Kentucky to review sports betting regulations on July 10
The Kentucky sports betting law came into effect July 1.
US.- The Kentucky Horse Racing Commission has announced a special meeting for on July 10 to review and approve the state’s sports betting rules and regulations. Kentucky governor Andy Beshear signed the sports betting legislation in April and the law came into effect July 1.
Commission chairman Jonathan Rabinowitz told the KHRC board that initial drafts of the proposed regulations will be published on the commission’s website soon. He said that the commission has reached out to sports betting regulators in Colorado, Indiana, Ohio, New Jersey and Massachusetts to learn from best practices.
The goal of the KHRC remains to get sports betting up and running before the NFL betting season begins. The KHRC plans to add 14 positions to handle its implementation and oversight in the Commonwealth.
According to the approved sports betting bill, the KHRC has six months starting June 28 to determine regulations and licensing processes for the state. Once the commission completes the regulations, the state’s racetracks can begin applying for sports betting licences.
The KHRC will review licence applications, award licences, ensure retail and online sportsbooks reach regulatory compliance and give the green light to begin sports betting. The legislation will allow retail and online betting on professional and college sports, international sports, e-sports and video game events. The minimum age will be 18.
The law will allow sports betting licences for the nine horse racing tracks in Kentucky. The tracks will be able to open in-person sportsbooks and partner with up to three online sports betting operators. The proposal will set initial licence fees at $500,000 for tracks and $50,000 for gaming providers. The bill will tax in-person sports betting revenue at 9.75 per cent and online revenue at 14.25 per cent.
