Bettors in Kentucky will soon be able to enjoy an increased number of sports that they can bet on. This is because the Kentucky Horse Racing Commission met earlier this week and approved an expansion of the sports wagering catalog to include more sports ranging from Formula 1 motor racing to MMA fighting events.
Kentucky has already enjoyed two weeks of successful in-person sports betting, and there’s been a healthy sign up rate to its licensed betting apps. All of which should lead to a great launch of mobile sports betting in KY on September 28.
Mobile sports betting in Kentucky is set to go live from 6am on September 28, and bettors in the Bluegrass State can look forward to an even larger range of betting options. This is because the Kentucky Sports Wagering Advisory Council has just approved a handful of sports to the overall betting catalog.
As result, anyone over the age of 18 in Kentucky will shortly be able to bet on Formula 1 motor racing, the National Rugby League in Australia, the Professional Fighters League MMA, Bellator MMA events and the Universal Tennis League.
The original sports wagering catalog was approved last month and this requires that each event has to be sanctioned by a renowned governing body. This has meant that the catolog focuses on major sports such as the NFL, NBA, NHL and MLB.
In addition to this, there is the provision for betting on college-level sports such as the WNBA and NCAA baseball, basketball, hockey, football and even softball. This is important because there are no major pro-level sporting franchises in the Bluegrass State, but Kentucky has some hugely popular college sports organizations such as the University of Louisville and the University of Kentucky basketball teams.
The addition of more sports to the roster will certainly add to an upbeat start for the launch of sports betting in Kentucky. The state’s Governor, Andy Beshear, said that over $4.5 million in sports bets had already been made since the launch of in-person betting on September 7.
These bets were placed across the nine physical sportsbooks located within the Bluegrass State. Major Kentucky racetracks hosting these sportsbooks have already felt the rewards of the start of the NFL and college football seasons, and it is thought that the launch of mobile sports betting will take things to the next level. In states that feature both betting apps and in-person betting, mobile betting usually takes around 90% of the total sports betting handle.
An estimated $23 million in sports betting revenues is forecast to be generated within a year of implementation. This will bring in a huge amount of taxes that will then be used to oversee the regulation of the industry as well as being dedicated to the permanent pension fund within the state. There is a a tax rate of 14.25% for online sportsbooks and 9.75% for retail sportsbooks.
There remain just seven days until mobile sports betting goes live in Kentucky, but the pre-registration process has already been well underway. Recently released figures have shown that over 60,000 mobile accounts have already been created across the Bluegrass State since the signing up processes were unveiled on August 28.
There is currently the provision for eight online sportsbooks in Kentucky, most of which will be live by September 28. These include Caesars, Bet365, BetMGM, DraftKings, FanDuel and Fanatics. Barstool is also allowed to operate within the Bluegrass State, although uncertainty surrounds the brand since it was dropped by its parent company, Penn Interactive, in favor of the new sportsbook ESPN Bet. It’s expected that Circa Sports will launch later in 2023.
Much of the healthy sign up rate can be attributed to the vast array of prelaunch bonuses put on by the sportsbooks, With brand such as FanDuel and DraftKings offering a variety of bonus bet deals, it means that sports fans can enjoy betting on sports for the first time with extra wagering credit.
The expanded catalog of sports betting options is sure to help Kentucky enjoy a big splash once mobile betting goes live on September 28. There has already been a staggering sign up rate at the licensing online sportsbooks, and there’s been a healthy number of bets put down at the physical sportsbooks too. Plus with more online sportsbooks due to launch later in the year, it’s sure to be a massive start for mobile betting in the Bluegrass State.
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