Kentucky Governor Andy Beshear Reveals Early Success For Sports Betting Tax Revenue

Kentucky sports betting has been live since September and has already surpassed $656 million in bets since launch. Gov. Andy Beshear revealed that residents are wagering an average of $65.2 million each week. The early months of Kentucky sportsbook operations show an already thriving market.

Kentucky Sports Betting Begins With a Bang

The strong early response to sports betting has led to nearly $8 million in tax revenue for Bluegrass State. In just two months, Kentuckians have already begun reaping the benefits of the thriving betting market. The full breakdown of the sports betting market is expected to be published by next week on the Horse Racing Commission’s website.

Gov. Beshear expects Kentucky to surpass the $23 million in annual revenue projections from before the market launched. The early returns have already surpassed expectations, and now Kentucky is likely to shatter those projections.

“Folks, this is an incredible start, and if this trend holds true, we will significantly exceed the $23 million in projected revenue from sports wagering,” said Gov. Beshear.

Mobile Betting Dominates

Of the total wagers, $629.5 million came from mobile sportsbooks in Kentucky. The remaining $26.8 million came from retail locations. This is 95.9% of the total betting market, being dominated by the best sports betting sites. There are seven live mobile betting apps in Kentucky.

Each of the biggest sports betting markets, aside from Nevada, is dominated by more than 90% with mobile betting each month. Kentucky is trending in the same direction, with its betting market being dominated in the same way. The full report will likely break down which online sportsbooks have dominated the most in Kentucky so far.

Kentucky Success Expected To Continue

What makes the early success of the Kentucky market interesting is that it is expected to continue and grow. We will likely not see the true height of Kentucky betting until the March Madness Tournament. Kentucky has a strong college basketball fan base, thanks to the Kentucky Wildcats. Fans will flock to sportsbooks to wager should Kentucky make it far in the tournament.

Even before the NCAA basketball tournament, this upcoming Super Bowl will be the first that locals can wager on. That will also bring in the big bettors as the Super Bowl is the most wagered-on single event every year. Kentucky betting is expected to thrive in the upcoming months.