Sportsbooks in Kentucky Accept Initial Bets
Last Thursday, Governor Andy Beshar made the first bet in legalized sports betting in Kentucky amid the opening of retail sportsbooks throughout the state. His wager had a hint of hometown politics, as it was just two months before the November elections. With sports betting as one of his major campaign pillars, Beshar has been eager to please voters with its legalization.
Beshar put down $20 on a three-team parlay betting that the University of Louisville and University of Kentucky would win over their football season targets, while Duke would fall short. He said, “Today is a good day to celebrate and have some fun in the process. Our long journey to legalize sports betting in Kentucky has come to an end. This is beneficial for Kentuckians as it offers them a fantastic entertainment experience and keeps the funds within the state to improve Kentucky.”
The governor made his first bet of the day at Churchill Downs in Louisville, followed by a later bet at the Red Mile in Lexington.
Beshar had signed the bipartisan sports betting bill in March and expedited its implementation to hit the NFL season's start. Initially, retail sportsbooks taking bets were confined to track facilities and other locations across Kentucky. But mobile sportsbooks will not be able to offer their services until September 28th.
Election Season
Throughout his campaign, the Democratic governor has bragged about legalizing sports betting in the state alongside initiatives such as legalizing medical marijuana, improving drinking water, and expanding broadband access.
Beshar’s competitor in the November election is Republican Attorney General Daniel Cameron, who has portrayed himself as a staunch opponent of culture wars using robust regulation. During a GOP primary debate in March, before the law was passed, Cameron viewed sports betting negatively but said he would support legalization with proper regulation.
The Red Team tried to minimize Beshar's influence in the sports betting passage. In a statement to the Associated Press, Sean Southard, a spokesperson for Cameron's campaign, said, "The legislature should take credit for taking action on this issue. Beshear, as always, is trying to claim the merits of a 'victory' he only cheered from the sidelines."
Beshar stuck to his version of events: “All the other candidates know the truth. This is an election season, and everyone's trying to score points. Let's enjoy the fact that sports betting is legal in Kentucky. Let's not make it political.”
The impact of sports betting on the gubernatorial race is yet to be determined. The political betting markets, however, continue to favor Beshar, with $0.72 wagered on a Democratic win on PredictIt.
Economic Impact
The law is believed to generate minimum revenue of $23 million per year. The majority of the revenue will be allocated toward public pensions, while a new problem gambling fund will receive 2.5% of the money.
In-person wagers will be taxed at 9.75%, while the tax rate for mobile sportsbooks will rise to 14.25% once they start operating later this month.
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