Analyst talks impact of sports betting bill in Kentucky

LEXINGTON, Ky (WTVQ) — After a historic legislative session, Kentucky lawmakers and the governor have passed several significant pieces of legislation into law, among them, legalizing sports betting in the state.

“Any time a state launches, it’s good news for all of us in the sports betting space for us, we cover the industry. So, you know, we’re always happy when there’s movement because it means the market’s moving forward,” says Christopher Boan analyst with betkentucky.com and gambling.com.

Adding that “we’re an affiliate site, we don’t take bets, we don’t, we’re not an operator. So we’re not like a panel, but we connect people, we give them bonus codes and things so they can go to a theme and or a DraftKings or a BetMGM, and have money to basically like, you know, get extra money. We’re like the hotels.com of gambling pretty much,”

Boan says legalizing sports betting is a step in the right direction, and will increase the tax revenue for Kentucky by allowing the state’s nine-horse racing tracks to be licensed by sports-betting facilities for a $500,000 upfront fee.

Tracks could then renew their license annually for $50,000.

“You’re looking at about $40 million in tax revenue if that should be the market size that Kentucky ends up hitting. That being said, though, that money was all going to Ohio, that was all going to West Virginia. It was all going to Tennessee. That was all going to Indiana beforehand. So it was literally net $0, for the state of Kentucky,” he said.

Adding that, “the bottom line is this is money that’s going to go to the Kentucky pension fund, 97.5% of this money that’s generated tax our is going to go to the Kentucky pension fund. So this is going to help Kentucky residents. This is not going to go. Most of these tax cuts, the tax dollars, are going to stay in Kentucky. Actually, all the tax dollars going to staying. So this is these are this is an act that will help people in the state.”

Boan adds that one of the highlights of what will be the sports betting industry in Kentucky will be its regulation.
However, he cautions those who plan to bet online, to make sure it’s from a reputable website.

“There’s a bunch of stamps at the bottom of the page. If people scroll down the page, they don’t see those stamps get out. It’s not a reputable website,” said Boan.