Based on numbers for the initial months since its launch, Kentucky sports wagering has been a bigger hit than expected.
The Kentucky Horse Racing Commission, which oversees sports wagering in the state, has posted its first handle report for the combined months of September and October 2023. Through Oct. 31 the regulator reported sports wagering handle of $340,813,121.
After the Sept. 7 launch of brick-and-mortar locations, mobile platforms opened Sept. 28. Those mobile platforms have quickly established themselves as the preferred outlet for customers. The KHRC reported $323.6 million in handle on mobile platforms from Sept. 28-Oct. 31. From the Sept. 7 launch, brick-and-mortar outlets saw $17.2 million wagered.
Kentucky collected more than $7.9 million in excise taxes for these initial months, which puts the state well ahead of an annual projection of $23 million in such taxes.
"It is an incredible start, and if it continues, we will significantly exceed the $23 million in (annual) projected revenue from sports wagering," said Gov. Andy Beshear at a Dec. 7 press conference (as reported by a number of Kentucky-based media outlets). "These tax dollars will support the oversight of sports wagering, establish a problem gambling fund, and primarily help our pension systems here in Kentucky."
Gov. Beshear provided a handle update at his press conference, saying more than $656 million has been wagered.
