Governor Andy Beshear reported $68 million in wagers in just four days with Kentucky online sports betting.
Retail sports betting received more than $4.5 million in two weeks before mobile launched on September 28.
Kentucky is estimated to earn over $23 million dollars in annual tax revenue from legal sports betting.
FRANKFORT, Ky. – Kentucky residents wagered $68 million from Sept. 28 to Oct. 1. Four days of online sports betting recorded a handle more than 15 times larger than retail sports betting did in two weeks.
Kentucky’s tiered approach to launch legal sports betting began with retail sports betting opening on Sept. 7. Governor Beshear reported over $4.5 million in retail handle in two weeks of betting.
Mobile Kentucky sports betting launched on September 28 and neared $70 million in bets from Thursday to Sunday.
That’s the amount wagered from Thursday to Sunday from in-person and mobile sports betting in Kentucky. The best news is those dollars are staying right here to help build a brighter future for all our families.
— Governor Andy Beshear (@GovAndyBeshear) October 5, 2023
Beshear reassured his Twitter followers that all of the money wagered will stay in Kentucky. But where is that money going exactly?
Where Does Kentucky’s Sports Betting Revenue Go?
Kentucky has a sports betting tax rate of 9.75% for retail and 14.75% of mobile betting. House Bill 551 states that 2.5% of sports betting revenue will go to problem gambling.
Beshear and Team Kentucky prioritized problem gambling before launch, enacting emergency regulations to put Beshear in direct oversight of Kentucky Problem Gambling Assistance.
Beshear claimed that “This regulation establishes the process for providing funds to this account, to support agencies, groups, organizations, and persons, that are best able to help those who experience problem gambling.” The funds also promote awareness and helps costs with recovery and treating the problem.
Public Pensions Get The Rest
A portion of any remaining funds from the Wagering Administration Fund goes to the Kentucky Permanent Pension Fund after administrative costs are paid.
With Kentucky expecting over $23 million in annual revenue from legal online sportsbooks, sports betting will greatly improve the Public Pensions Fund.
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News tags: Andy Beshear | Kentucky | Kentucky Problem Gambling Assistance
Zach graduated from Florida State University with a degree in Writing, Editing, and Media. Zach is interested in the legalization aspect of sports betting and enjoys participating in DFS. He has a passion for sports writing and most enjoys writing about football and baseball both professional and collegiate.