In a day and age when most states take a year or more to launch online sports betting from the time the bill is signed into law, Bluegrass State Governor Andy Beshear is breaking all the rules and putting the Kentucky sports betting process into overdrive.
Prepare to Launch
Precedents for a speedy sports betting launch have already been set, most notably by Kansas Governor Laura Kelly who put her pen to paper on her state’s sports betting bill on May 12, 2022, and bookmakers were taking action on September 1st, less than four months later.
Therefore, Kentucky Governor Andy Beshear is not breaking any records after signing his state’s version of a sports betting bill on March 31st of this year and setting a September 7th timetable for retail sports betting while September 28th will trigger the mobile launch.
Yet, it is an ambitious schedule nonetheless and Beshear has been keeping his constituents apprised every step of the way. The Kentucky Horse Racing Commission (KHRC) will meet today, August 22nd, to vote on license applications while Kentuckians can preregister for mobile accounts on August 28.
Strategically, retail betting precedes online betting by three weeks, ironing out kinks for the profitable mobile sports betting launch.
Kentucky Horse Racing Commission Chairman Jonathan Rabinowitz said: “The KHRC is excited to open sports wagering and is working efficiently to meet the necessary deadlines. This is a careful process dedicated to wagering integrity and protecting bettors in the state of Kentucky.”
Revenue Generator
It’s little wonder why Governor Beshear and many Kentucky politicians have warmed to the idea of sports betting in the Bluegrass State. The revenue streams occurring in other states have been impressive, to say the least, and projections are that the 9.75 percent on retail and 14.25 percent on digital sports betting will generate roughly $23 million per year in taxes.
The Kentucky permanent pension fund is to be the primary beneficiary while 2.5 percent of the revenue will be earmarked for problem gambling programs and counseling.
“We are just three weeks away from sports wagering in Kentucky. We are ready to deliver the quality entertainment experience Kentuckians asked for while bringing money to the state to support pensions and free up funds that can be used to build a better Kentucky,” said Beshear.
As for the potential licensees, the following sportsbooks are reported to be in consideration:
- Bet365
- BetMGM
- Caesars
- Circa Sports
- DraftKings
- FanDuel
- Penn Sports Interactive (ESPN Bet)
All but Penn Sports Interactive is expected to launch on September 28th as they are transitioning from their Barstool Sportsbook to ESPN Bet and will likely launch in October.
Ohio Not Happy
Kentucky residents were routinely crossing state lines to make a bet at one of many bordering states that had already launched mobile sports betting and filling the tax coffers of those neighbors. But in a little more than a month, Kentucky will be reaping those benefits and may very well turn the tables by attracting those residents in neighboring states who are under 21 years of age.
Kentucky’s House Bill 551 allows adults age 18 or older to sign up and wager using online sports betting accounts. However, many of the other states surrounding Kentucky, aside from Tennessee, have a minimum age requirement of 21 and that has raised the ire of Ohio’s Casino Control Commission and its Executive Director, Matt Schuler.
Schuler said: “I absolutely hate the idea that individuals under 21 can go across the border, open an account, and bet. I think it’s horrible.”
“The age group that is most at risk of developing a gambling problem are males 18 to 35. The younger ones are most vulnerable as they’re not at the age yet where they can thoroughly process the consequences of their actions. Not my opinion. Scientific fact,” he added.
Calculators
