The long-awaited launch of online sports betting in Kentucky is coming soon. Under emergency rules signed by Gov. Andy Beshear, retail bookmakers will begin operating on September 7, while virtual bookmakers will begin operating at Red Mile Racetrack on the 28th of next month. September 7th coincides with the first game of the NFL regular season. Permanent regulations will be finalized at a later date.
The Kentucky Horse Racing Commissionis responsible for overseeing and enforcing sports betting and creates and approves regulations. Commission officials reported on July 10 that the rules were intended to protect bettors and that 14 new employees would be hired to carry out the new duties.
Earlier this year, the Kentucky Legislature appointed them the 37th president. The state should legalize sports betting. Under the approved plan, punters must be 18 years or older, and only the state’s nine racetracks are eligible to apply for a license. Beshear commented at the signing ceremony that the launch timeline was “ambitious” but reasonable.
Racetracks will be able to offer sports betting, including “historic horse racing,” at all of their locations. “Satellite gaming spaces and simulcast venues. In addition, each track can be used with up to three mobile betting platforms. The tax rate is 9.7% for land-based sports betting and 14.35% for online bookings. The initial license fee is $500,000 and the renewal fee is $50,000.
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It appears that online sports betting in Kentucky is set to launch soon, with retail and virtual bookmakers beginning operations in September. The regulations aim to protect bettors and only allow licensed racetracks to apply, with a tax rate and fees established for both land-based and online betting.