Kentucky Governor Andy Beshear has provided an update on Kentucky sports betting applications a month after announcing the launch dates for both retail and mobile.
Beshear has assured Kentucky residents that the proposed retail launch on September 7th and mobile launch on September 28th remain realistic. In an update to the public, Beshear has revealed the applications received both retail and mobile to date.
The Kentucky Horse Racing Commission has received applications from the following licensed racetracks:
- Churchill Downs;
- Cumberland Run;
- Ellis Park;
- Oak Grove Gaming and Racing;
- The Red Mile;
- Sandy’s Gaming and Racing;
- Tufway Park
As well as being able to operate a legalized retail sports betting operation at the venue, each racetrack that receives a license for sports wagering may also open retail sports wagering facilities at their respective OTB/satellite locations.
With regards to online applicants, the following have been received:
- Bet365;
- BetMGM;
- Caesars;
- Circa;
- DraftKings;
- FanDuel
- PENN (ESPN Bet)
Per House Bill 551, Kentucky legislation allows up to 27 mobile applications – and each of Kentucky’s nine racetracks could apply for a retail license. Given only seven have applied for each, the uptake or interest in legalization has arguably not been as strong as first hoped. Notable omissions include Tipico, WynnBET, Betway and Fanatics Sportsbook.
The economic impact study undertaken by the state’s budgeting office estimates tax receipts of approximately $23 million per year. Kentucky online casino has yet to be discussed, but should sports betting be a rousing success it could appear in legislative discussions in the near future.
The sports betting landscape is set to be competitive in Kentucky with a retail tax rate of 9.75% for adjusted gross revenue, and an online adjusted gross revenue tax of 14.25%.
As expected, an application does not necessarily guarantee a license. All of the applications are being reviewed by the Kentucky Horse Racing Commission, and a decision will be made at a meeting of the full KHRC on August 22nd.
Governor Andy Beshear said: “The countdown is on. Kentuckians can plan to place their first sports wagers, at a retail location, in just 28 days. Bringing sports wagering to the state not only gives Kentuckians a much-anticipated new form of entertainment, but also brings money to the state to support pensions, freeing up money that can be used to build a better Kentucky through the funding of education, economic development, disaster recovery and other necessary projects, like providing cleaner water, building roads and high-speed internet.”
KHRC chairman Jonathan Rabinowitz commented: “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.”.