Kentucky Sports Betting Launch Day: Top 10 Things to Know
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1. Kentucky Sports Betting Promos Launch Dates
Retail sports betting in Kentucky launched in September 7, 2023. Today, September 28, marks the start of online sports betting in Kentucky. A whopping 60,000 accounts were created during the pre-registration period and this shows a huge interest in online betting in the Bluegrass State.
2. Live Kentucky Sportsbook Promos
There are 8 sportsbooks that were given the greenlight to operate in Kentucky. We currently have 5 promos available that can add up to $7,315 in bonus bets for your Thursday Night Football betting today!
- BetMGM KY - First Bet Offer up to $1,500 (code GAMBLINGCOM)
- Bet365 KY - Bet $1, Get $365 (code GAMBLING)
- Caesars KY - Bet $50, Get $250 (code GAMBLINGGET)
- DraftKings KY - Bet $5, Get $200
- FanDuel KY - Bet $5, Get $200
- FanDuel KY - Up to $5,000 No Sweat Bet
As you can see, these Kentucky betting apps are offering large NFL betting bonuses with light qualifying requirements. In one case, you only need to wager $1 to get hundreds of dollars in bonus bets. Keep reading to find out more about these Kentucky sportsbook promos and how to qualify.
3. Legal Betting Age for Kentucky Betting Promos
In Kentucky, while the statutory age for sports betting is 18 and above, a majority of sportsbooks have opted to accept only individuals aged 21 and above. Notably, Bet365 and DraftKings are the exceptions to this trend.
4. Online Sports Betting in Kentucky is Now Live too
Now that we are online and live, here are a brief summary of the main promos launched today:
BetMGM KY - First Bet Offer up to $1,500 (code GAMBLINGCOM): Place your first bet with BetMGM and get insured up to $1,500 for NFL week 4 or today's TNF. If your bet loses, you'll receive matching bonus bets. For losses under $50, you get one bet credit. For $50+ losses, you receive five bonus bets, each 20% of the loss. Bonus bets expire in 7 days with a 1x wagering requirement.
Bet365 KY - Bet $1 Get $365 in Bonus Bets (code GAMBLING): Bet365 Kentucky has a special launch offer: Bet $1 and receive $365 in bonus bets. Sign up now as they're live in Kentucky, ready for Thursday night football. Use promo code 'GAMBLING' to benefit from the offer.
Caesars KY - Bet $50, Get $250 (code GAMBLINGGET): Simply sign up, complete your account details, and enter the exclusive Caesars Sportsbook Promo Code during registration. With a deposit of $50 or more, place a qualifying bet and unlock unparalleled football betting promotions. Enjoy a $50 bonus bet instantly, followed by a $50 bonus wager for the next four Mondays. Dive into the action today.
DraftKings KY - Bet $5, Get $200: Activate this deal through the provided affiliate link. Please note, participants must be 18 years or older and located within Kentucky. Ensure you meet the prerequisites: pre-registration, a minimum first deposit and bet of $5, and adhere to the 1x wagering requirement.
FanDuel KY - Bet $5, Get $200: Download the FanDuel app using our banner or link. Create an account (no Kentucky promo code required), deposit at least $10 (debit card recommended), place a $5 bet, and receive $200 in bonus bets within 3 days.
FanDuel KY - Up to $5,000 No Sweat Bet: Register for a new Kentucky Sportsbook account, and opt-in for the No Sweat offer in the "Promotions" tab. Deposit a minimum of $2,000, place your first bet on any live sport, and if it doesn't win, get refunded up to $5,000, one of the top Kentucky sportsbook promotions.
5. Multiple Operators Offer Double Wins for Kentucky Bettors
Several sportsbooks are presenting an enticing advantage for those who sign up. Operators like DraftKings, Bet365, and others are allowing new members to benefit not only from their live welcome offers but also from their standard bonuses upon completing their registration. This allows bettors to effectively capitalize on multiple promotions by registering to multiple Kentucky betting apps, optimizing their potential rewards. When adding these bonuses together you can get a massive $5,815 in bonuses.
6. Launching on TNF Lions vs Packers Day
The sports betting launch in Kentucky coincides with Thursday Night Football (Week 4) and is a great opportunity for some NFL Betting. The Green Bay Packers (2-1) and Detroit Lions (2-1) are set to clash in a game that could be crucial for NFC North title considerations. It might be an opportune moment to place your qualifying $50+ first bet on this matchup.
