The Kentucky governor instrumental in bringing legal sports betting to the Bluegrass State isn’t going anywhere.
Democrat Andy Beshear won reelection on Tuesday, claiming 52.5% of the votes in the gubernatorial election over Republican Daniel Cameron. Beshear gets a second term in part due to what he’s done from an economic standpoint in Kentucky.
Beshear was a long-time proponent of online sports betting, and despite several failed attempts, the Kentucky legislature passed HB 551 in March and it was then signed into law by Beshear at the end of the month. Beshear was also the first resident in Kentucky to place a sports bet when he laid down $20 at Churchill Downs to kick off wagering in the state.
“It’s what Kentuckians were looking for. It’s going to boost tourism. It’s going to make sure we don’t lose that many people to Vegas in the first couple rounds in the NCAA tournament.”
Feather in Beshear's Hat
Sports betting went live in the Bluegrass State in September, and early returns have showcased a growing market. More than $325 million was wagered from seven online operators and 10 retail sportsbooks by the end of October.
The state law allows for nine licensed tracks to partner with three operators each for a total of 27 sportsbooks. The Kentucky Horse Racing Commission announced last week that the Bluegrass State has already generated $4.25 million in licensing fees and $1 million in renewal fees for next year.
Kentucky’s tax rate for online sportsbooks is 14.25% and 9.75% for retail operators. State officials estimate $23 million of annual tax revenue will flood the state’s coffers, a feather in Besehar’s first-term hat.
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