Posted: October 25, 2023, 12:21h.
Last updated: October 25, 2023, 12:21h.
Nearly $250 million has been wagered in the state of Kentucky since the introduction of sports betting just over 10 weeks ago, according to Kentucky Governor Andy Beshear.
Sports betting was officially legalized in Kentucky on September 7, and the majority of wagers have been made through mobile devices in the past three weeks. A total of approximately $232 million has been wagered through mobile devices since September 28.
In a statement, Governor Beshear described sports betting as a “win-win” situation and revealed that nearly 500,000 betting accounts have been opened by Kentuckians.
“Kentucky is approaching $250 million wagered. That is a strong number that certainly reflects excitement for the opening of sports wagering.” said Governor Beshear. “It has taken many years to get here, but sports wagering is finally a reality in Kentucky.”
“Win-win” has become a common phrase used by Governor Beshear, as he campaigns for his reelection in the upcoming month. The legalization of sports betting has been his main talking point to voters, as reported in Casino.org.
Governor Beshear himself made a wager on September 7 to mark the start of sports betting in Kentucky.
New Retail Racing and Gaming Center
Ashland, Kentucky will soon be home to a new gaming and entertainment center called Sandy’s Racing and Gaming, which is set to open on October 26.
Revolutionary Racing has invested $75 million into the center, which is expected to generate $11 million in annual state tax revenues and create 250 new jobs.
Since the launch of sports betting on September 7, it is estimated that approximately $15.7 million has been wagered in licensed retail sportsbooks in the state, significantly less than the $232 million wagered through mobile devices.
The Ashland location, situated in Eastern Kentucky, will also feature an equestrian center and quarter horse race track, with completion of construction expected in 2025.
Kentucky’s Sports Betting Age
When Kentucky legalized sports betting last month, it became the largest market to allow 18-year-olds to participate in wagering.
With the exception of Montana, New Hampshire, Rhode Island, Washington, and now Kentucky, all other states require residents to be at least 21 years old to bet. This expansion of the age limit and gambling options is raising concerns among advocates for responsible gaming, as reported by Casino.org.
Large universities in Kentucky, such as the University of Kentucky and the University of Louisville, have also highlighted these concerns due to their undergraduate populations, which consist of approximately 40,000 individuals, many of whom are under 21 years old.
The National Council on Problem Gambling does not advocate for a standard sports betting age limit, but it does commend sportsbooks that enforce a 21-year-old rule.
Earlier this year, responsible gaming concerns led to the termination of partnerships between sportsbooks and schools across the United States.