(LEX 18) — At 9:54 a.m. on Thursday, Governor Andy Beshear placed the ceremonial first sports bet in Kentucky at Churchill Downs.
"I’m betting the teams will win more than the experts claim for both the University of Kentucky and the University of Louisville," said Gov. Beshear as he held his $20 wager. "And we bet the under on Duke - rooting for them to tank."
“Today is a great day to celebrate and have a little bit of fun doing so,” added Gov. Beshear. “It has taken many years to get here, but sports wagering is finally a reality in Kentucky. 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.”
September 7th marks phase one of sports betting legalization in Kentucky. It allows people to wager on sports at brick-and-mortar locations. September 28th will allow apps to take bets as well, which will allow people to bet anywhere in the Commonwealth.
The governor said sports betting legalization marks a special moment in Kentucky because it's giving the people something they've been asking for.
"You know, people need to do it responsibly, but these are entertainment dollars that people have the choice to [bet] and participate. It's going to keep people in state in the first couple of rounds of the NCAA tournament, and it's going to bring people to Kentucky to continue to supercharge tourism," said Gov. Beshear.
Gov. Beshear hopes Kentucky continues to build on this momentum and moves to legalize full casino gambling, too.
"It is wanted, desired, and demanded by the citizens of the Commonwealth of Kentucky," said Gov. Beshear. "And I hope we can get there in the next couple of years."
But for now, sports betting alone will bring in a significant amount of money for Kentucky. The state estimates around $23 million in revenue will come from sports betting in the first year that it's available. However, some experts argue that the figure may be a little low. The governor says it's a conservative starting point, but he hopes it's exceeded.
"It's a number that we work off of and set reasonable expectations," said Gov. Beshear. "But I expect - if not this year because we’re starting in September, but in a full year next year - I think I would take the over on that."
The increase in revenue will support the oversight of sports wagering and then be dedicated to the Kentucky permanent pension fund, according to the Governor's Office.
Additionally, 2.5% will support the Problem Gambling Assistance Fund. The fund educates Kentuckians on safe gambling practices, the risks of developing a gambling problem, risk factors and warning signs of gambling problems, and available services to reduce the consequences of problem gambling.
A list of licensed retail sportsbooks is available here. Some locations are coming soon.
