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Kentucky Governor Signs Bill Allowing Online Sports Betting and Gambling Expansion

Posted on August 19, 2023

Five Years Post-PASPA, Legal Market Eroding Illegal Gambling by 60% While Contributing $3B in Taxes

Kentucky Governor Andy Beshear has signed a significant bill that paves the way for legalized online sports betting and expanded gambling activities in the state. The bill, Senate Bill 120, has been signed into law, marking a pivotal moment in the evolution of Kentucky's gambling landscape.

The new law will enable online sports betting platforms to operate in the state, allowing residents to engage in sports betting from the convenience of their devices. Additionally, the legislation includes provisions for retail sportsbooks at horse racing tracks and professional sports venues. This expansion is expected to generate new revenue streams for the state while enhancing the overall entertainment options for residents.

The bill's passage signifies a shift in Kentucky's approach to gambling, embracing the growing trend of online sports betting that has gained popularity in numerous other states. The regulatory framework outlined in the legislation aims to strike a balance between responsible gambling and revenue generation.

Kentucky sports betting preregistration for approved Kentucky sports betting apps will open August 28 at 6 a.m following an announcement from state regulators. The full list of approved sports betting operators will be announced on August 22.

Read more at the Lexington Herald Leader: https://www.kentucky.com/betting/article274396300.html

Commercial Gaming Revenue Surpasses $16 Billion in Q2 2023 with 10th Consecutive Quarter of Growth

Posted on August 18, 2023

The commercial gaming industry continues to demonstrate its resilience and strength as it achieves remarkable milestones in revenue growth. According to the latest press release from the American Gaming Association (AGA), the second quarter of 2023 marked a significant achievement for the industry, with revenue surpassing an impressive $16 billion. This achievement is not only a testament to the industry's vitality but also signifies the 10th consecutive quarter of growth. In this blog post, we will delve into the key highlights of this remarkable development and explore the factors contributing to this sustained success.

The figures released by the AGA showcase the remarkable progress of the commercial gaming industry. With total revenue crossing the $16 billion mark in the second quarter of 2023, it is evident that the sector has rebounded strongly from the challenges posed by the global pandemic. The report highlights a year-on-year growth rate that reflects not only recovery but also the robustness of the industry. Legalized Sports Betting accounted for a 58.5% bump in the second quarter year over year, and a 66.5% jump January to June 2023 compared to January to June 2022.

The announcement of the 10th consecutive quarter of growth underscores the consistency with which the commercial gaming industry has been expanding. This milestone showcases the ability of the industry to adapt, innovate, and captivate audiences despite the changing landscapes and evolving consumer preferences. The gaming industry's ability to maintain this streak of growth is a true reflection of its resilience.

Several factors have contributed to the impressive growth of the commercial gaming industry. One notable driver is the continuous technological advancements that have transformed the gaming experience. From augmented reality to virtual reality and mobile gaming, the industry has leveraged these innovations to create captivating and immersive experiences for players.

Additionally, the diversification of gaming offerings has played a pivotal role in attracting a broader audience. The integration of skill-based games, esports, and interactive entertainment has expanded the industry's reach beyond traditional demographics.

Beyond the remarkable revenue figures, the commercial gaming industry's growth has had a substantial impact on the economy and employment. The industry has become a significant contributor to local economies, generating jobs and providing a source of revenue for communities. As the sector continues to expand, its role as an economic engine becomes increasingly evident.

The commercial gaming industry's achievement of surpassing $16 billion in revenue during the second quarter of 2023 and sustaining a decade of growth is an impressive feat that showcases its resilience, adaptability, and capacity for innovation. As the sector continues to evolve, embracing new technologies and diversifying its offerings, its impact on the economy and employment will likely continue to grow. The 10th consecutive quarter of growth is not only a cause for celebration within the industry but also a promising sign of the industry's potential in the years to come.

85% of Americans Support Supreme Court Decision to End Federal Sports Betting Ban

Posted on May 24, 2023

Five Years Post-PASPA, Legal Market Eroding Illegal Gambling by 60% While Contributing $3B in Taxes

According to a recent survey conducted by the American Gaming Association (AGA), a significant majority of Americans support the Supreme Court decision to lift the federal ban on sports betting...

The survey results reflect a growing acceptance and enthusiasm for legalized sports betting among the American public. With the federal ban lifted, individual states now have the authority to legalize and regulate sports betting within their borders. Several states have already taken steps to legalize sports betting, and many others are considering legislation to do the same.

"The survey results demonstrate that Americans recognize the benefits of legal, regulated sports betting," said Bill Miller, President and CEO of the AGA. "The Supreme Court decision has opened up new opportunities for states to generate revenue, protect consumers, and enhance the integrity of sporting events."

The survey also revealed that a majority of respondents believe that sports betting should be regulated by state governments rather than the federal government. Additionally, a significant portion of respondents expressed interest in participating in sports betting themselves, with 37% indicating that they are likely to place a bet on a sporting event in the future.

As the landscape of sports betting continues to evolve, it is expected that more Americans will have access to legal and regulated options. This shift provides opportunities for responsible operators, like BigPay.com, to offer safe and secure platforms for individuals to engage in sports betting.