On Monday, the Kentucky Horse Racing Commission voted unanimously to approve the state’s sports betting regulations.
“Kentuckians may make their first ever sports bet in Kentucky 59 days from now,” Gov. Andy Beshear said at the July 10 press conference.
Kentucky Sports Betting is Less Than Two Months Away
The newly-approved launch date for Kentucky sports betting is Sept. 7 for all retail sports betting and Sept. 28 for all mobile betting. The Sept. 7 date coincides with the start of the 2023 NFL season and the Sept. 28 date sets up Kentuckians to be able to wager on the Week 4 Thursday Night Football matchup between the Detroit Lions and Green Bay Packers.
Sportsbooks, Race Tracks Already Teaming Up
Effective Tuesday, horse racing tracks will be able to apply for a retail sports betting license in the state. Per the regulations, the state’s nine racetracks can partner with up to three online operators in addition to operating their own retail sportsbooks. Several of the state’s racetracks have already formed partnerships with major sportsbooks, setting themselves up to be prepared for the Sept. 7 launch date.
In May, Caesars Sportsbook announced agreements with Keeneland and Red Mile Gaming & Racing to operate a mobile sportsbook in the state, in addition to retail sportsbooks at both locations.
Then last week, it was confirmed that FanDuel secured a partnership with Churchill Downs to gain its market access into the state.
Other big names including DraftKings and BetMGM are expected to secure partnerships in the coming weeks as well.
Kentucky Sports Betting Recap
This allows sports betting on both professional and collegiate sports both online and in-person. Kentucky horse racing tracks will be eligible to host retail sportsbooks via contracts with up to three operators. Tracks will pay $500,000 for a license and operators will pay $50,000 to the state.
Additionally, in-person betting revenue will be taxed at 9.25% and online revenue at 14.25%. The bill’s sponsor, Rep. Michael Meredith said that with this tax structure, the state of Kentucky could generate $23 million in tax revenue annually.
2.5% of the revenue will create the state’s first problem gambling assistance fund, and the remainder will go to the state’s pension fund.