Kentucky Sportsbook to Open NFL Season
Sports bettors in Kentucky will be able to place legal sports bets when the NFL regular season begins this year.
The Kentucky Horse Racing Commission (KHRC) on Monday approved emergency regulations allowing the state’s racetracks to open sports betting until Sept. 7. Online sports betting will be available starting September 28th. Each racetrack can partner with up to three online sportsbooks offering mobile betting platforms.
Governor. Andy Beshear (D), a staunch supporter of sports betting, praised the committee’s “quick action” to implement the bipartisan sports betting law he signed on March 31.
"We gave you a very tight schedule and you delivered," he told a news conference on Monday.
While the release date has been firmly set for the start of the NFL season, it's only two months before Kentucky voters decide whether to allow Bechar to stay in the governor's mansion for another four years. Beshar is up for re-election in November. It will be a "closely watched" race that could send a signal that Democrats can demonstrate bipartisan loyalty to red-state voters.
Today we made history! Kentuckians will be able to bet on sports for the first time in less than 60 days, just in time for the NFL opener and college football games. This will bring more money to our state and help us build a better Kentucky for all our people!pic.twitter.com/f8OOrsm2Z5
— Governor Andy Beshear (@GovAndyBeshear) 10. July 2023
Beshar said he will make his first bet once the project begins in September.
“I would be proud to place my first bet, and I really want to see Morehead State play next weekend,” he said.
Applications open on Tuesday
The KHRC will begin accepting applications for sports betting licenses on Tuesday. Nine operator licenses will be awarded, and Beshar said he expects most, if not all, the state's racetracks to have online sports betting by September.
Online sports betting is taxed at 14.25%, while land-based sports betting is taxed at 9.25% of gross gaming revenue. Those rates are lower than neighboring Ohio, which last week double its sports betting tax to 20%.
The September 7 sports betting launch date coincides with the start of the NFL season, with the Kansas City Chiefs hosting the Detroit Lions in the league's first prime-time home game. Kentucky bettors can also wager on most of the college football season. Bechar noted they could bet on in-state teams like Louisville and Kentucky.
"Emergency" rules updated
The commission has approved emergency regulations allowing betting to begin this fall. However, they will be replaced by a permanent set of rules next year.
"Based on what we're learning, I certainly hope we're prepared to adapt and make this the best state to spend those dollars while also protecting everyone involved," Bechar said.
Kentucky is one of only five states that allows 18-year-olds to gamble on sports. Officials say the law was created to reflect the requirements of lotteries and horse racing betting.
Beshar estimates the program will raise $23 million in its first year and continue to grow from there. The governor said the new plan aims to keep Kentuckians' sports betting dollars in the state to fund priorities like education and law enforcement pensions.
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Source: www.casino.org
