company’s best ever.
