LEXINGTON, Ky. (LEX 18) — The sportsbook at Red Mile opened at 10 a.m. on Friday, and the betting counter was already adding to the day’s handle. Legal sports wagering in Kentucky happened for the first time on Thursday. The response was impressive, and experts believe it’ll continue, especially once online and mobile wagering is introduced later this month.
“I’m all for it. Been for it for a hundred years,” said Bob Cranfill of Lexington. Mr. Cranfill had just placed his first non-horse racing wager when we spoke.
“Heck yeah,” he said when asked if he’d come back to watch games at Red Mile’s Caesars Sportsbook. “I’ll even bring my family,” he said, and he wasn’t kidding.
This is precisely what state legislators and Governor Andy Beshear had in mind when they voted for House Bill 551, and then Mr. Beshear signed it into law at the end of last winter’s legislative session.
Kentucky watched the action like a kid who was left out of a game being played by his friends. All of our bordering states have legalized sports wagering in recent years. The “players” from Kentucky who wanted to do so legally were crossing state lines to place their bets. It was costing the Commonwealth millions in potential revenue.
In June alone, Indiana reported more than $19 million in sports wagering revenue, its lowest monthly total over a year. While presenting arguments for the legalization of sports wagering, Kentucky legislators estimated the state could earn $23 million annually. But as we learned on Thursday, that number was artificially deflated, intentionally.
“There were a lot of other states that gave big numbers just to get it passed, and the numbers didn’t match,” said former State Representative Adam Koenig. “I was going to make sure we under-promised and over-delivered. So I think that 23 million dollars is an absolute floor,” he continued.
Mr. Koenig is no longer in office but spearheaded this campaign from the beginning. His former colleagues know that, and it’s why he was invited to the bill signing months ago and to the ceremony at Red Mile before Thursday’s launch.
With a full day of college football games on Saturday and week one of the NFL season offering 14 games on Sunday, Red Mile figures to be bustling this weekend. Officials there say Thursday was unlike anything they’d seen before at this horse racing and gaming facility, and they believe the sportsbook will only add to their other offerings, which include slot machines, parimutuel wagering, live racing, and, of course, the food and beverage business.
