DraftKings launches in Kentucky; Kentucky Radio Station and The Mint Gaming Club partner with DraftKings for a live broadcast show.
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Sports bettors in Kentucky can now use Draftkings to place online and in-person wagers on collegiate and professional sports leagues.
On Thursday, Draftkings launched its online mobile sportsbook and opened a retail location in the state, giving residents access to betting on NCAA, NFL, MLB and NBA games. Customers will be able to place bets including same-game parlays, in-game betting options, player props and special odds boost selections on DraftKings platforms, according to a statement.
“Kentucky marks the 24th Jurisdiction overall where DraftKings is live, and we are thrilled to have the opportunity to deliver sports fans across Kentucky with our safe and legal mobile DraftKings Sportsbook app,” said the president of DraftKings, Matt Kalish.
The sports gambling industry continues to generate money yearly, and states that have legalized sports betting are benefiting from tax revenue. According to the Legal Sports Report, New Jersey produced almost 3 billion dollars in revenue last year— a crucial factor why more states have legalized sports betting because of how lucrative the industry has become.
“As in all states, legislatures are looking for new sources of revenue without raising taxes,” said Lia Nower, a professor and director of the Center for Gambling Studies at Rutgers University School of Social Work.
DraftKings is helping with growth in Kentucky by incorporating Draftking technology at The Mint Gaming Club. Customers who visit can place bets in person, not just online. DraftKings, customers that made bets in person and online contributed to the “7.5 billion in revenue last year,” said Dan Wasiolek, an analyst from Morningstar, Inc.
DraftKings “sits within an appealing sector, with attractive same-store and new market growth prospects, against the backdrop of an industry-wide improving operating expense control environment, said Joseph Greff, an analyst from J.P Morgan, in an article with Morningstar.
But after the announcement of the mobile sportsbook in Kentucky, DraftKings stock fell .3% Thursday to close at about $29 a share.