Kentuckians are no strangers to betting on sports, primarily due to the long history of betting on horse races in all corners of the Commonwealth.
But that’s one small part of the sports betting culture; two years later, those with Kentucky Horse Racing and Gaming (KHRG) said the legalization of sports betting has been an absolute win.
Kentucky football is currently a -3200 favorite against Eastern Michigan on Saturday.
Meaning if you were to bet $10,000, you could win $312.50. Rewind two years ago, and no one with KHRG would’ve thought the odds of success for sports betting in the Commonwealth would’ve been that short, but the odds of success weren’t a long shot either.
“Sports wagering has proven to be a real win for Kentucky,” explained Hannah Simms. “We’ve seen more than $78 million in new tax revenue generated, including nearly $73 million of that strengthening our public pension fund and about $2 million dedicated to funding problem gambling assistance through the cabinet for Health and Family Services.”
Simms is the Director of Sports Wagering for KHRG, the agency that regulates sports betting in Kentucky. She said what legalized sports betting has allowed for Kentuckians is safer, easier access.
“Having a market with some consumer protections in place through a regulated industry is really a smart way to go about doing this. And now, for those that enjoy wagering in the Commonwealth, we have that.”
Simms said the state is looking to the future for how it can keep seeing sports betting growth.
“I think it is worth mentioning that technology is a huge factor in the growth of sports wagering,” Simms detailed. “A significant portion of the wagering activity in Kentucky happens online. So, I don’t think you can count out the role that technology is going to play in the future of wagering here in Kentucky and beyond our borders.”
From apps like FanDuel, Bet MGM, and DraftKings, a Kentuckian can bet on virtually any sporting event in the world in a matter of seconds.
It’s that easy access that can cause problems for some, and it’s one reason Simms said the state works closely with experts to prevent it from getting out of hand.
“One half of that is creating a safe, unregulated market, and another huge piece of that is making sure that the experts in our state, who already have the skills to support problem gaming, have all the resources that they need to build into the market,” Simms said. “I think they are doing that well at first. Like I said, in just two years, $2 million has been dedicated to that Problem Gambling Assistance Fund, and we hope to see that continue to grow.”
Kentucky’s Problem Gaming Program is run by the Cabinet for Health & Family Services.
You can get a hold of them by clicking here.
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