This just in—another revenue update from Kentucky, now that the September 28 launch date for mobile betting has arrived. The handle since retail sports betting went live in early September exceeds $72.5 million.
The total includes $68 million wagered over four days after mobile sports betting kicked in, along with $4.5 million in retail wagers placed between September 7 and 21, according to Kentucky Governor Andy Beshear.
To date, there are no reports of state tax revenue generated. That number is expected sometime this fall. Mobile wagers are taxed at 14.25 percent and retail ones at 9.75 percent.
“Kentuckians are taking advantage of legal wagering both in-person and through mobile applications to bet on a growing number of sports, including NFL, college sports, Formula 1 racing, and more,” Beshear said in a statement. “Now we can look forward to watching these numbers grow and seeing the revenue it generates help build a better Kentucky.”
Sports betting opened at nine retail locations on September 7, while seven apps went live on September 28. More retail locations and apps expect to go live soon, including the Circa Sports app and a rebranding of Barstool to Penn’s ESPN Bet.
Kentucky’s handle for retail and mobile in its first month topped the $68 million wagered in Louisiana during the initial month of its operations, according to revenue reports from the Louisiana Gaming Control Board.
Both states staggered their retail and mobile sports betting launches, although Louisiana launched retail three months before going online, on January 28, 2022.
Louisiana, with a population similar to Kentucky at around 4.5 million and a similar tax structure of 10 percent retail and 15 percent online, generated $32 million in total sports revenue for 2022. Beshear opined $9 million less.
Colorado, on the other hand, has more people than Kentucky, but even its opening figures don’t compare.
The Centennial State launched sports betting on May 1, 2020, with online apps opening first, followed by a limited number of retail openings in June. According to the Colorado Department of Revenue, online sports betting handle for May 2020 totaled $25.6 million. In June 2020 the state reported a combined retail and online handle of $38.1 million compared to $25.6 million in May.
Today, Colorado’s monthly sports betting handle tops $13 billion, generates $882.5 million in gross gaming revenue and $48.3 million generated for the state.
Kentucky hopes to one day see similar figures.
“With college football and the NFL season underway, plus the launch of mobile wagering, we expect (handle) will grow significantly,” Beshear said. “This is a win-win for Kentuckians, who can enjoy a quality entertainment experience and benefit from funds staying right here in our state to help us build a better Kentucky.”
