The final steps to bring sports betting to Kentucky could be taken in a few weeks. The Kentucky Horse Racing Commission (KHRC) announced it would schedule a special meeting in July to review and approve the state’s sports betting rules and regulations.
“We will continue to provide updates on the progress as available, but needless to say this is an exciting time in the commonwealth,” Commission Chairman Jonathan Rabinowitz said at the latest KHRC meeting.
The KHRC has a six-month timeframe, starting from June 28, as per the approved sports betting bill in Kentucky. Within this period, they are tasked with establishing regulations and licensing procedures for the state’s new industry. Assuming the regulations receive approval in early July, meeting the set deadline should be easily achievable.
Upon the completion of these regulations by the commission, the nine racetracks in the state will be eligible to apply for sports betting licenses. The commission will then review those applications, grant licenses to qualified applicants, ensure that both retail and online sportsbooks adhere to regulatory requirements, and finally authorize the commencement of sports betting activities.
The KHRC Chairman also noted at the latest meeting that the commission has reached out to sports betting regulators in Colorado, Indiana, Ohio, New Jersey, and Massachusetts to ensure best practices are met. And in order to meet the necessary manpower to launch sports betting in the Bluegrass State, Rabinowitz said 14 employees will be hired by the commission.
Kentucky Governor Andy Beshear.
Sen. Majority Leader Damon Thayer and Gov. Andy Beshear have both shared their optimism that brick-and-mortar sports betting will begin in the state by the start of the football season. Beshear said he hopes the first bets can be made by September.
The prospects of legal sports betting have already caught the attention of gambling industry stakeholders. Last month, Caesars Sportsbook announced a partnership with historic racetracks Keeneland and Red Mile. The firm intends to offer both in-person and mobile sports gambling to those 21 and older in the Bluegrass State.
The agreements with Keeneland and Red Mile Gaming & Racing in Lexington grant the operator market access to offer legalized mobile wagering and include plans to open Central Kentucky’s only brick-and-mortar retail locations.
Caesars’ partnership with Keeneland and Red Mile is the first one to be officially announced, but Churchill Downs officials indicated in a recent earnings call that they are working in an agreement with sports betting giant FanDuel.
In addition to Churchill Downs, Keeneland, and Red Mile, six other tracks in Kentucky qualify for licenses: Cumberland Run (a new racing facility); Ellis Park; Kentucky Downs; Oak Grove Racing and Gaming; Revolutionary Racing (under construction); Turfway Park.
As per the law, each licensed horse track (of which there are nine in the state) will be eligible to partner with up to three online sports betting skins, allowing for a maximum of 27 operators in Kentucky. The 27 maximum operators will allow for a mix of the more established online sports betting operators as well as smaller operators hoping to get into the market.
