Kentucky's Horse Racing Commission released sports betting figures for November and December 2023. Operators handled $282.5m in November and $264.1m in December, generating $22.2m and $32.7m in gross revenue respectively. The state collected $7.6m in tax over the two months, according to the commission's figures.
The figures help Kentucky operators and the state assess betting revenue and tax receipts at year-end.
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Kentucky Attorney General Russell Coleman announced that the state had sued Kalshi and Polymarket, alleging they offer sports-related event contracts without the licences required for gambling operators. The state also named Coinbase, Robinhood and Webull, while Polymarket said the action conflicts with the federal regulatory framework for prediction markets.
Kentucky Attorney General Russell Coleman joined a multi-state coalition arguing that the Commodity Futures Trading Commission lacks jurisdiction over sports-related event contracts offered by prediction market platforms. The coalition said the contracts resemble sports betting products regulated by states and called on the federal government to recognise state authority.
Kentucky Governor Andy Beshear vetoed HB 904, a bill proposing changes to sports betting and other gambling rules, according to the report. Beshear said a provision would have allowed the Kentucky Lottery Corporation and Kentucky Horse Racing and Gaming Commission to issue regulations without his review and signature, which he argued conflicted with the state constitution.
Kentucky Representative Matt Lehman filed House Bill 39 to address computer-assisted wagering at the state’s horse-racing tracks. The proposal would require pari-mutuel pools to offer equal terms and prohibit preferential pricing, rebates, access, information, technology or other advantages for particular bettors.
Kentucky’s eight mobile sports betting brands reported $205.0 million in wagers for May, up 17%.