Legal Betting Market in Kentucky Grows Steadily since Launch

Early in September, Kentucky introduced retail and mobile sports betting. Nearly two dozen mobile and land-based sports betting operators licensed in the state started offering their services to bettors and sports fans alike. The move of lawmakers to legalize sports betting comes as no surprise, considering the growing popularity of the activity across the United States and the tax revenue it brings. Besides taxes, the state also benefits from license fees as well as renewal fees, payable by operators in the state.

After September and October had passed, the regulator in charge of sports betting, the Kentucky Horse Racing Commission, is yet to release detailed reports regarding the proceeds for operators and the state from sports betting. Yet, during a meeting earlier this week, the Commission’s director of sports wagering, Hans Stokke, released details regarding the performance of licensed betting operators.

As announced by Covers, an estimate of more than $300 million has been wagered via mobile and retail betting operators since the launch of the legal market in Kentucky early in September. Approximately $325 million is expected to be the final figure for the period, with the Commission yet to confirm the final number upon releasing their report.

According to Stokke, Kentucky already benefitted from some $4.25 million in license fees payable by the betting operators. Additionally, he said that an estimate of $1 million is expected to come as proceeds from annual renewal fees that would be paid next year. Stokke explained: “The KHRC is pleased to deliver a sports wagering experience to Kentuckians on time, as promised, in a regulated and responsible context.”

Latest Figures Coincide with Kentucky Governor Numbers

The recent announcement comes after late last month, Kentucky Gov. Andy Beshear shared similar numbers about the money wagered on sports betting since its launch. At the time, he said that approximately $250 million was wagered via licensed mobile and retail betting providers across the state. Moreover, Beshear said that some half a million accounts were created since the launch of legal sports betting in the state.

Upon announcing the expected results, Gov. Beshear said that an estimated $15.7 million was bet via retail sportsbooks. Not unexpectedly, he said that the majority of the bets were placed via mobile sportsbooks, an estimated $232.3 million.

Currently, Kentucky is one of 35 states, along with D.C., where sports betting is legal. In seven states, the legalization of sports betting has halted, while a handful are expecting to launch their legal betting markets.