Meeting on Kentucky sports betting regulations slated for early July
The Kentucky Horse Racing Commission is working on rules ahead of the launch.
US.- The Kentucky Horse Racing Commission has announced it will schedule a special meeting in early July 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 comes 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. Rabinowitz also said that the commission has reached out to sports betting regulators in Colorado, Indiana, Ohio, New Jersey ad Massachusetts to learn from best practices.
He said: “Many of these regulators have recently rolled out sports wagering in their states in providing tips learned from real world experience. Meetings with service providers and visits to multiple sportsbook sites provided a look at the extensive technologies employed to protect the integrity of wagering.
“There have been discussions with stakeholders about problem gambling programs in Ohio, to form the program being developed in Kentucky at the Cabinet for Health and Family Services. Our legal counsel has met with counsel from sports associations, such as Major League Baseball, to learn about emerging legal issues.”
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.
