Seven Sportbooks Seek Licenses to Operate in Kentucky
Kentucky authorities are examining petitions from seven online sportsbook operators as well as applications for in-person betting from the state's horse racetracks.
The Kentucky Horse Racing Commission will make decisions on the licensing requests later this month, with residents getting the chance to place in-person wagers by the start of the NFL season.
The names of the applicants were revealed on Thursday, and officials expressed their support for the emerging sector.
"Prepare yourselves, Kentucky," said Governor Andy Beshear (D) in a statement. "In 28 days, you'll be able to place your first sports bet at a retail location. This new entertainment option not only serves as a source of enjoyment but also carries benefits for the state, such as increased funding for pensions and the support of various projects, including education, economic development, disaster recovery, cleaner water, road construction, and high-speed internet."
Horse Tracks Applicants for Brick-and-Mortar Licenses
Racetracks that submitted brick-and-mortar sports betting applications were all located in the state, including Churchill Downs in Louisville, Ellis Park in Henderson, Oak Grove Gaming and Racing in Oak Grove, The Red Mile in Lexington, and Turfway Park in Florence. Two soon-to-open racetracks, Cumberland Run in Corbin, and Sandy’s Gaming and Racing in Ashland, have also applied for licenses.
The companies that submitted mobile wagering license applications include Bet365, BetMGM, Caesars, Circa, DraftKings, FanDuel, and Penn Sports Interactive.
In the event these applications are approved, the racetracks will be authorized to take sports bets at their main and satellite locations.
BetMGM confirmed earlier this week that it will collaborate with Sandy’s Gaming and Racing for a retail location, intending to launch a 5,200-square-foot retail BetMGM Sportsbook by this fall.
KHRC Meeting
The commissioners will vote on the licensing requests during their August 22 meeting.
The KHRC is eager to launch sports wagering and is dedicated to meeting the necessary deadlines and ensuring wagering integrity and the protection of bettors in Kentucky.
In-person sports betting will be accessible beginning September 7, coinciding with the commencement of the NFL regular season. Online wagers can be placed starting September 28.
The projected annual revenue generated from sports wagering in Kentucky is estimated to be approximately $23 million. A portion of this, around 2.5%, will be allocated to a new problem gambling fund.
Mobile sportsbooks will face a 14.25% tax rate, while in-person bets will be taxed at 9.75%. Sportsbook licensees will also need to pay a one-time fee of $500K upon receiving their licenses. textwrap:emphasize="true"source[/textwrap:emphasize-off]: [https://kentucky.com/news/business/article250325262.html].
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Source: www.casino.org
