Kentucky Gears for Mobile Betting with $4.5M Collected from In-Person Betting

According to Gov. Beshear, there has been more than $4.5 million wagered on the outcome of sports events statewide in just the opening salvo, and these numbers are expected to pick up as market maturity, penetration, and reach improve with the passage of time. The state has also published a catalogue that outlines what wagers are allowed under current rules.

Sports Betting Off to a Strong Start in Kentucky

Thanks to state laws that make it possible for Bluegrass State residents to wager, players have been able to place their bets in person since September 7. Kentucky residents need not wait much longer to be able to place their wagers online and through mobile devices as well, as the state will launch its interactive platform for online wagers on September 28.

The overall sports betting handle has not been record-setting, but there has been enough momentum to justify the push towards the legalized gambling industry.

The launch of sports betting in Kentucky was a nick-of-time affair, too, as Gov. Beshear and lawmakers managed to see the proposal through in the final hours of the legislative session earlier this year. The consensus seems to already paid off.

Gov. Beshear is confident that the $4.5 million collected by the state is indeed indicative of the long-term prospects for the regulated sports betting industry. The governor has also been a passionate advocate of online poker legalization, and possible online casinos. His focus on Thursday, though, remained fixated on sports betting.

“With college football and the NFL season underway, plus the launch of mobile wagering, we expect that number will grow significantly,” the governor added, confident in the success of the first year of sports betting operation.

Projecting Even Bigger Gains in the Year Ahead

Although still early days, and no mobile betting in place, Kentucky is projecting to derive at least $28 million from annual tax revenue contributions paid by licensed operators on their adjusted gross revenues on physical wagers and 14.25% on wagers placed through smartphones.

Kentucky has been talking up regulating gambling as a source of its ailing public finances which have seen pension funds, teacher salaries, and other public sector expenses strapped. Although gambling is not likely to put much of a dent in the gaping deficit, Gov. Beshear wants to continue tackling the matter through every means possible.

Even his Republican opponent, Daniel Cameron, who will take a shot at the gubernatorial seat, has acquiesced to the wisdom of introducing sports betting to the state. The state is also looking to restrict access to unlicensed operators and recently launched a lawsuit against a well-known offshore brand.