Kentucky Launches Regulated Sports Betting Market with a Bang

The Bluegrass State officially entered the world of regulated sports betting on Thursday, with Governor Andy Beshear making history by placing the first bet at the iconic Churchill Downs.

Governor Beshear, accompanied by a sense of excitement and anticipation, placed a $20 parlay bet in of the University of Kentucky and University of Louisville football teams as they took on North Carolina’s Duke University.

Governor Beshear Kicks Off the Action

“Today is a great day to celebrate and have a little bit of fun doing so,” stated Governor Beshear. He went on to emphasize the significance of this milestone, noting that it has taken many years to get to a point where sports wagering is finally a reality in Kentucky.

According to the governor, this is a win-win for Kentuckians, who can enjoy a quality entertainment experience and benefit from funds staying in the state that can help build a better Kentucky.

After his first bet, Governor Beshear continued his journey to Lexington, where he visited Caesars’ new sportsbook at Red Mile Racing and Gaming to place a second bet.

Simultaneously, Lt. Gov. Jacqueline Coleman marked the occasion by participating in the opening of Northern Kentucky’s Turfway Park, where she placed a $20 bet on the Cincinnati Bengals winning the Super Bowl.

A Win-Win for All Kentuckians

Lt. Gov. Coleman echoed Governor Beshear’s sentiments, highlighting the far-reaching benefits of sports wagering. He stated that sports wagering will benefit all Kentuckians and that it means more revenue for economic development, disaster relief, and infrastructure projects, like new roads, bridges, and clean water.

It means more money for our public schools and for the pensions of firefighters, public servants, teachers, and law enforcement officers. Simply put, sports wagering will help build a better Kentucky for everyone, concluded Coleman.

The launch of retail sports betting on Thursday is just the beginning, as Kentucky is set to introduce online wagering on September 28, 2023, further expanding the scope of this burgeoning industry.

Mike Anderson, president of Churchill Downs Racetrack, expressed his enthusiasm for hosting this historic event, saying that it is an honor to host the historic first sports wager in the commonwealth at historic Churchill Downs.

The racetrack is proud to offer Kentucky’s newest form of wagering entertainment to the hundreds of thousands of guests who enter our gates each year and to help facilitate the economic benefits that sports wagering will bring to Kentucky.

Eric Hession, president of Caesars Digital, commented on the launch of the Caesars Sportsbook, emphasizing the collaboration with Keeneland and Red Mile.

He commented that the establishment is proud to partner with Keeneland and Red Mile to bring in-person sports wagering to life in a way that honors the important legacy they hold in the Bluegrass State.

Sports fans and horse racing fans should expect an experience that treats them like royalty, similar to what they’ve enjoyed at our world-class destinations in the region, said Hession.

Adjusted Gross Revenue

The state of Kentucky is set to receive 9.75 percent of the adjusted gross revenue from betting at licensed retail facilities and 14.25 percent of adjusted gross revenue on wagers placed online.

This revenue is expected to generate $23 million annually upon full implementation, benefiting the Kentucky permanent pension fund, ing industry oversight, and funding programs to educate Kentuckians on safe gambling practices.

As Kentucky embraces the world of sports betting, the state anticipates a bright future filled with entertainment, economic growth, and opportunities for its residents, marking a significant step forward in its ongoing journey to build a better Kentucky.

Source:

“Kentucky Retail Sports Betting Market Goes Live”, gamingintelligence.com, September 8th, 2023.