In a recent development, the state of Kentucky has seen a significant influx of bets totaling approximately $250 million just one and a half months after the legalization of sports betting.
Andy Beshear, the Governor of Kentucky, proudly announced this milestone, stating that the funds generated from these bets will contribute to the state’s community through taxes and other social benefits.
The sports betting market in Kentucky was introduced in two phases, with retail betting launching on September 7th and the online segment becoming operational on September 28th. Currently, a total of 27 bookmakers have obtained licenses to operate within the state.
Online operators in Kentucky are subject to a 14.25% tax on their Gross Gaming Revenue (GGR), while retail operators face a slightly lower tax rate of 9.75%.
This boost in revenue and the successful implementation of legal sports betting in Kentucky highlight the potential economic benefits that such initiatives can bring to the state.
Last updated on 24 Oct 2023 - 17:46