Kentucky Governor confirms early sports betting tax revenue exceeding expectations
Governor Andy Beshear believes Kentucky will “significantly exceed” the $23m annual tax projection
Kentucky Governor Andy Beshear has confirmed the state collected stronger than projected tax revenues in the opening two months of legal sports betting.
Beshear stated that the Bluegrass State brought in nearly $8m in tax dollars during his weekly news conference at the state capital in Frankfort.
These early figures put Kentucky on pace to surpass an initial projection of securing $23m in tax over the first 12 months from market launch.
In his address, as reported by the Associated Press, Beshear said: “It is an incredible start, and if it continues, we will significantly exceed the $23m in projected revenue from sports wagering.
“These tax dollars will support the oversight of sports wagering, establish a problem gambling fund and primarily help our pension systems here in Kentucky.”
Land-based sports betting launched in Kentucky on September 7 before the commencement of the NFL regular season, with Beshear placing the first bet at Churchill Downs in Louisville.
Online sportsbooks were cleared to begin accepting bets on September 28.
Beshear also revealed that so far, $656m has been wagered in the Bluegrass State. Breaking this down, $26.8m has been wagered in-person, while around $629.5m has been wagered via mobile devices.
In figures released towards the end of October, Beshear’s office confirmed that almost 500,000 betting accounts had been set up since the market launched.