Kentucky Approves Expansion of Sports Betting Options
LISTEN TO THIS ARTICLE:Online sports betting is set to go live in Kentucky on September 28, and while this is just a few days away, the Kentucky Sports Wagering Advisory Council (KSWAC) is still busy increasing the number of markets available to punters.
Five New Options for Bettors
The KSWAC has announced an expansion of the bet catalog, which refers to the sports and leagues that bookmakers can accept bets on. Thanks to the expansion, sports betting fans can now wager on Formula 1 racing, the National Rugby League in Australia, the Professional Fighter’s League MMA, Bellator MMA, and the Universal Tennis League.
The additions were unanimously agreed by the KSWAC; however, before sportsbooks can accept bets on them, the Kentucky Horse Racing Commission (KHRC) must approve them. However, considering that the expansion was proposed by the KHRC, their approval is simply a formality.
Kentucky already offers a broad bet catalog that includes some obscure leagues such as the XFL, USFL, CFL, Americas Cup Sailing, and eating contests, as well as eSports betting. However, like many states, Kentucky does not allow proposition bets on college athletes.
$4.5 Million Bet since Market Launched
Sports betting became legal in Kentucky just over two weeks ago, and $4.5 million was placed in bets over the first two weeks. According to Gary Pecorello, the senior director of operations at Turfway Park, one of the state’s sportsbooks, football has been the most popular sport to bet on.
Kentucky is putting tax revenue from gambling toward its pension program, which is currently underfunded by more than $24 billion. However, 2.5% of the money will go towards combating problem gambling.
According to Governor Andy Beshear, more than 60,000 mobile accounts have been created in anticipation of the launch of online betting, suggesting that the market is set to thrive.
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