Sports betting is off to a solid start in Kentucky, and it should get even stronger

(TNS) It has been six weeks since the launch of legal sports betting in Kentucky and so far, so good.

Gov. Andy Beshear announced Monday that $248 million has been wagered since sports betting began on Sept. 7. More than $15.7 million has been wagered at brick-and-mortar locations at racetracks and gaming halls. More than $233.2 million has been placed through seven online operators, via nearly 500,000 active accounts.

“That is a strong number that is certainly reflects excitement for the opening of sports wagering,” Beshear said in a press release. “It has taken many years to get here, but sports wagering is finally a reality in Kentucky. This is a win-win for Kentuckians, who can enjoy a quality entertainment experience and benefit from funds staying right here in our state to help us build a better Kentucky.”

A surprise last-minute addition to the legislative session earlier this year, pushed through by Kentucky Senate Majority Leader Damon Thayer, among others, sports wagering in the state is regulated by the Kentucky Horse Racing Commission and is open to anyone 18 and older.

So has the start been what was expected?

“I think it has been big so far,” said Brad Taylor, who hosts the sports betting show “The Bottom Line” at 2 p.m. on weekdays and “The Weekend Line” at 9 a.m. weekends on WLXG 1300-AM. “Of course, the governor said $250 million, but it’s only going to get bigger as we get further into football season and then we incorporate college basketball, especially here in Kentucky.”

Any glitches so far?

“The only issue is maybe some people are having a tough time figuring out how to get the bonuses that are being dangled in front of everybody’s eyes,” said Taylor, referring to the enticements sportsbooks use for new sign-ups. “Other than that, everybody has been on board taking advantage of these bonuses.”

Bonuses are also limited-time offers. If you’ve noticed a barrage of sportsbook advertisements on local and social media, that goes hand-in-hand with Kentucky’s launch. Those should somewhat subside. Same for the bonus bets being offered.

“As time goes on, these bonuses won’t be as abundant and won’t be as big as when they started back in late September,” Taylor said. “You can already see the bonuses are getting a little smaller and a little more sparse, and they’re favoring the parlays.”

Taylor has a new book out entitled “Side Hustle: How Squares likes us in the real world can improve our Bottom Line and compete with the Sharps in the world of sports gambling.”

One of his tips is this: Stay away from the parlays, where a bettor makes multiple wagers as part of one bet. If all the bets win, there can be a nice payoff. But if just one bet loses, the bettor loses.

“Those are fool’s gold in the world of sports gambling,” Taylor said. “People think they can get three out of-three, four out of four, and they’ll give you extra money — ‘Oh, all I have to do is hit three out of three.’ It’s hard enough to get one out of one, much less three out of three.”

Two more tips: Taylor said Kentucky football is likely to be an underdog in all five of its remaining regular season games. As for the Cincinnati Bengals, Taylor said “the desert” has the Bengals currently an underdog to make the playoffs. If you’re a Bengals believer, you might want to jump on that, or wait and see if Cincinnati loses to San Francisco on Sunday. If that happens, you’ll get bigger odds on a Bengals surge to the playoffs.

Kentucky basketball’s first exhibition game is Friday. No, sportsbooks do not take bets on exhibition basketball games. Taylor does point out that FanDuel has the over/under on UK’s SEC wins at 12.5. “If you think Kentucky is going to go 13-5 in conference, there’s your over bet right there,” he said.

And yes, while basketball is immensely popular in Kentucky, football remains the major sports betting driver. Even in the commonwealth.

“I know we all love basketball here, but football is king,” Taylor said. “In March, you’ll see some big (basketball betting) numbers here, but it’ll never be as big as college and pro football.”

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