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The Numbers are in for Kentucky’s First Full Month-Plus of Legal Sports Betting

Davis Isabela

Updated on October 24, 2023 at 2:02 PM EDT • Read time: 2 minutes and 3 seconds. Find more information on Twitter and Google News.

Kentucky Wildcats mascot on the court as we look at the numbers from the start of Kentucky sports betting.
Kentucky Wildcats mascot on the court in the game between the Kentucky Wildcats and the Michigan State Spartans Spartans. Photo by Andy Lyons/Getty Images/AFP.

The long-awaited legal sports betting statistics for Kentucky have been released. The state launched retail-only sports betting before the NFL season on Sept. 7 and then followed up with the launch of several top sports betting apps on Sept. 28. The results show that the sports betting scene in the Bluegrass State has been a huge success.

Governor Andy Beshear proudly announced on October 23rd that there has been a significant sports betting handle and highlighted the nearly 500,000 sports betting accounts that have been established since wagering was made legal.

In his press release, Beshear announced that Kentucky has nearly reached $250 million in wagers, signaling a high level of excitement for the launch of sports betting in the state. After years of anticipation, sports wagering has become a reality in Kentucky, providing a positive experience for residents and generating funds to improve the local community.

More on the handle

Kentucky sports betting regulators have seen a significant amount of revenue, totaling nearly $250 million. The conversation in the state has been mainly focused on the success of Kentucky sportsbook apps, which have contributed over $230 million, accounting for almost 93% of the total revenue.

Retail has accounted for approximately $15.7 million of the overall handle to date, even though it has been operational for three weeks longer than Kentucky online sports apps.

Although specific revenue figures have not been disclosed, there is widespread speculation that sportsbooks across the country have been performing exceptionally well during active wagering periods in Kentucky, especially due to the numerous upsets in the NFL. Kentucky mobile sports betting revenues will be subject to a tax rate of 14.25% and will contribute to both state and local government funds. Retail betting will be taxed at a rate of 9.75%.

Bluegrass State sports betting providers are projected to generate $23 million in tax revenue by the end of their first year of operation.

More competition in the way?

Kentucky regulators have cleared the path for a total of 27 mobile sports betting licenses. However, only eight licenses have been issued to date, with seven currently active. As of now, Kentucky bettors have the option to download:

Circa Underscoreg is the sole provider that has not yet capitalized on their licensing opportunity to launch in the state. It is anticipated that Circa will become operational by the end of the year, although a definitive timeline for its opening has not been established.

The upcoming launch of ESPN BET in the national and Kentucky markets is expected to give a significant boost to the legal sports betting industry.

A new retail facility will be opening at Sandy’s Gaming and Racing in Ashland, KY on October 26th.

Overall…

The Kentucky Horse Racing Commission is likely pleased with the smooth start of its legalized sports betting industry, but it is evident that there is still some unfinished business. Specifically, there are 19 mobile licenses that have yet to be awarded.

In a press release, Kentucky Horse Racing Commission Chairman Jonathan Rabinowitz expressed gratitude for the positive feedback received from both licensees and bettors in Kentucky. Rabinowitz credited the team’s dedication and hard work for exceeding expectations with the launch, emphasizing the ongoing efforts to protect bettors and provide the best customer experience possible.

Written By:
Davis Isabela
Davis Isabela is the Editor-in-Chief of Underscoreg Review. He has been a writer, reporter and editor for more than 20 years, and his work has appeared in more than 200 publications across North America. His first book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008. He has written more than 50 sportsbook reviews and dozens of other sportsbook-related content articles. James has also been quoted as a sports betting expert in USA Today and Sports Illustrated.