LEXINGTON, Ky. (WKYT) – It’s been just short of two months since both in-person and online sports betting became legal here in the state of Kentucky.
“I think Kentucky sports betting Kentucky sports betting launch compared favorably with other states of similar size to Kentucky,” said Sports Betting Regulation Expert and Editor for Sports Betting Dime, Robert Linnehan.
Last week, Governor Beshear announced that nearly $448 million has been wagered since sports betting began in Kentucky. “That means dollars will stay right here to help us build a better commonwealth for all our families. Whatever team you’re betting on, it’s a win for Team Kentucky,” said Beshear.
Robert Linnehan is a sports betting regulatory expert and editor of Sports Betting Dime. He says $448 million is a good base to go off of, but what we don’t know yet is how much of that money will actually benefit the state.
“You say, ‘Wow, this state’s got to be making handle money hand over fist,’ but sports betting taxes, you know you’re not taxing handle. You’re taxing gross gaming revenue. You’re taxing the revenue that’s coming in with the operators without knowing what revenues the operators are posting what they’re reporting. We have no idea what Kentucky is making in taxes,” said Linnehan.
He says we should expect those reports soon.
“Without those other figures. We just don’t have a full idea of how well Kentucky’s doing so far,” said Linnehan.
Now that Kentuckians no longer have to cross state lines to bet on sports, experts predicted bordering states might see a slight drop in their handles.
“You’re not seeing people leave Kentucky every weekend to go bet on college football or the NFL like you were seeing in years past,” said Linnehan.
Particularly Indiana, as the state borders Louisville, Kentucky’s largest city.
Last month, Indiana saw a handle of $429,673,062. That’s a slight drop from the state’s handle in October of last year, $446,248,394.
Caesars Southern Indiana, just across the river from Louisville, saw a $2,901,972 handle drop this month compared to October 2022.
Hollywood Lawrenceburg saw the largest year-to-year drop, with a difference of $19,362,215. However, it’s located roughly five minutes from the tri-state border, and Ohio sports betting launched in January of this year.
“I don’t think Kentucky has really had a major impact on surrounding states in terms of, you know, drastically reducing their handle drastically reducing their figures,” said Linnehan.
Linnehan says about 650,000 unique online sports betting accounts have been created in Kentucky.
“People are staying home. People are betting in Kentucky. That’s half the battle. You know, it had a nice start so far,” said Linnehan.
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