This past Saturday, the Kentucky Derby had its best showing at the betting window. With just under $189 million in handle recorded for the race, it topped last year's previous record by about $10 million. In total on the day, the handle reached $288.7 million across the 14 different races.
As Kentucky sports betting draws closer to launch day with the top Kentucky sportsbooks offering generous Kentucky sports betting promos, this is a promising sign for the Bluegrass State and just how much money can be made. Since this one was just one event, and it was a big one, you have to wonder if this could be the start of something special.
Impact Of Kentucky Derby On Kentucky Sports Betting
The numbers from the Kentucky Derby are a welcome pretext for what could be a huge monetary gain for the state when the top sports betting sites go live. Although people come from everywhere to see the Kentucky Derby, it lets everyone know that legalizing sports betting was certainly a great idea. When the top sports betting apps do launch in Kentucky, they'll be offering generous Kentucky sports betting promos to welcome new users.
While this was just one event, the state of Kentucky has shown that it can put on quite the show. There are many historic racing tracks in the Bluegrass State, and of course, the Kentucky Wildcats and Louisville Cardinals will be a prime betting target for the locals. It remains to be seen whether or not Kentucky will become a sports-betting hotbed like Nevada, New Jersey, and New York, but the tourists will certainly have a lot more to look forward to when they come in for the big races.
Outlook For Sports Betting In Kentucky
Neighboring Ohio just collected $1.1 billion in handle during January 2023, and there were a lot of residents from Northern Kentucky that made the short trip over the state's border. In fact, almost every state that borders the Bluegrass State has legalized sports betting already.
The outlook for sports betting in Kentucky seems to be quite hopeful, with the huge numbers brought in from the Kentucky Derby, and the great starts that neighboring states have had. Illinois, Indiana, and West Virginia are among some of the neighboring states doing well, and all but the latter have professional teams within their borders. One of the best things Kentucky has going for them is that bettors are allowed to bet on in-state schools, which some states have outlawed altogether. For sure, the Kentucky lawmakers understand that betting on Kentucky and Louisville on the top PayPal betting sites will bring in more revenue for the state.
When Will Sports Betting Go Live In Kentucky?
Kentucky Gov. Andy Beshear signed the state's sports betting bill (HB-551) into law on the final day of March 2023, and now bettors are ready to go for the launch date. While there hasn't been an official launch date announced just yet, Kentucky bettors can expect sports betting on the best credit card betting sites to go live before the end of 2023.
Many are hoping that sports betting goes live when the NFL and college football seasons begin in early August-September. The NFL accounts for about 70% of the handle at most sportsbooks, so it would behoove Kentucky lawmakers to get the ball rolling sooner than later so that bettors can wager on brands such as BetMGM Kentucky and Caesars Sportsbook Kentucky.
The HB-551 bill does state that sports betting rules must be finalized six months after the law goes into effect on June 28, 2023, so the realistic launch date should happen soon after.
This article is part of our Kentucky Sports Betting News series.
