It was a night to remember for Democratic Gov. Andy Beshear on Tuesday, with the 45-year-old former Attorney General cruising to reelection over Republican challenger David Cameron by six percentage points. Beshear’s reelection came on the heels of Kentucky sports betting being approved earlier this year, which was a major topic that the Democrat stumped on during the runup to Tuesday’s election.
As of Wednesday morning, Beshear had collected more than 693,000 votes, to Cameron’s 626,350, ensuring a landslide victory on a night where Republican candidates for statewide office dominated their Democratic foes. Per the Associated Press, Beshear’s path to reelection stemmed from his ability to win over voters in 29 of the state’s 120 counties, up six from the total he collected when he upset Republican incumbent Matt Bevin (49.2% to 48.8%) in 2019.
The newly reelected governor had made waves statewide all year by centering much of his reelection credentials around getting Kentucky sports betting across the finish line, placing the ceremonial first bet at Louisville’s Churchill Downs when wagering officially launched in early September. Beshear, who bet $20 on Kentucky and Louisville’s football teams that day, told the AP that legalized Kentucky sports betting would be a boon for the Bluegrass State, paving the way for more tax dollars to flow through the state’s economy.
“This is entertainment,” Beshear said. “It’s what Kentuckians were looking for. It’s going to boost tourism. It’s going to make sure we don’t lose that many people to Vegas in the first couple rounds in the NCAA tournament.”
Kentucky Gubernatorial Election Odds: Latest Updates
Entering Tuesday’s election, the team at BetKentucky.com listed Beshear as a -317 (76%) favorite of winning reelection, to Cameron’s +317 (24%).
Last week, the market at PredictIt has tightened some, but traders still like the governor’s chances to win a second term. Shares of Beshear to win had been trading at as much as 86 cents in the Friday morning overnight hours. After the new poll, they dipped down to 76 cents.
Conversely, Cameron’s shares were trading for as low as 15 cents overnight and have since increased to 24 cents. Based on those prices, Beshear’s odds to win are about -317, meaning you would need to wager $317 to get a $100 net return. Cameron’s odds are approximately +317, which means a $100 winning wager would net a profit of $317.
Needless to say, Beshear and his team can rest easy, knowing the odds are officially in their favor to stay in the Governor’s mansion in Frankfort for another four years, after Tuesday’s rout of the Democrat’s Republican rival.
Can I Bet On The Kentucky Governor’s Election?
Betting on political elections is allowed in places like Ontario and England. However, it is not yet allowed by any U.S. jurisdiction. So, none of the licensed Kentucky sportsbooks apps offer odds on the race. That being said, there is a way for people in the U.S. and abroad to predict the outcome of this year’s Kentucky gubernatorial race and other American political developments happening over the next year and potentially make some money.
PredictIt is a political futures exchange allowing people to buy shares in a listed political event they believe will happen. Shares are priced between a penny and 99 cents, and the value fluctuates based on trading within the market. The exchange does limit market participation to 5,000 for specific outcomes, and no trader can invest more than $850 on a specific outcome.
If a person chooses the correct outcome, they will receive $1 per share. If they do not, they will not receive anything. However, because shares can be sold before the event concludes, traders can sell to lock in a profit or stem their losses.
Stay with BetKentucky.com for all of the latest news and developments around the elections. Be sure to visit our Kentucky sportsbook promo codes page and gain access to the best deals from all the sportsbooks in Kentucky.