Gov. Andy Beshear reflects on first year of legal sports betting

FRANKFORT, Ky. ( FOX 56 ) — September 7 will mark the first anniversary of legalized sports betting in Kentucky. Governor Andy Beshear spoke on what the move has meant for Kentucky’s economy.

It’s a safe bet to say Kentuckians have been enjoying legalized sports betting, with tax revenue being a huge buff to Kentucky’s economy as the first anniversary approaches.

“The first year of sports betting was hugely successful and it exceeded all expectations,” Beshear said.

The governor addressed the economic boost from sports betting at his Thursday Team Kentucky update, running the numbers of what it brought to the state.

“For fiscal year 2024, sports wagering beat all odds by bringing in $37.2 million in revenue from sports wagering, taxes, and licensing fees. In July, driven by interest in the summer Olympics, the trend continued, generating an additional $2 million in state tax revenue and bringing us close to $40 million in revenue through July. With one year of data, we can see some initial trends,” Beshear said.

Those numbers don’t include what’s to come in the fall season, with both college and professional football on the minds of many.

“March wagering activity-obviously really good too. That’s driven by March Madness as well as the NHL and the NBA approaching their playoffs. Some positive trends in terms of revenue,” Beshear said.

While running through the numbers, the governor also spoke on the effectiveness of the problem gambling fund, saying the crucial data needed for that will come over time, along with even better numbers in revenue.

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“Generally, we had a lot of good models to look at. We had some flexibility from initial E-regs to win, and we had the permanent regulations come through. I think it’s in a good place,” Beshear said.

Right now, talks about prop bets, especially for the NCAA are going on, with concerns that prop bets on who will take the first shot or others could potentially influence the athletes. It’s being discussed especially by the commissioner of the NCAA.

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