The Kentucky platforms will feature an extensive NFL Betting section, offering a variety of bet types to utilize your bonuses on. This includes live betting, a favorite among fans during significant football events. And while Week 4 is highlighted by the Lions and Packers game, there are other high-profile matchups to look forward to including the Titans vs Bengals on Sunday.
7. The ESPN BET & Barstool Saga - What Happened
Recent headlines have been dominated by the unfolding story of ESPN BET and Barstool. For those still piecing together the narrative, here's a concise breakdown and chronology:
- Barstool's Partnership with PENN: In 2020, PENN Entertainment formed an alliance with Barstool, a prominent sports media entity, leveraging its expansive audience to boost sports betting.
- The Ascent of Barstool Sportsbook: With PENN's backing, Barstool Sportsbook rapidly gained traction in the betting community, attributed to its distinctive image and dedicated fanbase.
- A Change in Direction: With the landscape of the industry shifting, PENN took a step back to reassess its affiliations, culminating in a decision to part ways with the Barstool brand.
- Barstool's New Chapter: PENN divested the Barstool brand, returning it to its founder, Dave Portnoy, enabling Barstool to realign with its foundational content objectives.
- PENN's Fresh Endeavor: After its split with Barstool, PENN was on the hunt for a new collaborator for its sportsbook, targeting a well-established name in the sports domain.
- The Entry of ESPN: ESPN, a behemoth in sports broadcasting, saw an opportunity and partnered with PENN, setting its sights on the sports betting market.
- The Introduction of ESPN BET: This partnership gave rise to ESPN BET, merging ESPN's deep-rooted sports knowledge with PENN's betting acumen.
So, when is the ESPN BET Sportsbook unveiling?
While ESPN BET is still in its preparatory phase, a launch date remains undisclosed. It's uncertain if it will be operational for the mobile betting debut in September.
8. Kentucky sports betting Regulation:
The Kentucky Horse Racing Commission (KHRC) oversees horse racing in Kentucky. Now, with sports betting in the state, the KHRC also:
- Gives licenses to betting businesses.
- Watches sportsbooks to make sure they follow the rules.
- Helps bettors if there are problems.
- Supports safe gambling by offering help for those who need it.
- Stops cheating and game-fixing in betting.
The KHRC aims to keep Kentucky's sports betting clear, fair, and in line with the law.
9 Taxation
The tax rates are 14.25% for online operators and 9.75% for in-person sports betting revenue. Here’s some other useful information around taxation:
- All gambling winnings, including those from sports betting, horse racing, lottery are considered taxable income.
- For wins equal to or over $5,000, 24% is withheld for the IRS. A Form W-2G is issued for such wins and for other specific large winnings.
- You can deduct gambling losses, but only up to the amount of your winnings.
- Items like cars won through gambling are taxable based on their market value.
- Gambling winnings are included in your federal taxable income, which is used as a starting point for state taxes
- Not reporting winnings can lead to penalties and fees.
- Specifics on local city taxes for gambling winnings are yet to be clarified.
10. The Future of Betting in Kentucky
Kentucky's sports betting landscape is poised for significant growth, with betting apps playing a pivotal role. These platforms will offer features like live-streaming and in-play betting, enhancing the overall betting experience for users.
In terms of Tax Revenue Projections, the state expects to generate approximately $23 million annually in tax revenue and licensing fees from sports betting. Some experts believe this estimate might even be on the conservative side.
When compared to other legal betting states, Kentucky's approach to sports betting mirrors the strategies adopted by several others. The emphasis on mobile betting, in particular, reflects a broader national trend. However, the true test will be how Kentucky's sports betting market performs in comparison to its neighbors, both in terms of user engagement and revenue generation.
Recently, the governor said that people bet over $4.5 million at physical locations in just two weekends.
"This shows how excited Kentuckians are about sports betting," Beshear commented.
He believes the amount will increase with mobile betting.
"With the start of college football and the NFL, and now mobile betting, this number will likely rise," Beshear concluded.
About the Author
Find out More About Larry Henry
Larry Henry is a veteran print and broadcast reporter and editor who has been a political editor at the Las Vegas Sun and managing editor at KFSM-TV, the CBS affiliate in Northwest Arkansas. Larry also has experience with media outlets in other states with gaming, including Tennessee and Louisiana.
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