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Kentucky Sees a $4.5M Handle in First 2 Weeks of Retail Sports Betting
By Jeff Osienya Sep 23, 2023 IndustryKentucky has processed $4.5 million worth of wagers through the first fortnight of regulated retail sports betting. Based on these numbers, the US jurisdiction will rake in lucrative returns from sports wagering, especially after online wagering debuts.The preliminary results for revenue generated in the first two weeks of Kentucky retail sports betting are out, and the numbers don’t lie. The state has managed to reel in over $4.5 million in betting handles within 14 days of officially going live with in-person sports betting.
Retail sportsbooks have been open to Kentuckians since 7th September. From the strong debut, the ongoing NFL season, the pending online sports betting launch, and more sportsbooks to join the initial 9, the figures are set to keep rising in the coming months.
Stellar Launch, More to Come
When releasing the results for the 2-week performance, Kentucky Governor Andy Beshear revealed that the state was hopeful for even more significant numbers in the future. In a Tweet, he expressed his excitement that the funds generated from sports wagering activities would be used within the state to ‘help build a better Kentucky.’ Gov. Beshear stated:
Quote“This is a strong number that certainly reflects the excitement Kentuckians have for the opening of sports wagering. With college football and the NFL season underway, plus the launch of mobile wagering, we expect that number will grow significantly… It has taken many years to get here, but sports wagering is finally a reality in Kentucky. 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.”
Governor Beshear’s Republican gubernatorial contender, Daniel Cameron, also lauded the presence of sports wagering in Kentucky, saying:
Quote“I’m pleased that we have sports wagering here in the Commonwealth…And I certainly think that it will have an economic benefit to our state. There’s no question about that.”
Like most other states that have launched both retail and online sportsbooks after legalizing sports betting, Kentucky is doing it in two phases, starting with in-person sports betting. States that followed such an approach include Massachusetts, Maryland, and Louisiana. The tiered approach to launching sports betting allows for the state to evaluate the effectiveness of set processes and regulations before opening the market on a broader level.
Online Sports Betting to Boost the Current Gambling Industry Numbers
Online sports betting has been the go-to for most bettors, and there is no reason to conclude that that won’t be the case in the Bluegrass State. Mobile sportsbooks have been known to generate 90% of all sports wagering revenue. The comparison in retail and mobile sports betting handles cuts across states that have simultaneously implemented both as well as those that have done so in phases.
For example, Maryland started by launching retail sports betting in January 2022 and later introduced online sportsbooks, which reeled in way more revenue. These statistics point to some massive sports betting handles as soon as online sportsbooks begin operations in the state. Other states that recently okayed sports betting have been reporting billions of dollars per month in wagering activity. And so, with a population of over 4.5 million, Kentucky is set to rake in some exciting figures once online sports betting is underway.
Online and Mobile Sports Betting Coming on the 28th
The Kentucky Horse Racing Commission (KHRC) has already issued licenses to eight mobile sportsbooks that are waiting to launch their mobile applications on Thursday, 28th September. The eight include Bet MGM, Bet 365, Caesars, DraftKings, FanDuel, Barstool Sportsbook, and Fanatics. Other operators like Circa Sports Kentucky are scheduled to take off before the year ends. In fact, the state is set to have about 30 online sportsbooks in the long run.
In readiness for the official launch, sports bettors have been allowed to pre-register on the mobile sportsbooks with the choice of making early deposits and claiming some bonuses as operators get ready to go live. According to the governor’s report, licensed mobile operators have reported over 60,000 mobile betting accounts already registered prior to the official launch.
For sure, from the look of things, Kentuckians are eagerly waiting to start placing wagers on their favorite sports. As such, the Sports Wagering Advisory Council, created by executive order in July 2023, has already met to amend the list of sporting events that will be featured on the sportsbooks. New sports added during a meeting on 21st September include Formula One Racing, NRL (National Rugby League Australia), PFL (Professional Fighters League MMA), Bellator (MMA), and Universal Tennis League.
Commenting on the updated catalog, Gov. Beshear said:
Quote“Ultimately, it will be up to the providers, that’s the tracks and mobile applications, to determine if they will add these, but the recommendation has been made that will open it up.”
He went on to elaborate that sports betting has been on the table for a while and that people had had a desire to see it launched in the state. Expanding the catalog provides more options for Kentuckians and will undoubtedly increase the revenue once mobile sportsbooks are running.
A Flying Start Pointing to a Bright Future
These staggering stats in the first fortnight mark a significant milestone. They have ushered in a potentially lucrative sports betting market in the Bluegrass State as Kentuckians get ready to start betting at online sportsbooks in a couple of days.
The awaited launch of online sports wagering will definitely benefit the state as wagers placed on mobile apps have a higher excise duty (14.25%) imposed on them than those placed at retail outlets (9.75%). It has been estimated that sports wagering will bring in approximately $23 million annually. The funds will be allocated to sports betting regulatory bodies, initiatives to combat problem gambling harm, and the Kentucky Permanent Pension Fund.
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