LEXINGTON, Ky. (LEX 18) — Kentucky is now live with online, or mobile sports wagering.
Shortly after 6 a.m. on Thursday morning, Caesars Sportsbook reported taking its first such wager, and just like that, the Commonwealth was off and running less than 12 months after voting on a measure to legalize sports wagering in the state.
“This is a seminal moment in Kentucky’s history,” said Todd Schrupp, LEX 18’s horse racing analyst.
Scrhupp was speaking from his Louisville hotel room as there’s horse racing to be covered at Churchill Downs today. He also works for FanDuel, the mobile wagering app, and knows from experience just how big this will be for Kentucky now that the mobile option has followed the in-person offerings that debuted three weeks ago.
“I’ve been following this,” he said. “Ohio launched sports betting in 2023. Through the first half of the year Ohioans bet more than 4.1 billion dollars on sports,” he said.
Schrupp said a total anywhere close to that in Kentucky will provide an enormous boost in tax revenue.
Former State Representative Adam Koenig led this charge in Kentucky for many years. On September 7 of this year, the first day of legal wagering, he told LEX 18 that he and his co-sponsors intentionally lowered the financial expectations of the state’s “handle” in order to over-deliver once the law was passed and wagering came to fruition. It certainly looks as if they’ll achieve that goal. Kentucky estimated $23 million in revenue annually from sports betting. Governor Andy Beshear said the state had taken in roughly $5 million in just the first three weeks when on-site wagering was the only option.
“This is a massive step for the Commonwealth,” said Scot McClintic with Fanatics, which has its own mobile wagering app.
McClintic says the mobile/online options will blend nicely with those who just prefer to go to the sportsbooks for the enjoyment of that experience. He did note the convenience and safety of the mobile app as being big draws for many.
“An experience the customers can trust and know that if you win, you’re getting paid out instantly,” he said.
Both FanDuel and Fanatics also placed safeguards into their apps, and they aren’t insignificant.
“Customers can set deposit limits, and spend limits, and wager limits,” McClintic said of the safety nets available to the public. Schrupp added one more.
“You can set limits on how much you use the actual website,” he said.
Schrupp is also excited about how sports fans might now be drawn to the sport of kings now that wagering on everything else will be easily accessible. He said while Ohioans were wagering 4.1 billion dollars on all sports during the first half of 2023, 5 billion dollars was wagered on horse racing nationwide in the same time frame. He thinks this might allow the sport to catch up and attract some new fans.
“So here you have one state that is betting near as much as an entire country on another segment of the gaming industry. I expect to see very similar numbers with Kentucky, and they’ll benefit from the tax revenue. I think it’s the best opportunity horse racing has to grow their audience in maybe in the last 50 years,” Schrupp said before noting it’s a chance to attract some new fans through gaming.
