Now that Kentucky sports betting is getting closer to becoming a reality, its vocal proponent, Governor Andy Beshear wants the launch to take place as soon as possible.
It took Beshear less than 24 hours to sign the sports betting bill after it passed.
Sports Betting Launch in Time for NFL Season?
Kentucky’s sports betting bill, HB 551, breezed through the Senate via a 25-12 vote and Governor Andy Beshear couldn’t wait to put his pen to paper to sign it into law. The measure goes into effect on June 28th and has just six months to launch according to the language within the bill.
And while many states would find that a reasonable period of time to vet the operators and put regulations in place, Beshear doesn’t believe the timeline is aggressive enough and wants a mobile launch in time for the NFL regular season which kicks off in September.
“The people are really excited about this, so we want to get it up and going as quickly as we can but also to do it right,” Beshear said at his weekly news conference Friday, as reported by the Associated Press.
The governor also added, “I would really like to have it ahead of that first NFL game, knowing that that is a big starting date for people.”
How Will the Launch Be Achieved?
Beshear has not outlined how he plans on coordinating all the agencies and parties involved to get a mobile launch in time for the NFL season but there is little doubt that he is as fervent as anyone about bringing sports betting to the masses.
Kentucky’s nine horse racing tracks will be able to contract with as many as three platform providers and the tracks will be required to pay an initial fee of $500,000 and an annual renewal charge of $50,000. The platform providers will also feel the pinch as well with an initial $50,000 licensing charge and $10,000 thereafter to maintain the license.
The adjusted gross revenue will be taxed at a rate of 14.75% for mobile sports betting while 9.75% will be levied on retail wagering.
Bluegrass State Begging for Betting
Needless to say, Kentuckians are eager to get down as evidenced by a survey conducted last year by Robert Blizzard of Public Opinion Strategies that revealed 65% of Kentucky voters were in favor of retail and online sports betting versus 26% against it.
Republican State Rep. Adam Koenig, a longtime supporter of regulated sports betting in the Bluegrass State said at the time, “This poll confirms what we already know, that Kentuckians are ready to legalize sports betting. Surrounding states have already done so and we are losing millions because of it. We are practically landlocked as we lose revenue that could be paying off our $27 billion pension debt and freeing up resources to educate our children, pave our roads and meet our obligations.”
Senate Majority Leader Damon Thayer, a vocal supporter of the bill, stated, “We are a sports-crazy state. And people want to be able to make a choice of their own free will to make a wager on a sports event – like almost all our surrounding states.”
Thayer also believes sports betting will bring in an average of $23 million per year but industry experts believe that figure to be far too conservative considering neighboring Tennessee hauled in $68 million last year.
*Bookmakers Review will continue to monitor this story and update our readers as events unfold.
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