Abbie Chadwick
On Tuesday, the Kentucky Horse Racing Commission authorized several horse tracks to operate sports betting venues. The company also awarded licenses to companies, allowing them to accept online wagers. Punters now know where they can place in-person bets and which mobile apps are authorized by the commission. Retail sports betting is scheduled to launch on September 7, while online sports betting will officially begin on September 28.
This March, Kentucky’s Governor Andy Beshear signed a sports betting bill into law. The legislation, which became effective on June 28, requires the first sportsbooks to be launched within six months. Gov. Beshear commended the Kentucky Horse Racing Commission for approving the list of companies allowed to offer sports betting in time for the opening of the NFL season. The state decided to go for the “tiered implementation” of sports betting because it allows for the policies and procedures to be tested before the full rollout of the market.
Which are the Licensed Horse Tracks and Online Sports Betting Platforms?
Churchill Downs (in Louisville), Derby City Gaming (in Louisville), Ellis Park (in Henderson), the Mint Gaming Hall Cumberland Run (in Corbin), the Mint Gaming Hall Cumberland (in Williamsburg), Newport Racing and Gaming (in Newport), Oak Grove Gaming and Racing (in Oak Grove), The Red Mile (in Lexington), and Turfway Park (in Florence) are the approved Kentucky racetracks and satellite facilities allowed to open a sports betting shop.
Other companies allowed to open betting shops are Derby City Gaming, coming soon to downtown Louisville, Ellis Park, coming soon to Owensboro, and Sandy’s Gaming and Racing, coming soon to Ashland.
The commission also granted temporary licenses to several popular brands, allowing them to operate mobile sports betting apps. Bet365, BetMGM, Caesars, Circa Sports, DraftKings, Fanatics, FanDuel, and Penn Sports Interactive are the operators awarded temporary sports betting licenses. The commission has announced that operators with temporary permits can convert them to annual licenses. The Kentucky Horse Racing Commission approved Kambi as a retail service provider, but the company could not secure an online sports betting license.
What We Know about Kentucky’s Sports Betting Market So Far?
As of August 28, Kentuckians can pre-register with a sports betting app of their choice. By allowing punters to pre-register, betting companies will avoid strains on their systems. From September 7, Kentuckians will be able to fund their sports betting accounts.
The Kentucky Horse Racing Commission is expected to approve a catalog of the events Kentuckians will be allowed to wager on. Bettors are expected to be allowed to bet on professional and collegiate sporting events. While the minimum age for sports betting in most states is 21, Kentucky requires individuals to be at least 18 years old to wager on sports.
Sports betting is expected to generate $23 million per year in state revenue upon its full implementation. As much as 2.5% of the money will go to the problem gambling assistance account, while the rest will be dedicated to the state’s permanent pension fund.