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Dividing Kentucky for Sports Betting

April 5, 2023 1

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Kentucky has become the latest state to legalize sports betting, which is expected to draw business away from neighboring states and provide opportunities for major operators with a national presence, including Nevada-based companies. JMP Securities gaming analyst Jordan Bender estimates that Kentucky’s sports betting market will generate $250 million to $300 million in gross gaming revenue at maturity. FanDuel and DraftKings, which have long operated daily fantasy sports in Kentucky, are expected to benefit significantly from the legislation, and could control as much as 75 percent of the state’s sports betting market. Kentucky’s new sports betting law allows nine racetracks and historical horse racing casinos to operate a retail sportsbook, and each location can partner with up to three online operators. The law calls for tax rates of 9.75 percent for retail sportsbooks and 14.25 percent for mobile sports wagering.

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