Kentucky Sports Betting
- Sports betting remain illegals except for offshore online sports betting sites
- High hopes for legalization in 2020
- Momentum is building
- $500 million revenue is flowing out of the state to Illinois, Indiana and Ohio where sports betting has been legalized
- 2019 was a failure, 2020 there is optimism
Top 3 Kentucky Sportsbook Online
Way back in time, in 2018 when the PASPA was overturned by the Supreme Court, Kentucky was sprinting out of the blocks, forming a nine person committee to push through with sports betting legalization. Needless to say, there were great expectations!
Since then, there has been much debate but little progress.
Kentucky remains entrenched with the status quo i.e. illegal onshore sports betting. Daily Fantasy Sports real money betting also remains illegal.
But 2020 is looking promising.
What is the potential outlook?
Since there are no professional major league teams in the state, College games are anticipated to be legalized, including games that involve Kentucky teams.
Potential to legalize online poker and Daily Fantasy Sports as well. Gov. Andy Beshear is looking for ways to generate more state revenue to fund community initiatives.
Why is 2020 more optimistic?
In even numbered years such as 2020, revenue bills only require a simple majority, whilst an odd year such as 2019 requires three fifths majority. In other words, it requires less votes to get sports betting legalized this year than last year.
Gov. Andy Beshear is pro gambling, and is wanting to find ways to fill in the State’s hole in its coffers. Plus he wants to stem the $500 million outflow going to the states of Indiana, Illinois and Ohio whom have legalized sports betting. Included in the legalization of sports betting is the consideration of online poker and DFS.
Gov. Beshear is strongly supportive of the bill introduced by Rep. Adam Koenig.
Representative Adam Koenig lodged preliminary filings to authorize sports betting, online poker and daily fantasy sports. BR 364 proposed retail and online sports betting taxed at 10.25% and 14.25% respectively. It also outlines that for the first 18 months, sports bettors must register their betting account in person at a licensed sports book operator.
Senator Julian Carroll has introduced SB 24 to establish the Kentucky Gaming Commission as the governing body to regulate and ensure compliance of the sports betting industry.
Kentucky Horse Race Betting
Horse race betting in Kentucky is huge! In the year 2019, over $1.5 billion was wagered on the horses. Just a head of the state lottery which had a turnover of $1.2 billion.
Kentucky is the only state with a thriving horse racing industry. There are only a few other US State that offer horse racing, and none of them are performing as well as Kentucky.
Sports Betting Kentucky Derby
Held at Churchill Downs is the race that stops the state and most of the nation. The Kentucky Derby is a world famous horse race, with millions of bets placed on this day. Will be held in May 2, 2020.
Last years race was the most controversial. Challenged post race finish for cutting the line of two other horse, Maximum Security was regulated behind Country House a 65-1 winner. Maximum Security is the only horse in the history of the Kentucky to have lost the Derby on interference.
Kentucky Online Sports Betting
Unbeknownst to many, online sports betting has been occurring for many years. Kentucky sports betting turnover for 2019 was $9.5 million, wagered via online sport betting sites. These online sport betting sites are offshore and are open to accepting US players.
Is this illegal?
It is a gray area. The current state laws do not clearly articulate whether gambling offshore online is illegal or not. Therefore, you will find many online sports books (and online casinos) accepting US players from states that have ambiguous gambling laws – Kentucky is one of those states.
Is it dangerous?
There are two aspects to this question.
Firstly, will you get caught or fined?
I highly doubt it. Till this day, there has been no precedence of anyone being charged with breaking the law for playing at offshore online sports betting books or offshore online casinos.
Secondly, are offshore sports betting books trustworthy and reliable?
Very much so. They have been operating in the market for many years and sports betting is a clear cut outcome (when compared to online casino games). It’s therefore extremely difficult to argue that an outcome of a sports bet is wrong.
How can I find an online Sports Book?
The most popular offshore sports book is Bovada. It is the largest and has a long standing history of operating a sports book for US citizens.
Do NOT place a bet at an unlicensed sports book operating offshore. Unlicensed sportsbooks may not be reliable. Although they may offer great Welcome Bonuses, their promise to pay any winnings may be empty. Keep with the trusted, big brand names.
How can I place a Sports Bet onshore?
It is illegal to run a sports book or place a sports bet within the borders of Kentucky. Other than placing a sports bet at an offshore online sports book the only other option is to travel interstate to Indiana, Illinois or Ohio where sports betting has been legalized.
Popular Kentucky College Sport Bets
The two most popular sports bets to place on a local team in Kentucky are the two Universities Kentucky and Louisville. Because there are no professional major league teams, Kentucky residents are huge fans of their college teams.
Sports betting University of Kentucky
The Kentucky Wildcats Mens Basketball are consistently one of the best college teams year in year out. They have churned out some great NBA players, such as Anthony Davis, Karl-Anthony Towns and Devin Booker.
The Kentucky Wildcats Mens Football doesn’t bode as well as the college basketball team. They are at the very bottom of the odds to win the championship in the 2020 season.
Sports betting University of Louisville
The Louisville Cardinals Mens basketball team have had a solid start to the season going in the winter break with an overall record of 14-3. Looking very good with the odds showing a strong challenge to the NCAA championships.
The Louisville Cardinals Mens football team completed a solid 2019 season. And thus into 2020 many sports bettors have them competing strongly in the top 25.