Kentucky Celebrating Early Success with Sports Wagering

The launch of mobile wagering has provided a boost in bets, wagering accounts.

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(Frankfort, Ky.) – Sports wagering is off to a strong site in Kentucky.

Today, Governor Andy Beshear announced preliminary sports wagering numbers indicate that nearly $250 million has been wagered in Kentucky and nearly 500,000 wager accounts have been created with mobile applications since launch in late September.

Most of the wagers have been placed through mobile devices. To date, more than $232 million has been wagered digitally.

“Kentucky is approaching $250 million wagered. That is a strong number that certainly reflects excitement for the opening of sports wagering,” said Gov. Beshear. “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.”

House Bill 551 established a new excise tax on sports wagering: 9.75 percent on the adjusted gross revenues on wagers made at a licensed facility and 14.25 percent on wagers placed online or on a smartphone.

Sports wagering is expected to increase the state’s revenue by an estimated $23 million a year upon full implementation. The increase in revenue will support the oversight of sports wagering and then be dedicated to the Kentucky permanent pension fund.

Additionally, 2.5 percent will support the Problem Gambling Assistance Fund. The fund educates Kentuckians on safe gambling practices, the risks of developing a gambling problem, risk factors and warning signs of gambling problems and available services to reduce the consequences of problem gambling.

Resources are available by calling or texting 800-GAMBLER (800-426-2537), visiting KYCPG.org or emailing kyproblemgamblingassistance@ky.gov.