Retail sports betting starts in Kentucky
Regulated retail sports betting launches in the state today.
US.- Regulated retail sports betting launches in the state of Kentucky today (September 7). The state’s nine horse racing venues received licence approvals from the Kentucky Horse Racing Commission (KHRC) last month. Mobile applications will start taking wagers on September 28.
Kentucky governor Andy Beshear signed sports betting legislation in April and the law came into effect July 1. The legislation allows retail and online betting on professional and college sports, international sports, e-sports, and video game events.
The Sports Wagering Advisory Council (SWAC) wagering catalogue lists the sports that will be available for wagering in Kentucky. The National Football League (NFL), Major League Basketball (MLB), National Basketball Association, Women’s National Basketball Association, NCAA baseball, softball, basketball, football and hockey are included.
Sports wagering is expected to increase the state’s revenue by an estimated $23m a year. The revenue will support the oversight of sports wagering and the Kentucky permanent pension fund while 2.5 per cent will support the problem gambling assistance account operated by the Cabinet for Health and Family Services.
House Bill 551 established an excise tax on sports wagering of 9.75 per cent on the adjusted gross revenues on wagers made at a licensed facility and 14.25 per cent on wagers placed online or on a smartphone.
