LOUISVILLE, Ky. — Kentucky residents began placing their first legal sports wagers in September, now nearly a month out, it seems to be off to a good start.
On Monday, Governor Andy Beshear announced preliminary numbers indicating Kentuckians have wagered nearly $250 million since launch. He called it a “strong number” reflecting the excitement for sports betting.
“It has taken many years to get here, but sports wagering is finally a reality in Kentucky,” Beshear said. “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.”
According to a news release, roughly $15.7 million has been wagered at the state’s licensed retail sportsbooks since opening on Sept. 7.
The remaining $232.3 million was wagered through mobile devices. Beshear said since online betting went into effect on Sept. 28, nearly 500,000 wagering accounts have been created.
Kentucky Horse Racing Commission Chairman Jonathan Rabinowitz said Kentucky’s sports betting launch has exceeded expectations.
“Our works continues to protect the bettors in the state and support the best customer experience,” he said.
Sports betting was legalized in the commonwealth in March of this year.
Kentucky used a tiered model to roll out sports wagering. The governor’s office said the model has been used in other states and allows officials to test policies and procedures throughout the implementation.
Officials estimate sports betting will bring in an additional $23 million in yearly revenue. A small portion of sports wagering taxes will be put into a fund to reduce the consequences of problem gambling.
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