Kentucky Sports Betting Set to Launch in September

Kentucky Governor Andy Beshear approved new regulations allowing sports betting to launch in September. The first retail bets can be made on September 7, with mobile betting going live on September 28. While the deadlines are sooner than many expected, the state has made it clear they want the industry up and running for the NFL season.

"The odds were against us, but we were determined to get sports betting passed in Kentucky, and we got it done," Gov. Beshear said regarding the measure he signed on Monday. "I want to see any freed-up dollars going to support public education, economic development, disaster recovery, and other necessary projects."

The passage of the state's sports betting bill and Gov. Beshear's measure should make the state an appealing sports betting market. They will have many licenses available and a reasonable tax rate. Caesars already partnered with Keeneland Racetrack and Red Mile Gaming, meaning they will likely be the first to market. DraftKings, BetMGM, and FanDuel, have all been looking to make inroads in the state and are expected to apply for licenses in the Bluegrass State. 

What Kentucky's Sports Betting Law Includes

Kentucky's sports betting will be regulated by the Kentucky Horse Racing Commission. The new law allows them to award up to 27 online sportsbook licenses, taxing each operator at 15.25%. According to the state's projections, they believe the industry could generate $23 million in annual tax revenue.

On the retail side, Kentucky has granted licenses to nine different horse racing tracks. Those locations will launch a few weeks ahead of online betting, allowing the state to capture revenue from the beginning of the NFL season.

The minimum age is the most significant difference between Kentucky's sports betting industry and the rest of the country. Players within state lines must be just 18 years old to legally bet on sports. That age minimum was established from Kentucky's horse race betting law, and the state believed keeping it for sports betting made sense.