Kentucky Racing Commission (KHRC) Given Six Months from June 28 to Establish Regulations and Licensing Procedures Following the Implementation of State Sports Betting Law on July 1
Get ready, Kentucky sports fans, as the excitement builds! The Kentucky Horse Racing Commission (KHRC) has taken a momentous step towards establishing sports betting regulations and rules within the state. Mark your calendars for the special meeting on July 10, where the KHRC plans to review and approve the much-anticipated guidelines. The signing of the sports betting legislation by Governor Andy Beshear in April set the stage for this thrilling development, and now, with the law officially in effect from July 1, Kentucky is gearing up for a new era of sports wagering.
Chairman Jonathan Rabinowitz, during a recent KHRC board meeting, expressed his excitement and provided a glimpse into what’s to come. The commission will soon publish initial drafts of the proposed regulations on its website, inviting public participation and feedback. Eager to learn from the best, the KHRC has actively engaged with sports betting regulators in Colorado, Indiana, Ohio, New Jersey, and Massachusetts, seeking insights from their experiences and adopting best practices.
The KHRC’s ultimate goal remains crystal clear: to have sports betting operations up and running well ahead of the NFL betting season kick-off. Understanding the importance of efficient implementation and effective oversight, the commission plans to bolster its workforce by adding 14 positions dedicated to managing the process and ensuring a seamless experience for all.
According to the approved sports betting bill, the KHRC has been granted a six-month window starting from June 28 to establish regulations and licensing procedures across the state. Once the commission finalizes these regulations, Kentucky’s esteemed racetracks can eagerly begin submitting applications for sports betting licenses, heralding a new era of thrilling possibilities.
Rest assured, the KHRC will diligently review and assess each license application, awarding licenses to deserving applicants who meet the regulatory standards. Additionally, they will diligently ensure that both retail and online sportsbooks comply with all necessary regulations and guidelines before giving them the green light to commence operations. The legislation brings with it a wide range of opportunities, allowing betting on professional and college sports, international sports, e-sports, and even video game events. With a minimum age requirement of 18, fans of all ages can partake in the exhilarating world of sports wagering.
The law will grant sports betting licenses exclusively to the nine esteemed horse racing tracks in Kentucky, who will not only be able to offer in-person sportsbooks but also partner with up to three online sports betting operators. As the details unfold, initial license fees are projected to be set at $500,000 for the tracks and $50,000 for gaming providers, providing a fair and equitable playing field. In terms of taxation, in-person sports betting revenue will be subject to a 9.75% tax, while online revenue will be taxed at a rate of 14.25%.
So, Kentucky, prepare for an unforgettable journey into the realm of sports betting! The KHRC’s dedication to this endeavor ensures that the thrill of wagering on your favorite sports will soon be within reach. Stay tuned for updates as the countdown to the start of this incredible chapter in Kentucky’s history draws near.