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Kentucky launches sports betting

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September 8, 2023

Kentucky Gov. Andy Beshear placed the first bet Thursday at Churchill Downs to launch in-person sports wagering in Kentucky, according to a press release.

The facility offers sports betting kiosks waiting for bettors as shown in an Associated Press video.

Beshear placed a $20 parlay bet for the "over" on wins for the University of Kentucky and University of Louisville football teams, and the "under" on Duke University's football team.

Sports wagering is expected to increase the state's revenue by an estimated $23 million a year upon full implementation. The increase in revenue will support the oversight of sports wagering and then be dedicated to the Kentucky permanent pension fund.

The state established an excise tax on sports wagering: 9.75% on the adjusted gross revenues on wagers made at a licensed facility and 14.25% on wagers placed online or on a smartphone. Additionally, 2.5% will support the Problem Gambling Assistance Fund.