LOUISVILLE, Ky. — In just two months, Kentuckians can begin making their first-ever sports bets in the Commonwealth.
Kentucky Governor Andy Beshear signed a bipartisan bill into law in March, legalizing sports wagering in the state. The Kentucky Horse Racing Commission (KHRC) was tasked to oversee the operation, and on Monday they approved emergency regulations to get the initiative started.
During a special meeting at the Red Mile race track in Lexington on Monday, the KHRC announced plans to get retail sportsbooks open by Sept. 7 and betting through mobile apps running by Sept. 28.
Following a unanimous 'yes' vote, Beshear signed the regulations into state law.
Starting July 11, each of Kentucky's nine licensed horseracing facilities can apply for a retail sportsbook at their main location or at a licensed satellite location. An example of this is Derby City Gaming, owned and operated by Churchill Downs, Inc. Louisville already has one location, with another opening downtown in Oct. 2023.
The state's plan is to have a majority of retail locations running by Sept. 7 -- the start of the NFL season and just days after college football's kickoff.
Each licensed facility will also be able to partner with up to three betting platforms for mobile wagering, which is set to start on Sept. 28.
'An exciting milestone'
Sports betting is expected to generate $23 million annually in tax revenue and licensing fees in Kentucky, according to Gov. Beshear — and perhaps stoke interest in horse racing among bettors at the track.
"Bringing sports wagering to the state not only gives Kentuckians a much-anticipated new form of entertainment," Beshear said. "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.”
State officials at Red Mile on Monday were ecstatic at the speed of the rollout, which will time out to just over five months since the bill was signed into law.
"With these regulations, Kentucky can be sure that their bets are safe, their money is protected and there is effective oversight," said Ray Perry, Secretary of Kentucky's Public Protection Cabinet.
The KHRC discussed the standards operators will have to meet, adding the commission has "all the staffing and resources necessary to get the job done."
The KHRC confirmed they've added 14 new positions specifically for the sports betting effort. Chairman Jonathan Rabinowitz said they'll start receiving and reviewing applications from horseracing facilities on Tuesday.
"It's going to work. It's going to be a pretty seamless experience," Beshear said. "This is about keeping our dollars at home."
A spokesperson for CDI called the latest move "an exciting milestone."
"We are excited for the opportunities sports betting brings for tourism and economic development across the Commonwealth and for the chance to welcome new guests into our entertainment venues to also wager on live and historical racing, which will further strengthen our state’s signature equine industry," they said.
In May, the KHRC announced it was hiring new staff in preparation for the sports wagering launch. Many of those positions have already been filled.
"Our wagering compliance team is experienced and well-suited to lead this new area of wagering," KHRC Executive Director Jamie Eads said. "Our next step is to open licensing and start reviewing applications.
Keeneland and Red Mile are already partnering with Caesars Sportsbook. Meanwhile, Churchill Downs and FanDuel have voiced their intention to work with each other.
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