Kentucky is attracting marquee legal sports betting operators ahead of authorized wagering.
The Kentucky Horse Racing Commission has received a slew of applications from licensed horse racing tracks and online betting sites that are looking to gain access to a new market. In March, Gov. Andy Beshear signed House Bill 551, which legalized both retail and online wagering in the Bluegrass State. Kentucky will go live with retail sports betting on September 7 while online wagering will begin on September 28.
“Bringing sports wagering to the state not only gives Kentuckians a much-anticipated new form of entertainment 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,” said Gov. Beshear.
Sports betting in Kentucky has emerged as a promising venture for racetracks and operators due to the state’s bevy of sports teams and fans. The KHRC has received applications from seven licensed racetracks, including Turfway Park in Florence, the Red Mile in Lexington, and Churchill Downs in Louisville. The group also includes two new horse racing facilities: Sandy’s Gaming and Racing and Cumberland Run.
Drawing interest
Operators that have submitted applications for gaming licenses in Kentucky include bet365, Caesars Sportsbook, DraftKings, Circa Sports, PENN Interactive, BetMGM, and FanDuel — America’s most popular sports betting brand.
Earlier this week, BetMGM announced a partnership with Revolution Racing Kentucky — a real estate development group for horse racing facilities — to offer wagering in the Bluegrass State.
Kentucky did not receive any interest from WynnBET, BetRivers, Hard Rock Bet, PointsBet, or Unibet. Online operators in the state are required to pay a $50,000 licensing fee and an annual $10,000 renewal fee once approved for wagering.
The racetracks and sportsbooks that submitted applications will have their fate in Kentucky decided on August 22 when applications are reviewed by KHRC staff. Approved operators and racetracks are poised to profit as sports betting in the Bluegrass State is estimated to generate $23 million in annual revenue, according to Rep. Michael Meredith.
