Kentucky sports betting sign-ups to commence on August 28, 2023
As the countdown for online sports betting in Kentucky has started, residents of the Bluegrass State will soon be allowed to start registering for their individual accounts. Kentucky officials have confirmed that state residents will be able to register for their individual online sports betting accounts by the end of current month.
Legal sports betting in the state was made possible By Governor Andy Beshear, who held a ceremonial signing for House Bill 551 (HB 551), which was specifically designed to grant legal status to sports betting across the state. Now, the Democratic governor has announced a timeline for sportsbook sign-ups.
In a recent press release, the democratic governor also stated that legal sports betting or wagering will not only deliver the quality entertainment to state residents but also bring money to the state to support pensions etc.
Governor Beshear said in the press release, “The countdown is on. We are just three weeks away from sports wagering in Kentucky. We are ready to deliver the quality entertainment experience Kentuckians asked for while bringing money to the state to support pensions and free up funds that can be used to build a better Kentucky.”
A total of seven online sportsbook operators, viz. BetMGM, Bet365, Circa, Caesars, DraftKings, FanDuel, and Penn Sports Interactive, have already submitted their respective license applications. Under the state’s sports betting law, up to 27 online licenses can be issued. More precisely, up to three licenses can be issued for each of the state’s nine-horse racetracks.
Out of the nine, seven racetracks have already submitted applications for obtaining permits for setting up brick-&-mortar sportsbooks. The list includes Churchill Downs in Louisville, Ellis Park in Henderson, Turfway Park in Florence, and two soon-to-open racetracks, Cumberland Run in Corbin, and Sandy’s Gaming & Racing in Ashland, and Oak Grove Gaming & Racing in Oak Grove, and the Red Mile in Lexington.
The decision on which operators to choose will be taken by the Kentucky Horse Racing Commission (KHRC) on in a meeting on 22nd of August. Sign-ups for selected/approved online sportsbooks will likely commence on 28th of August.
Online sportsbooks will start accepting deposits from sports betting enthusiasts on 7th of September, but actual betting won’t start until 28th of September this year.
As per preliminary estimates, Kentucky will be able to earn $23 million in annual tax revenue. Online sportsbooks will be taxed at a rate of 14.25 per cent, while brick-&-mortar sportsbooks will have to pay 9.75 per cent of their profits as tax to the state exchequer.