The governor of Kentucky, Andy Beshear, has approved a timetable for the rollout of legal sports betting in the state. Retail betting will begin on September 7th, with online betting following on September 28th. Players can pre-register for an account starting next week, allowing them to sign up a month ahead of the online market opening. Beshear stated that this initiative will not only provide the entertainment experience requested by Kentuckians but also generate funds to support pensions and contribute to the development of a better Kentucky.
Today, the Kentucky Horse Racing Commission (KHRC) will vote on license applications from various operators. Prominent companies such as Bet365, FanDuel, BetMGM, Caesars, Circa, DraftKings, and Penn Sports have already submitted their applications. Additionally, several licensed sportsbooks in the state have applied for retail licenses, including Churchill Downs, Oak Grove Gaming and Racing, Ellis Park, The Red Mile, Turfway Park, Cumberland Run, and Sandy’s Gaming and Racing. Racetracks will also be allowed to open retail sports betting facilities at their satellite locations.
Starting from September 7th, consumers will be able to deposit funds into their online accounts, in preparation for the launch of the online market a few weeks later. KHRC chairman Jonathan Rabinowitz expressed his excitement about the opening of sports wagering and assured the public that the process is being conducted with careful consideration for wagering integrity and bettor protection.
Last April, Beshear signed off on House Bill 551, which paved the way for mobile betting in Kentucky. The bill allows nine racetracks in the state to offer on-site retail betting and form partnerships with up to three online operators, making a total of 27 licenses available. The online tax rate is set at 14.25% of gross gambling revenue, while the retail tax rate is 9.75%. Racetracks will need to pay $500,000 for a license, while online operators will pay $50,000 for a partnership.
