Kentucky Gov. Andy Beshear announced Thursday that the state has received nearly $8 million in taxes from sports gambling revenues in September and October.
The report puts the tax revenue well ahead of initial projections of $23 million for the first full year.
The state reported that Kentucky’s sportsbooks have taken more than a combined $656 million in wagers. Mobile wagering has accounted for nearly 96 percent of that figure.
“If those numbers hold in the coming months, revenues will far exceed official LRC estimates as many of us predicted,” state Rep. Michael Meredith told BetKentucky.com. “In fact, they will come close to doubling the estimate.”
Meredith sponsored HB 551 to legalize sports wagering in the state.
The tax money will be used to address the state’s public pension shortfalls, with some funding set aside for the Kentucky Horse Racing Commission.
The Kentucky Horse Racing Commission website will begin posting monthly reports next week.
Approved by the Kentucky legislature last March, sports wagering in the state began at brick-and-mortar locations Sept. 7. Mobile betting apps launched Sept. 28.