It’s official: retail sports betting will launch at racetrack-related locations across Kentucky on September 7, followed by mobile betting on September 28, under emergency regulations signed by Governor Andy Beshear at the Red Mile Racetrack. The September 7 launch coincides with the first regular season game of the NFL. Permanent regulations will be finalized at a later date.
The Kentucky Horse Racing Commission, which is responsible for oversight and enforcement of sports betting, developed and approved the regulations. Officials for the commission said Monday that the rules are designed to protect bettors, and that 14 new employees will be added to carry out the new responsibilities.
Earlier this year, the legislature made the Bluegrass State the 37th in the nation to legalize sports betting. Under the approved plan, bettors must be 18 or older, and only the state’s nine racetracks are eligible to apply for licenses, beginning today. The deadlines for launch are “ambitious” but reasonable, Beshear added at the signing.
Tracks will be able to offer sports betting at all of their locations, including satellite “historical horse racing” gambling halls and simulcasting venues. Additionally, each track is also permitted to partner with up to three platforms for mobile wagering. Retail sportsbooks will be taxed at 9.7% and online operations at 14.35%, and the first-time initial fee for a license will cost $500,000, with a $50,000 renewal fee.
After years of pushing to get sports betting passed in Kentucky, I signed legislation on March 31 to legalize it in the commonwealth. Today, only a few months later, I announced that Kentuckians can place a bet in just under 60 days.
We got it done, Kentucky! pic.twitter.com/IuYC2ozrZj
— Governor Andy Beshear (@GovAndyBeshear) July 10, 2023
Gov. Beshear said the state anticipates $23 million a year in tax revenue from the vertical, and that the new market will keep sports betting money from going to neighboring states. The legislation gives the racing commission until the end of 2023 to set up permanent regulations and award licenses.
A quarterhorse racetrack being developed in Ashland and a harness racing track in Corbin may not be ready in time to open for retail sports betting by Sept. 7, Beshear said on Monday, as per Richmond Register. However, their mobile partners can begin taking bets on Sept. 28.
“The odds were against us, but we were determined to get sports betting passed in Kentucky, and we got it done,” Beshear said, touting bipartisan support that helped the measure pass, reports Courier Journal. “I want to see any freed-up dollars going to support public education, economic development, disaster recovery and other necessary projects.”
In a statement, Churchill Downs applauded the move but did not say whether it expects to have wagering operations open by Sept. 7. The company noted the racetrack “continues to move forward with ongoing efforts to make sports wagering available at our established racing and gaming facilities throughout Kentucky, and we will share updates as plans are finalized.”
For its part, Red Mile, where Monday’s signature took place, announced in May that it had partnered with Caesars Sportsbook to offer wagering once regulations were approved. The gaming and racing complex is home to more than 950 historical horse racing machines.
Original article: https://www.yogonet.com/international/news/2023/07/11/67854-kentucky-to-launch-retail-sports-betting-in-time-for-nfl-season-on-sept-7-mobile-follows-sept-28
