Monday's meeting of the Kentucky Horse Racing Commission at The Red Mile in Lexington saw commissioners unanimously vote in both emergency and ordinary sports betting regulations, thus allowing Kentucky racetracks to begin taking sports wagers on Sept. 7, 2023, according to the Thoroughbred Daily News.
Online sports betting is allowed to launch on Sept. 28.
Sports wagering is only able to be licensed at Kentucky racetracks, which may begin the application process on July 11 and may partner with no more than three sportsbook each. Initial licenses cost $500,000, and renew at $50,000 annually.
Gov. Steve Beshear, who signed the new regulations immediately after the meeting, said the Sept. 7 deadline is “ambitious” but reasonable, reports the Courier-Journal. Sports betting could generate as much as $23 million in additional state revenue during the first year, Beshear said, with tax rates of 9.7 percent at retail sportsbooks and 14.35 percent for online sports wagering.
However, no revenue stream is guaranteed toward horse racing purses via sports wagering. Instead, the racetracks will have the opportunity to lure sports bettors to horse racing wagers via crossover opportunities.
Read more at the Thoroughbred Daily News.
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