Gov. Andy Beshar started Kentucky’s legal sports betting on Thursday by wagering on a three-way parlay as retail sportsbooks around the Bluegrass State opened their doors.
With barely two months until Election Day, Beshar’s gamble had a faint odor of home-state politics. The Democratic incumbent has emphasized the legalization of sports betting throughout his campaign.
The governor placed a $20 parlay bet, hoping that Duke, a longtime foe, would go under and that the colleges of Louisville and Kentucky would both surpass their preseason victory totals.
Beshear stated in a statement that “today is a great day to celebrate and have a little bit of fun doing so.” “After many years of waiting, sports betting has now been legal in Kentucky. For Kentuckians, this is a win-win situation since they can take advantage of a top-notch entertainment experience while also having money stay in their own state to support efforts to improve Kentucky.
On Thursday morning at Churchill Downs in Louisville, Beshar put his first wager. Later that day, he placed a second wager at the Red Mile in Lexington.
The governor expedited the implementation of the new, bipartisan sports betting law by signing it in March and allowing wagers to be placed in time for the start of the NFL season. Mobile sportsbooks won’t start accepting bets until Sept. 28, despite the fact that in-person wagering started on Thursday at horse races and off-site locations around Kentucky.
Voting Season / Election Season
The governor has regularly emphasized his support for the sports betting bill and counts it among his greatest achievements, along with initiatives to legalese medicinal marijuana, improve access to clean water, and increase broadband availability.
Republican Attorney General Daniel Cameron, who is Beshar’s opponent in this year’s race, has mostly centered his campaign on assaults from the right cultural war. Before the new legislation was approved in March, during a GOP primary discussion, Cameron stated that while he “didn’t think much” about sports betting, he would support its legalization under the right regulatory conditions.
Beshar’s involvement in sports betting was attempted to be minimized by a Cameron spokeswoman. “The legislators should be credited for advancing this ball. Sean Southard, a spokesperson for the Cameron campaign, said in a statement to the Associated Press that Beshear is trying to claim credit for the victory once more when all he did was watch and celebrate.
Beshar said that the Kentucky legislators and him collaborated closely. According to the AP, Beshear stated of the criticism, “They all know the truth.” It’s only election season, after all. Why don’t we all just enjoy today, though? In Kentucky, sports betting is permitted. Let’s not use it for political purposes.
It would be interesting to observe if the introduction of sports betting benefits Beshar in November. However, it appears that both parties perceive the issue as a victory given their bickering about how much credit the governor gets.
The political betting markets clearly favor Beshar. On Predict It, shares of a Democratic win in Kentucky were trading for 72 cents.
Economic Impact / monetary impact
According to estimates, Kentucky’s new law would bring in at least $23 million annually, the most of which will go towards public pensions. A new problem gambling fund will get a portion of the money—2.5 percent.
In-person wagers, like as those made on Thursday, will be subject to a 9.75% tax, but when mobile sportsbooks launch later this month, they will be subject to a 14.25% tax.
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