His years of arguing in favor of legalizing gambling have finally resulted in tangible proof that the Bluegrass State is all the better off for choosing to go down a path that regulates sports wagering.
Beating All Expectations and Then Some
According to the governor and the state regulator, the first two months of sports gambling operation have yielded $8 million in tax revenue for the state. This is a promising number that outlines a brighter future for the industry and one that will most likely beat initial expectations.
According to Gov. Beshear, the initial projections for $23 million in annual revenue may have been underestimated, with the government now looking to rake in far more from sports gambling in terms of tax.
No specific number was cited as there are lull periods throughout the sports betting year, which would mean smaller revenue for the state in certain quarters. Although the industry is fairly new, it came at the right time, as its September launch was just in time for the NFL regular season, the College Football Season, and several other prominent leagues and sports.
According to Gov. Beshear, a total of $656 million had been wagered on sports, with only $26.8 million of this amount going through in-person wagers, and the remainder routed through mobile options. The amounts indicate what was previously a black market that deprived the state of the opportunity to prop up its public purse through a business that was already ongoing.
Of course, a part of this revenue was driven not least because people have become aware that sports gambling exists. In other words, not everyone who has been betting in the past two months has been aware of the offshore gambling market and many have indeed avoided it. Sports gambling was not an easy push in the Bluegrass State either.
Sports Gambling Doing Well, What about Further Expansion
Gov. Beshear has been fighting the good fight for many years, and he has equally tried to introduce online poker, seeing it as another important part of the state’s gambling expansion, and a valuable source of revenue.
Although the current results are encouraging, neither sports gambling nor poker are particularly big drivers of state revenue compared to online casinos, but this is a topic that has not been broached locally.
Of course, there are still issues to address in the market, specifically the lack of sufficient therapists who can help address issues in the market when they arise. Problem gambling will see an increase over the next months, as will Kentucky’s sports gambling revenues. Both are worth paying close attention to.