Kentucky Sports Betting Regulations on Fast Track - Newstbt.com
It appears that sports betting in Kentucky could commence in the near future, as the Kentucky Horse Racing Commission (KHRC) has called an extraordinary session for the beginning of July to analyze and most likely accept the state’s sports betting regulations, as shared by KHRC Chairman Jonathan Rabinowitz.
Come July 1, Kentucky will enter a new era of sports betting with the implementation of a new law allowing for retail and online sports betting and sportsbooks to open within the state. Overlooking the proceedings at the Kentucky Speedway and the nine horse tracks is a sign of the excitement surrounding this major policy change. The Kentucky Horse Racing Commission is determined to reach the ambitious goal of getting brick-and-mortar betting up and running before the upcoming NFL season and Governor Andy Beshear fully endorses this mission. With the possibility of betting on professional sports soon taking form in the Bluegrass State, we can expect to see plenty of onlookers keeping a close watch on the progress. We’ll provide updates on this developing story as they come.
Once the commission has finished developing the regulations, the nine racetracks in the state of Kentucky will be able to apply for sports betting licenses. This guide explains how sports betting will work in the state.
How Sports Betting Works in Kentucky
On March 31st of this year, Governor Beshear signed House Bill 551, paving the way for sports betting in the Bluegrass State. The legislation sets out regulations that facilitate both in-person and online sports betting. Sportsbooks can operate at Kentucky Speedway and the nine horse tracks in the state, with three online operators permitted to join them. Altogether, the state will host 27 betting apps. The law also sets a maximum bet of $5000 and a daily loss limit of $10K. 15% of sports betting revenue will be taxed. To bet legally, bettors must be 18 or older and physically located within the state. Of the 37 states who have already legalized sports betting, Kentucky is one of the five allowing 18-year-olds to bet. Partnerships have already begun to take shape in preparation for the approved regulations.
Partnerships Taking Shape Ahead of Approved Regulations
Rabinowitz stated that the KHRC website intends to launch preliminary drafts of potential regulations. Additionally, representatives from the KHRC consulted with authorities from Massachusetts, Indiana, New Jersey, Ohio, and Colorado, alongside Major League Baseball, to develop guidelines. In addition, partnerships among diverse app-based platforms, such as DraftKings, BetMGM, and FanDuel, are currently under development. Back in May, Keeneland, The Red Mile in Lexington, and Caesars Sportsbook entered into a partnership.
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