Governor Beshear Applauds Strong Kentucky Betting Results
The state of Kentucky has reportedly recorded over $656 million in wagers since the introduction of sports betting in September.
In a statement released last Thursday, Governor Andy Beshear declared that mobile betting contributed more than $629 million to the total handle, while retail betting generated nearly $27 million. From the total figure, the Governor estimated that roughly $65.2m in bets are wagered every week.
Before we legalized sports betting, this money was going to other states, or the betting was being done illegally. Now, thanks to our efforts, these dollars are staying right here in Kentucky.
Kentucky's Booming Sports Betting Revenue Surpasses Expectations
Regarding the revenue Kentucky generates from the venture, Beshear noted that the state had collected about $8 million in taxes from sports wagers during the first months of the program.
"It is an incredible start and if it continues, we will significantly exceed the $23 million in projected revenue from sports wagering," Beshear continued.
Kentucky’s online and retail sports betting market went live in September this year. Seven online sportsbooks currently operate in the state, including DraftKings, FanDuel, BetMGM, Bet365, Caesars Sportsbook, Circa and newly-established ESPN Bet. The Bluegrass State is also home to nine land-based retail betting locations.
In its first month of legalizing sports betting, the state got a handle of nearly $250 million, with its land-based sportsbooks accounting for over $15.7 million of the total.