Governor Beshear Highlights Economic Boost from First Year of Legal Sports Betting

Kentucky is celebrating the first-year anniversary of legalized sports betting, and Governor Andy Beshear has lauded its positive impact on the state’s economy. In a recent Team Kentucky update, Beshear shared that sports betting has significantly exceeded expectations, providing a strong boost to state revenue.

Despite these successes, concerns have been raised about prop bets in college sports, particularly in the NCAA. Discussions are ongoing as regulators and sports officials weigh potential influences on athletes.

Outstanding Figures

Kentucky’s sports betting market has shown strong performance, with $2.15 billion wagered in the first 11 months and over $36 million in taxes collected. The top performers in the market include DraftKings, FanDuel, and BetMGM, with DraftKings leading in wager volume and FanDuel excelling in revenue.

“For fiscal year 2024, sports wagering beat all odds by bringing in $37.2 million in revenue from sports wagering, taxes, and licensing fees.” Beshear announced.

The trend continued in July with an additional $2 million generated, primarily driven by the Summer Olympics. By the seventh month of the year, Kentucky was nearing the $40 million revenue mark.

Beshear emphasized that the numbers don’t yet reflect the full impact, with the busy fall football season set to contribute even more to state revenue. He also touched on the successful March Madness period, which boosted wagering activity during the NHL and NBA playoffs.

Optimistic Future for the Market

Looking ahead, Governor Beshear is optimistic about continued growth, noting that the state is in a good position to maintain strong sports betting performance. Additionally, he highlighted the importance of the problem gambling fund, which will rely on more data to ensure its effectiveness over time.

Kentucky sportsbooks have seen consistent monthly growth, with FanDuel ing for 40% of the gross revenue in July. Other key players like DraftKings and BetMGM have also made significant contributions to the state’s total earnings. Overall, Kentucky’s first year of legal sports betting has proven to be a major success, far suring initial predictions.

Overview of Sports Betting Legalization in Kentucky

Since late September 2023, residents and visitors of Kentucky are permitted to place sports bets via their mobile devices. The online sports betting launch occurred just two weeks after the state’s in-person sports betting was initiated.

ing the growing number of U.S. states with legal sports gambling, Kentucky made it possible for anyone being physically present in the state to take part in online sports betting. Although Kentucky is renowned for its horse racing legacy, it was relatively late to adopt legal sports betting, taking over five years after the U.S. Supreme Court’s 2018 decision to overturn the Professional and Amateur Sports Protection Act.

Some of the licensed mobile sports betting apps in Kentucky include ESPN BET, BetMGM Sportsbook, Caesars Sportsbook, DraftKings Sportsbook, Fanatics Sportsbook, FanDuel Sportsbook and so on.

The legal age for sports betting in Kentucky is 18, which is lower than the 21-year minimum in most states, allowing for a broader range of participants.

The Kentucky Sports Wagering Advisory Council has approved a wide array of sports for betting, detailed in their sports wagering catalog. This includes popular sports such as NFL and college football, NBA and NCAA basketball, MLB, UFC, and PGA Tour.

Bettors in Kentucky can engage in various betting options like moneyline, spread, over/under, prop bets, and parlays. While Kentucky lacks professional sports teams, residents can still place bets on teams from other regions.

Source:

“Gov. Andy Beshear reflects on first year of legal sports betting” by Josh Shortt, fox56news.com, September 5, 2024.