And down the stretch, they come! The implementation of Kentucky sports betting is edging closer.
Finally, after months of waiting, it appears Bluegrass State lawmakers are ready to review and approve sports betting regulations that would apply to the state. During a meeting on Tuesday, the Kentucky Horse Racing Commission gave a quick update on Kentucky sports betting, including plans for a session in early July to examine and approve 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 Goal Is to Launch in Time for NFL
A precise (meeting) date has yet to be disclosed by the KHRC, but Kentucky regulators are working toward the goal of launching sports betting in the state before the NFL season kicks off. Governor Andy Beshear and the legislative leadership have expressed their hopes for a start date of September 7.
Approving potential operators within the given timeframe would be challenging, but not impossible, considering that most jurisdictions typically take six to 12 months to approve rules. However, Kentucky is on track to accomplish this in just three months.
What Has to Happen Before September?
If the regulations are approved in early July, meeting the designated deadline should be easily achievable. Upon finalizing the regulations, the nine racetracks in the state will have the opportunity to seek sports betting licenses.
The commission will thoroughly review these applications, grant licenses to qualified applicants, ensure compliance with regulatory requirements for retail and online sportsbooks and ultimately authorize the commencement of sports betting activities.
To ensure the adoption of best practices, Chairman Rabinowitz stated that the KHRC has been in contact with sports betting regulators from Colorado, Indiana, Ohio, New Jersey, and Massachusetts. Additionally, the commission plans to hire 14 new employees to handle the launch and operation of sports betting in Bluegrass State.
If for some reason lawmakers miss the self-imposed September deadline, the law requires that wagering be live by December 28th.
Up to 27 Platforms Will Be Allowed
Under Kentucky’s new legislation, a maximum of 27 digital platforms will be permitted, affiliated with the existing horse racetracks. Each track will have the opportunity to operate three digital platforms, in addition to being granted one physical location.
Caesars Sportsbook recently revealed its partnerships with Keeneland and Red Mile Gaming & Racing to establish retail sportsbooks, which also grants the operator access to at least one digital platform. And in 2022, FanDuel announced its partnership with Churchill Downs, indicating that two major operators in the nation already possess market access in Kentucky.
Sports Betting Continues to Grow Across America
The legalization of wagering in Kentucky marked the culmination of a five-year endeavor and was the second expansion of gaming in the Bluegrass State since 2021. Lawmakers had previously approved historical horse racing in 2021.
After Kentucky legalized gambling in March, governors in North Carolina and Vermont followed suit and made wagering legal in their respective states. In Rhode Island, a bill that aims to legalize online casinos is currently awaiting action from Governor Daniel McKee.
Calculators
