LOUISVILLE, Ky. — Kentucky's soon-to-be sports betting law is the culmination of a years' long effort by lawmakers.
House Bill 551 will allow Kentucky's horse racing tracks to pay to be licensed-sports betting facilities, likely generating millions a year in state tax revenue.
And as dozens flood through the doors for a Friday night inside Derby City Gaming, fans of the new sports-betting law are reacting.
Larry Koralia of Louisville says it's about time. For years, he and his brother have headed to Indiana to place their bets.
"If you could always go across the bridge anyways to bet, what's the big deal here?" Koralia said. "It's been a pain in the rear. We'd much rather not have to go across the bridge."
But not for much longer. Soon, Kentuckians will be able to head to licensed sports betting facilities, including the Kentucky Speedway and horse racing tracks.
Beyond brick-and-mortars, the law also allows for betting on licensed websites and phone apps.
Thomas Lambert, UofL professor and economist, says Kentucky's set to receive millions more in tax revenues once the bill takes effect.
With Beshear signing HB 551 Friday, it will become law in 90-days but don't expect to be able to place a bet in the Bluegrass so quickly.
At that point, the Kentucky Horse Racing Commission will have 6 months to create rules and regulations as the sports-betting authority.
But will it take 6 months to be put into action?
Here's what the majority leader of the Senate Damon Thayer told Matt Jones during an interview on Kentucky Sports Radio on Friday.
"My guess is there's going to be tremendous pressure from the public by the time the NFL season kicks off in September so I don't know if that's going to happen - that's what everybody's been asking me will I be able to bet on the NFL," Thayer said.
At this point, it's unclear how likely those odds are.
Participating tracks are allowed to cut a deal with up to three service providers for sports betting services. These would be companies like Fan Duel or Draft-Kings, and those services would be offered to tracks' brick-and-mortar locations and online.
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