Kentucky residents and visitors are now able to bet on more sporting events than horse racing.
On Sept. 7, as the NFL regular season began, sports betting rolled out across the state.
At the end of March, Gov. Andy Beshear signed House Bill 551 to “add to the commonwealth’s record-breaking economic momentum, boost tourism, and ensure more money stays in state.”
The bill allows bettors to make wagers on the NFL, NBA, MLB, NHL and NCAA sports, like football, basketball and baseball.
It allows retail betting locations across Kentucky to expand their services into the sports arena. Currently, nine locations are available to the public, including the famous Churchill Downs.
As of right now, the only places residents and visitors can wager on games is in the brick-and-mortar establishments, but mobile options will open up soon.
According to the Courier Journal, mobile sports betting is set to become legal in Kentucky on Sept. 28.
“On that date, Kentucky residents who have created an account with a sportsbook operator’s online platform will be able to bet from their phones without visiting a retail betting location,” The Courier Journal said.
Currently, over 34 states and Washington, D.C., have legalized some form of sports betting following the Supreme Court’s decision to overturn the federal law back in May of 2018.
“The court ruled 6-3 to strike down the Professional and Amateur Sports Protection Act, a 1992 law that barred state-authorized sports gambling with some exceptions,” ESPN said. “It made Nevada the only state where a person could wager on the results of a single game.”
As the access to sports gambling has extended across the country, some states, including Kentucky are taking steps to aide gamblers who are facing addiction.
“According to House Bill 551, 2.5% of sports gambling revenue will be dedicated to problem gambling,” Spectrum News One said.
States vary in money raised from this, and according to NBC Chicago, Massachusetts generated the most at $10.6 million. In comparison, NBC reported that “Legal sports betting operators took in $220 billion during the past five years, generating $3 billion in state and local taxes.”
The funds raised by the states are allotted to servies that help connect gamblers to telephone helplines, concelling and efforts to spread awareness of the addiction.
“The funding is starting to flow, but the amount is still clearly inadequate in most states,” Keith Whyte, executive director of the National Council on Problem Gambling, told NBC Chiacgo.
Now, Kentucky is expected to make a lot of money off sports gambling.
“The venture is projected to generate about $23 million in yearly revenue for the state, though some supporters predict higher amounts,” Spectrum News 1 said. “Most of the revenue will go to Kentucky’s public pension system. And it will stop the siphoning of revenue to other states where Kentuckians previously placed sports bets.”
NBC Chicago calculated the funds for addiction nonprofits to be around $575,000 in its first year. Michael R. Stone, the executive director of the nonprofit Kentucky Council on Problem Gambling told them it was a “decent start.”
The Kentucky Horse Racing Commission is currently in charge of regulations and licensing of sports betting.
The Kentucky Council on Problem Gambling phone number is 1-800-426-2537.
