Kentucky sports wagers top $295 million in October

Sports Betting

Preliminary sports wagering numbers indicate Kentuckians have bet nearly $295+ million and about 500,000 wagering accounts have been created on mobile applications since sports betting was legalized, Gov. Andy Beshear recently announced.

Since Sept. 7, when in-person wagering opened at retail sportsbooks in Kentucky, more than $15.7 million has been wagered at the state’s licensed retail sportsbooks. More than $232.3 million has been bet using mobile devices since that became available Sept. 28 in Kentucky.

Sports betting is expected to increase the state’s revenue by an estimated $23 million a year after full implementation. Kentucky has followed multiple states that chose a tiered implementation, allowing for testing of policies and procedures. House Bill 551 established an excise tax on sports wagering: 9.75% on adjusted gross revenues on wagers made at a licensed facility and 14.25% on wagers placed online or on a smartphone.