In slightly over 10 weeks since the legalization of sports gambling in Kentucky, residents in the Bluegrass State have collectively wagered nearly $250 million and established close to 500,000 betting accounts.
A substantial portion of these wagers, as per a statement from Governor Andy Beshear, transpired within the last three weeks, since the commencement of mobile device-based betting.
Since September 28, approximately $232 million has been wagered using mobile devices, The Center Square reported. In contrast, since the opening of in-person betting at retail sportsbooks in Kentucky on September 7, a sum of over $15.7 million has been wagered at the state’s licensed retail sports betting locations.
Nearly $250 million has been wagered in Kentucky since sports betting went live.
It took many years and a lot of hard work to get here, but we got it done! And now those dollars are staying in our commonwealth to make this a better place to call home for all our families.
— Governor Andy Beshear (@GovAndyBeshear) October 23, 2023
“Kentucky is approaching $250 million wagered. That is a strong number that certainly reflects excitement for the opening of sports wagering. It has taken many years to get here, but sports wagering is finally a reality in Kentucky. This is a win-win for Kentuckians, who can enjoy a quality entertainment experience and benefit from funds staying right here in our state to help us build a better Kentucky,” Beshear said in a statement.
The implementation of sports betting is expected to have a positive impact on the state’s revenue, with an estimated annual of $23 million once fully established. Kentucky adopted a tiered approach to implementation, a model that has been adopted by several states and permits the testing of policies and procedures.
House Bill 551 established an excise tax on sports wagering, imposing a 9.75% tax on adjusted gross revenues from wagers made at licensed facilities and a 14.25% tax on wagers placed online or via smartphones.
“We are hearing very positive feedback from both our licensees and people wagering in Kentucky. Thanks to the dedication and hard work of the team, this launch has exceeded our expectations. Our work continues to protect the bettors in the state and support the best customer experience,” Kentucky Horse Racing Commission Chairman Jonathan Rabinowitz, was quoted as saying in the report.
The majority of funds will be allocated towards the regulation and oversight of sports gambling activities, with the remainder being directed to the Kentucky permanent pension fund. Additionally, 2.5% of the generated revenue will be channeled into the Problem Gambling Assistance Fund.